房利美与房地美
<p> 2015复习正是强化复习阶段，在考研英语中占了40分，所以考研英语阅读是英语科目中重要的一项。名师老师曾建议过考研生需要坚持每天泛读10-15分钟的英文原刊。强烈推荐了杂志《经济学人》.杂志中的文章也是考研英语的主要材料来源.希望考研考生认真阅读，快速提高考研英语阅读水平。 <span word="Fannie">Fannie</span> <span word="Mae">Mae</span> <span word="and">and</span> <span word="Freddie">Freddie</span> <span word="Mac">Mac</span> 房利美与房地美 <span word="Deconstruction">Deconstruction</span> <span word="delays">delays</span> 关闭计划或搁浅 <span word="A">A</span> <span word="flawed">flawed</span> <span word="reform">reform</span> <span word="of">of</span> <span word="America">America</span> <span word="s">s</span> <span word="housing">housing</span>-<span word="financemarket">financemarket</span> 存在缺陷的美国房屋金融市场改革 <span word="A">A</span> <span word="RARE">RARE</span> <span word="area">area</span> <span word="of">of</span> <span word="agreement">agreement</span> <span word="about">about</span> <span word="the">the</span> <span word="financial">financial</span> <span word="crisis">crisis</span> <span word="of">of</span> 2008 <span word="is">is</span> <span word="that">that</span> <span word="Fannie">Fannie</span> <span word="Mae">Mae</span> <span word="and">and</span> <span word="FreddieMac">FreddieMac</span> <span word="were">were</span> <span word="at">at</span> <span word="the">the</span> <span word="core">core</span> <span word="of">of</span> <span word="the">the</span> <span word="meltdown">meltdown</span> <span word="and">and</span> <span word="are">are</span> <span word="in">in</span> <span word="urgent">urgent</span> <span word="need">need</span> <span word="of">of</span> <span word="reform">reform</span>. 关于2008年金融危机，几个少有的一致观点中就包括：房利美和房地美是这次灾难的主要原因，亟需整改。 <span word="On">On</span> <span word="March">March</span> 16<span word="th">th</span> <span word="the">the</span> <span word="leading">leading</span> <span word="Republican">Republican</span> <span word="and">and</span> <span word="Democratic">Democratic</span> <span word="members">members</span> <span word="of">of</span> <span word="thekey">thekey</span> <span word="Senate">Senate</span> <span word="BankingCommittee">BankingCommittee</span> <span word="belatedly">belatedly</span> <span word="released">released</span> <span word="a">a</span> <span word="plan">plan</span>, 在3月16日，参议院银行委员会中几位主要的共和党和民主党议员发布了一份迟来的计划， <span word="for">for</span> <span word="restructuring">restructuring</span> <span word="the">the</span> <span word="two">two</span> <span word="publicly">publicly</span> <span word="traded">traded</span> <span word="mortgage">mortgage</span> <span word="giants">giants</span>. 内容是整改这两家公开交易的抵押贷款巨头。 <span word="The">The</span> <span word="plan">plan</span> <span word="has">has</span> <span word="received">received</span> <span word="widespread">widespread</span> <span word="attention">attention</span> <span word="in">in</span> <span word="part">part</span> <span word="because">because</span> <span word="it">it</span> <span word="appears">appears</span> <span word="to">to</span> <span word="address">address</span> <span word="the">the</span> <span word="mostevident">mostevident</span> <span word="problems">problems</span> <span word="of">of</span> <span word="Fannie">Fannie</span> <span word="and">and</span> <span word="Freddie">Freddie</span>, 这份计划受到广泛关注的原因部分在于它或将解决两房最为显著的问题， <span word="and">and</span> <span word="because">because</span> <span word="it">it</span> <span word="is">is</span> <span word="deemed">deemed</span> <span word="likely">likely</span> <span word="to">to</span> <span word="be">be</span> <span word="approved">approved</span> <span word="by">by</span> <span word="Congress">Congress</span>. 部分则是普遍认为这份计划会在国会通过。 <span word="Yet">Yet</span> <span word="neither">neither</span> <span word="of">of</span> <span word="these">these</span> <span word="assumptions">assumptions</span>, <span word="on">on</span> <span word="deeper">deeper</span> <span word="examination">examination</span>, <span word="seems">seems</span> <span word="to">to</span> <span word="be">be</span> <span word="true">true</span>. 然而仔细一想，这两个假设似乎都很难实现。 <span word="To">To</span> <span word="satisfy">satisfy</span> <span word="those">those</span> <span word="who">who</span> <span word="want">want</span> <span word="low">low</span>-<span word="priced">priced</span> <span word="mortgages">mortgages</span> <span word="on">on</span> <span word="terms">terms</span> <span word="that">that</span> <span word="private">private</span> <span word="markets">markets</span> <span word="would">would</span> <span word="neverendorse">neverendorse</span>, 那些需要私有资本市场不会批准的低成本抵押贷款的民众应感到满足， <span word="the">the</span> <span word="plan">plan</span> <span word="makes">makes</span> <span word="explicit">explicit</span> <span word="the">the</span> <span word="government">government</span> <span word="guarantee">guarantee</span> <span word="on">on</span> <span word="debt">debt</span> <span word="which">which</span> <span word="had">had</span> <span word="been">been</span> <span word="implicit">implicit</span> <span word="forFannie">forFannie</span> <span word="and">and</span> <span word="Freddie">Freddie</span>. 