初一英语帮我翻译下~~不要用百度翻译器翻译的 我都试过了 不行（好的加分50） - 叫阿莫西中心 - 中国网络使得骄傲马戏中心！
初一英语帮我翻译下~~不要用百度翻译器翻译的 我都试过了 不行（好的加分50）
谁来帮我翻译一下这篇英文，要准确的，垃圾不要！！！！！！满意的加分！！！！！！
谁来帮我翻译一下这篇英文，要准确的，垃圾不要！！！！！！满意的加分！！！！！！
1. Background
Brief history
Asset securitization originally developed in the common law legal environment of the United States. The first structured financings, identified as asset securitization, started in the early 1970s with the securitization of pools of mortgages. For decades before that, banks were essential they have to held loans until they matured or were paid off. These loans to borrowers were mainly from the deposits and sometimes from debts, which was a direct obligation of the bank.
Mortgage-backed securities are the precursor to modern asset-backed securities. The Federal National Mortgage Association was established in 1938 to provide a secondary market for government guaranteed mortgages. A secondary market in the trading of mortgage securities enhances the liquidity in the mortgage financing markets during the infancy of the U.S residential mortgage industry . As the demand for housing credit increased after the Second World War, the depository institutions simply could not meet the demand, and alternative capital streams were needed to finance the growing housing industry. To meet the market requirement, banks and other financial intermediaries sought ways of increasing the sources of mortgage funding. In 1957, the Federal Home Loan Bank Board created a credit reserve system for savings and loan associations by permitting the purchase and sale of participations in interests in mortgage loans .
In the 1970s, under the auspices of the Federal Home Loan Mortgage Association, the Federal National Mortgage Association, and the Government National Mortgage Association, the mortgage-backed securities explosively grew in the secondary market . The structures and process of the mortgage-backed securities were subsequently transferred to other types of loans. Since the mid 1980’s better technique and more sophisticated investors have combined to make asset securitization one of the fastest growing activities in the capital markets. In recent years, many different types of assets have been the subject of securitization. The common quality for a successful asset type is the predictability of payment in the asset. A typical asset-backed securitizaton transaction requires the backing of an asset or a receivable with a historically proven record of payments and default rates to ensure the consistent and timely payments to investors .
Definition
Securitization, in its broadest sense, means financial intermediation that involves at some stage the buying and selling of financial claims. A narrower definition refers to the pooling and repackaging of loans or generally illiquid assets of banks, thrifts, and other intermediaries for sale in securities forms in the financial market. Asset securitization is the structure process whereby interests in loans and other receivables are packaged, underwritten, and sold in the form of “asset backed” securities , it is helping to shape the future of traditional commercial banking. Asset securitization is different from collateralized debt or traditional asset-based lending in that the loan or other financial claims are assigned or sold to a third party, the special- purpose vehicle(SPV). The SPV then issues one or more debt instrument, the asset-backed securities, whose interest and principle payment rely on the cash flows coming from the underlying assets.
