贷

This paper researches the background of subprime mortgage crisis and try to find the part of the frangible financial system to prevent the financial crisis from happening again.

本文透过了解次贷危机发生的背景以及原因，试图找出美国金融制度脆弱的部份，预防金融危机再度发生。

In Europe, the German government underwrote a 35bn bail-out of Hypo Real Estate, a mortgage lender and financier to local authorities, while Iceland took control of Glitnir, the country's third-largest bank.

在欧洲，德国政府担保了对房贷提供商和地方政府金融服务商Hypo Real Estate的350亿欧元纾困，而冰岛接管了该国第三大银行Glitnir。

With few retail deposits to speak of, the firm gorged on long-term debt and commercial paper to fund its lending.

眼下，全球正陷于次贷危机的席卷之中，这种廉价的投资无疑为GE金融提供了一张印钞许可证。

How far it goes will depend largely on the state of the mortgages that serve as collateral for many of the newfangled instruments that were, until recently, hawked with glee on Wall Street.

这种风险会维持多久要依那些作为许多新兴工具抵押的房贷状况而定，这些工具直到前一段时间还在华尔街欢快翱翔。

Party A issues deposit bill from 25 prime bank in favour of Party B, to be used only as guaranty and impawn, no discount allowed. The loan is to be used in mutal invest project.

七。甲方提供给以乙方为受益人的世界二十五大银行，只作担保质押用，乙方不许贴现，所贷出的款项用於投资双方融资合作专案中。

VII Party A issues deposit bill from 25 prime bank in favour of Party B, to be used only as guaranty and impawn, no discount allowed. The loan is to be used in mutal invest project.

七。甲方提供给以乙方为受益人的世界二十五大银行，只作担保质押用，乙方不许贴现，所贷出的款项用於投资双方融资合作专案中。

VII Party Aissues deposit bill from 25prime bank in favour of Party B,to be used only as guaranty and impawn,no discount allowed.The loan is to be used in mutal invest project.

七。甲方提供给以乙方为受益人的世界二十五大银行，只作担保质押用，乙方不许贴现，所贷出的款项用于投资双方融资合作专案中。

The study gives the way to provide persistent fund for indemnificatory real estate in China; shows investing orientation and scope of REITs in Tianjin and extends previous study on real estate valuation to decide whether it should be involved in portfolio.

次贷危机背景下中国REITs的风险管理应进一步强化审慎原则。论文提出利用REITs为中国保障性住房建设提供持续资金支持的产品设计思路；以天津为例，就REITs的投资方向与投资围度作出了基本定位；同时扩展了已有的研究，提出利用修正的现金流模型对REITs的投资风险予以估价，以确定是否将其纳入投资组合。

For a long time, the US has slack monetary policy and loose invigilation on derivatives, leading to the rocketing of asset price and excessive liquidity. When the Subprime crisis triggered investors to re-value risks and de-leverage, the financial crisis within the US has emerged as global financial crisis.

由于美国长期奉行宽松的货币政策和对金融衍生产品创新的监管放任，导致资产价格过快上升和流动性过剩，当次贷危机引发投资者对风险重新估价和去杠杆化行为后，美国单一市场的金融危机演化为全球金融危机。

Krzysztof Sklorz, whose Katowice-based company exports bricks and tiles, says zloty instability is a problem. But, he adds,"I took out a loan in euros and that's what my clients pay me in as well, so that's all right."

Krzysztof Sklorz（此君在卡托维兹拥有一所出口砖石和瓷砖的工厂）承认，波兰货币兹罗提的不稳定确实是个问题，不过他又补充道：&我贷了欧元，客户们能正常付款，所以一切运转得还挺不错的。&

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。