2. Structures and operation process
Basic structures
the business of acquiring owning and selling the assets. To prevent insider deal, the SPV must have at least one independent director and there are many restrictions on the action, especially the limit on its entering into voluntary bankruptcy. In the second step, the SPV sell the assets to the Issuer. The purpose of this structure is to protect the interest of the investors and enhance the &true sale& and &bankruptcy remote& characteristics of the transaction. In this structure, the sale of the assets from the Originator to the SPV is a &true sale& rather than a financing device. The Originator must cut this certain assets off its balance sheet and book a profit or loss for accounting purposes and, combined with the second transfer by the SPV to the Issuer, an essential part of the required protection from the claims of creditors, including by avoiding consolidation of the “sold asset” with the other assets of the Originator in the event of the bankruptcy of the Originator . In a two step structure of securitization, it is the intermediate special purpose entity. If the trust acts as the issuer, there will be a Trust Agreement between the Originator and the Trustee. Trustee The trustee is a third party retained for a fee to administer the trust that holds the underlying assets supporting an asset-backed security. Usually a bank or other entity authorized to act in such capacity. The Trustee, appointed by a Trust Agreement, holds the assets, receives payments on the assets and makes payments to the Security holders. Acting in a fiduciary capacity, the trustee is primarily concerned with preserving the rights of the investor. The responsibility of the trustee varies in different issues according to every trust agreements. Generally, the trustee oversees the disbursement of cash flows as prescribed by the indenture or pooling and servicing agreement, and monitors compliance with appropriate covenants by other parties to the agreement . UnderwritersThey are the brokers, investment banks or banks that sell or place the asset- backed securities in a public offering or private placement. The underwriters play the principle role in structuring the securitization, and pricing and marketing the security to the investor. The underwriters always have good relationship with institutional investors and they are familiar with the legal and structural requirements of regulated institutional investors. Sometimes, they are responsible for preparing the offering documents, purchase agreements, trust agreements, etc.Investors
&Benefit to originators
Traditionally, the functions of lending and funding were bundled into an integrated process. Securitization provides banks with the technique to break this once vertically integrated process of lending and funding into a discrete series steps . The securitization allows the issuer to reduce the assets and the debt on the balance sheet, which enlarge the scope for borrowing. The issuer can reduce the assets without the sale of a business franchise and often with the retention of much of the earning power of the assets. The originator normally acts as servicer, who can retain the servicing fees, the excess of the SPV’s revenue over cost, and surplus collateral once the ABS are redeemed. Well –regarded pools of assets owned by a company of bank can be used to structure a security of higher credit quality and then lower the market cost. For a bank or finance company that faces regulatory capital requirements, a securitization transaction that qualifies as a sale of assets for bank- regulatory purposes reduces the need for equity financing. For a private company, securitization can offer a method of raising public debt without extensive disclosure of proprietary information . The selling institution also can improve asset and liability management by securitization.
Benefit to investors
Asset securitizations provide investors of high credit quality based upon many factors including the diversity of credit risk of the financial assets in the pools, the predictability of cash flow, and the credit enhancement available to protect investors against expected losses in the pools .
Recently, worldwide markets for asset-backed securities have grown significantly and institutional and other investors have been increasingly turning ABS securities. The most compelling reason for investing in asset-backed securities is their high rate of return comparing with other assets of the comparable credit risk and very often, these securities are tailored to meet investors’ specific risk and maturity desires.
Borrowers benefit from the increasing availability of credit on terms that lenders may not have offered had they kept the loans on their balance sheets. Asset securitization can provide borrowers with cheaper sources of funds. Evidence of this can be seen in the market for securitized residential mortgages. The borrowers can pay less in interest on fixed-rate mortgages than before when the securitization of mortgage was much less pervasive.
3. Application in China
The brief development in China
The People's Republic of China (&China&) has been championed by commentators as the next ideal market for applying a financing technique called asset-backed securitization. To speed up the steps to modernization and carry out all kinds of construction, China has a huge demand for capital. So, it is important for China to seek various sources of capital and asset-backed securitization is one of the good methods. Asset-backed securitization has been successfully used to raise capital by many Asian countries. To provide country-specific expertise in the structuring of asset-back securitization transactions in Asia, Asian Securitization and Infrastructure Assurance Ltd started business in Singapore as Asia’s first monocline financial guarantee company .
In 1997, China Ocean Shipping Company (COSCO), which is a shipping company owned by the Chinese government, completed an asset-backed securitization transaction. It securitized its future shipping revenues from U.S. and European operations. This is the first asset-backed securitization in China . By the end of 1997, COSCO announced plans for a second securitization for $ 500 million in future shipping revenues. Recently, China Container Group Corporation securitized part of its future revenues, about $ 80 million, with the cooperation of Holland Bank .
&&Another benefit asset securitization can bring to China is raising capital for the establishment of basic construction, for example, the building of highway, airport, bridge and so on. China plan in three years put 6000 hundred million Yuan to the project. It is extremely difficult to only depend on the national finance to meet the requirement of fund. Safe and steady revenue is the character of this project, which just meets the requirement of asset-backed securitization. According to China’s policy of “competitive construction”, the overseas capital may directly participate the investment, and the investors will obtain the revenues from the project as repayment. So the asset-backed securitization is an effective method to attract the domestic and foreign funds and can lighten the burden of the government. It is a new channel to enter into the international capital market directly, and may enlarge capital source to China’s establishment of basic construction.
Internationally, financial assets appropriate for securitization share characteristics as follows: (1) it can brin (2) conditions and time of the cash income (3) the asset is qualified to a specific credit quality standard. From the few cases appeared in China, the type of assets securitized is quite limited. Extensions should be made to the corresponding laws to regulate the concepts and characteristics and qualification requirements of the receivables in order to leave a flexible space for the future development of asset securitization in China.
n Taxation issues
Taxation influences the financing cost of asset securitization. Should the tax collected be too high, the cost of asset securitization would probably exceed the cost of other financing methods, which would definitely results in a failure of developing asset securitization in China. Thus, the government should consider the need and difficulty of developing asset securitization in the current investment environment and appropriate exemption measures in taxation should be offered.
n Credit enhancement issues
Credit enhancement is very important in asset securitization, which helps lower the issuing cost as well as protecting the benefits of investors. Third party guarantee can better make use of the resources and is more creditable. However, lack of a independent third party credit enhancement scheme hinders the fast development of asset securitization in China.
The proposals are: The government should encourage banks and insurance companies to offer credit enhancement for asset securitization, including guarantee, insurance and bank letter of credit. Co-operations with foreign guarantee companies also helps satisfy the need of credit enhancement.
4 Conclusion
This paper focuses on the hot spot of asset securitization, which is an efficient financing method. The history, definitions, structures and main parties involved in the operation are introduced first. After analyzing the benefits of asset securitization, its practice in China is introduced, together with the legal issues needed to consider. Finally, the current legal system and the two available asset securitization models in the world, the US model and the Japanese model, are employed in order to establish a two-tiered asset securitization model for China.
Current international economic environment after the tragedy on 11 Sept, 2001 suggests that it is not a good opportunity for China to open its asset securitization market complex types Therefore, China should pay more attention to building its own model and strengthen the basic Chinese asset securitization legal structure to serve the future interests of China.
不区分大小写匿名
背景,　　　　短暂的历史　　　　资产证券化的最初的美国法律环境。第一个结构性融资,确认为资产证券化,开始于1970年代早期的抵押贷款证券化。经过几十年的发展,在那之前,银行在本质上是组合贷款发放机构;他们要举行的贷款,直到他们成熟或被收买了。这些贷款的借款人,主要从存款,有时从债务,那是一种直接责任的银行。　　　　抵押贷款证券的前身是现代资产支持型证券。联邦国民抵押协会成立于1938年提供了对政府的担保贷款二级市场。在二级市场买卖抵押证券提高流动性抵押融资市场在幼年的U . S住宅抵押贷款行业。对于住房贷款的需求增加在第二次世界大战之后,存款机构简直不能满足需求,并选择资本流需要负担日益增长的住宅产业。为满足市场需求,银行和其他金融中介机构寻求提高抵押贷款资金的来源。1957年的今天,美国联邦住房贷款银行董事会创造信用储备制度对储蓄和信贷协会通过允许购买和出售的参与者在感兴趣的按揭贷款。　　　　在20世纪70年代,的主持下,联邦房贷抵押协会、美国联邦国民抵押协会和政府国民抵押协会爆炸性增长的抵押贷款证券在二级市场。这个结构和设计过程,随后被抵押证券转移到其他类型的贷款。自从1980年代中期的更好的技术和更复杂的投资者都足以使资产证券化业务增长最快的一个活动的资本市场。近年来,许多不同类型的资产证券化的。最常见的质量为一个成功的资产类型的可预测性付款的资产。一个典型的资产支持securitizaton交易要求支持一项或一应收帐款和历史上的支出和违约率,确保及时付款给投资者的一致。　　　　定义,　　　　资产证券化,在最宽泛的意义上看,意味着金融中介,包括在某个阶段的买卖,金融债权。一个狭窄的定义是指贷款或者重新汇集与一般的非流动性资产的银行,以及其他中间人出售证券形式的金融市场。资产证券化过程的结构在贷款和其他应收款项利益,是包装形式,并出售的资产支持证券,”“是有助于塑造未来的传统商业银行。资产证券化是不同于担保债权的还是传统的以资产为基础的贷款,贷款或其他金融债权转让或出售都给第三方,特别-载体(SPV)。那问题的SPV一个或更多的债务证券资产支持型证券,其利益原则和支付现金流依靠来自潜在的资产。　　　　2。结构及运行过程　　　　基本结构　　　　在商业中占有和出售资产收购。内幕交易,以防止SPV必须至少有一个独立董事和有很多限制,特别是行动限制其进入自愿破产。第二步,出售资产SPV发行人。这种结构的目的是保护投资者的利益和提高企业的“真实”和“出售”特点的破产偏远的交易。在这个结构、出售资产从发起人,是一种“真实SPV销售”,而不是“融资的装置。发起人要削减了某些资产的资产负债表和损益订一个会计目的,结合第二个转让的,发行人、SPV所需的基本组成部分的要求,保护债权人,包括通过避免合并的“出售资产和其他资产”的发起人在破产的发起人。在一两个步骤结构,它是住房抵押贷款证券化的中级特殊目的的实体。如果信任充当发行人,将会有一个信托协议发起人和受托人。　　受托人　　受托人是一个第三方保留收费管理信托持有标的资产支持一项资产安全。通常银行或者其他单位授权采取这样的能力。受托人任命一个信托协议,资产,秉承支付的资产,使付款,以保障持有者。以受托人身份行为、受托人主要涉及维护人权的投资者。受托人的责任在不同问题,根据各信托协议。一般来说,委托人支付现金流量表的监管规定的契约或汇集和服务协议,并监控符合适当的其他方的条款达成一致。　　保险人　　他们是经纪人,投资银行或银行出售或支持证券资产——在向公众出售或私人配售。保险人所扮演的角色扮演的原则,构建了住房抵押贷款证券化的定价和销售安全的投资者。总是有良好关系的保险机构投资者和他们所熟悉的法律和结构调整机构投资者的要求。有时,他们负责准备上市文件、采购协议、信托协议等。　　投资者　　　　发明者受益　　　　传统上,这个功能的借贷和资金被塞进一个综合的过程。银行信贷资产证券化提供技术突破这一次垂直一体化进程,贷款和资金进入一个离散的一系列措施。允许发行者证券化来减少资产和负债的资产负债表,扩大范围为借款。发行人能减少资产不出售商业特许经营、常与记忆的大部分盈利能力的资产。发起人通常作为供料装置、谁能保留了维修费用,过量的收入超过成本、SPV和剩余的资产支持型证券抵押品一旦被救赎。好-regarded池资产归公司的银行可以用来构造一个安全的高质量和低信贷市场的成本。对于银行或金融公司自有资本要求,一脸的住房抵押贷款证券化交易出售资产,银行监管的目的,我们并不需要对股权融资。为一家私营公司,提供了一种方法,可以证券化提高公共债务没有广泛的信息披露专有信息。销售机构也可以改善资产和负债管理由证券化。　　　　对投资者的利益　　　　资产高信用质量提供保护投资者的合法权益,根据许多因素,包括多样的信用风险的金融资产池、现金流的可预测性和信用增级可用来保护投资者对预期的损失的水池。　　　　最近,全球资产支持证券市场已经大幅增加和制度和其他投资者已经日益转向ABS证券。最令人信服的理由是他们资产支持证券投资的高回报,与其他资产相比,并且常常相当信用风险,这些债券的投资者为满足特定风险和成熟的欲望。　　　　借款人受益的借贷信用条件可能没有给他们的贷款在他们的资产负债表。资产证券化提供借款人提供便宜的经费来源。这样的证据可以看到在转会市场寻找住房抵押贷款证券制度。借款人可付的利息少比以前的固定利率的抵押贷款证券化的时候是普遍的。
&
希望我的回答对你有所帮助。
英语也诗意团队招人啦！希望各位爱好英语的童鞋加入，只要你喜欢英语，你就可以加入！不要求贡献多少，只求大家图个快乐！我是无痕而殇，有志愿的童鞋请加我并与我联系，来者不拒。
等待您来回答
外语领域专家哪位大侠能帮我翻译一下 非常感激（请不要用翻译软件,我已经试过了,不行）_百度知道
哪位大侠能帮我翻译一下 非常感激（请不要用翻译软件,我已经试过了,不行）
&Advantageous education encourages the student to think independently and critically, and empowers the student to evaluate the teacher's performance openly, as opposed to force-feeds students and renders them capable only of spitting back predigested ideas.& 请帮忙翻译一下，特别是后半句，实在看不懂，翻译软件全都无用，谢谢了，各位大侠。另外请告知一下分析一下后半句&and renders them capable only of spitting back predigested ideas&如何构成的 主谓宾等。还有 SPIT BACK 是什么意思，应该不是吐痰的意思。以上 非常感谢各位
提问者采纳
有益的教育可以激励学生独立和批判性的思考，并使学生提升老师开放性的表现，就如反对强行灌输学生知识，使他们只能消化已经被老师咀嚼过的知识和思想。主语是最前面的advantageous education谓语是rendersrender sb. do sth.应该是习惯用法capable of是词组spit back应结合整句话的语境来理解
提问者评价
非常感谢 给你这么一翻译 豁然开朗
其他类似问题
翻译软件的相关知识
等待您来回答
下载知道APP
随时随地咨询
出门在外也不愁求一封英语Email,要格式，不要机器翻译的，我都试过了，非诚勿扰，谢谢：
求一封英语Email,要格式，不要机器翻译的，我都试过了，非诚勿扰，谢谢：
我非常抱歉，你的邀请函拖写了这么久。因为我的腿摔坏已久，引起心脏一直不好。为了迎接你的到来，我还要找一些学口语的学生。暂时因身体不好的原因，不得不把你来的时间推迟。如果你着急找学校的话，你就去吧。十分抱歉，本来认为休息一段时间，会使身体恢复起来没想到至今还不是太好，再次对不起。
电子邮件，如果不是用作正式的商务、外交、学术等用途，就不必过于苛求格式，否则会显得死板，下面这个格式是比较标准的电邮，您可以参考一下~Dear***,Sorryfordelayingyourinvitationforsuchalongtime,butIhadbeensufferingfromheartproblemcausedbyaninjuryofmyleg.Forgreetingyourarrival,IhadtofindsomestudentsgoodatoralEnglish.Unfortunately,Ihavenochoiceleftbuttopostponeyourschedulebecauseofmypoorcondition.Ifyouinsisttomeettheschool,IhavetosaysorrybutI'mafraidyouhavetogobyyourself.I'mreallyterriblysorrythatIhavesupposedtopickupafterashortrest.Butitunluckilynot.I'dliketoapologizeagainforthisunexpectedtrouble.Regards,Yoursfaithfully,***
等待您来回答
外语领域专家
说的太好了，我顶！
Copyright & 2015
Corporation, All Rights Reserved}