因为这份计划明确表示政府将会对这些债务做出担保，而这曾是两房的潜在规则。 <span word="This">This</span> <span word="would">would</span> <span word="lower">lower</span> <span word="the">the</span> <span word="interest">interest</span> <span word="rate">rate</span> <span word="on">on</span> <span word="high">high</span>-<span word="risk">risk</span> <span word="loans">loans</span>, <span word="while">while</span> <span word="obscuring">obscuring</span> <span word="the">the</span> <span word="cost">cost</span> <span word="of">of</span> <span word="the">the</span> <span word="subsidy">subsidy</span>. 这一规定将降低高风险贷款的利率，同时使补贴成本难以计算。 <span word="To">To</span> <span word="placate">placate</span> <span word="those">those</span> <span word="who">who</span> <span word="worry">worry</span> <span word="that">that</span> <span word="this">this</span> <span word="in">in</span> <span word="turn">turn</span> <span word="would">would</span> <span word="leave">leave</span> <span word="the">the</span> <span word="government">government</span> <span word="stuck">stuck</span> <span word="withmountains">withmountains</span> <span word="of">of</span> <span word="dud">dud</span> <span word="loans">loans</span>, 那些担心政府会因此接受大量不良贷款的人也不必紧张， <span word="a">a</span> 10% <span word="capital">capital</span> <span word="cushion">cushion</span> <span word="must">must</span> <span word="be">be</span> <span word="provided">provided</span> <span word="by">by</span> <span word="investors">investors</span> <span word="to">to</span> <span word="absorb">absorb</span> <span word="initial">initial</span> <span word="losses">losses</span>. 因为计划规定投资者们需要提供10%的资本缓冲来承担首次损失。 <span word="A">A</span> <span word="fee">fee</span> <span word="of">of</span> 0.1% <span word="would">would</span> <span word="be">be</span> <span word="charged">charged</span> <span word="on">on</span> <span word="all">all</span> <span word="mortgage">mortgage</span>-<span word="backed">backed</span> <span word="bonds">bonds</span>, <span word="with">with</span> <span word="the">the</span> <span word="proceeds">proceeds</span> <span word="going">going</span> <span word="tothree">tothree</span> <span word="funds">funds</span>, <span word="two">two</span> <span word="pre">pre</span>-<span word="existing">existing</span>, <span word="that">that</span> <span word="will">will</span> <span word="provide">provide</span> <span word="subsidies">subsidies</span> <span word="for">for</span> <span word="housing">housing</span>. 所有抵押保证债券将会收取0.1%的费用，这笔收费将交由三家提供房屋补贴的基金，其中两家已经存在。 <span word="An">An</span> <span word="as">as</span>-<span word="yet">yet</span> <span word="undetermined">undetermined</span> <span word="insurance">insurance</span> <span word="charge">charge</span> <span word="will">will</span> <span word="be">be</span> <span word="levied">levied</span> <span word="on">on</span> <span word="top">top</span>. 另外还要征收一项保险费，其数额尚未确定。 <span word="The">The</span> <span word="result">result</span>, <span word="said">said</span> <span word="Mike">Mike</span> <span word="Crapo">Crapo</span>, <span word="the">the</span> <span word="ranking">ranking</span> <span word="Republican">Republican</span> <span word="senator">senator</span> <span word="on">on</span> <span word="the">the</span> <span word="committee">committee</span>, <span word="would">would</span> <span word="be">be</span> <span word="astrong">astrong</span> <span word="step">step</span> <span word="forward">forward</span> <span word="to">to</span> <span word="fixing">fixing</span> <span word="our">our</span> <span word="flawed">flawed</span> <span word="housing">housing</span> <span word="system">system</span>. 委员会中的资深资深共和党参议员<span word="Mike">Mike</span> <span word="Crapo">Crapo</span>认为，这个结果将是改善我们充满缺点的住房体系的重要进步。 <span word="If">If</span> <span word="only">only</span>, <span word="say">say</span> <span word="critics">critics</span>, <span word="who">who</span> <span word="include">include</span> <span word="investors">investors</span> <span word="and">and</span> <span word="both">both</span> <span word="friends">friends</span> <span word="and">and</span> <span word="foes">foes</span> <span word="of">of</span> <span word="Fannie">Fannie</span> <span word="and">and</span> <span word="Freddie">Freddie</span>. 批评者，包括投资者以及两房的敌友机构认为，哪怕计划得以通过，也会带来很多问题。 <span word="The">The</span> <span word="first">first</span> <span word="objection">objection</span> <span word="is">is</span> <span word="that">that</span> <span word="the">the</span> <span word="law">law</span> <span word="would">would</span> <span word="create">create</span> <span word="an">an</span> <span word="unwieldy">unwieldy</span> <span word="bureaucracy">bureaucracy</span>, 第一个障碍就是该法规将催生一个运作迟缓的官僚体系， <span word="with">with</span> <span word="a">a</span> <span word="regulator">regulator</span> <span word="atop">atop</span> <span word="other">other</span> <span word="entities">entities</span> <span word="devoted">devoted</span> <span word="to">to</span> <span word="overseeing">overseeing</span> <span word="functions">functions</span> <span word="such">such</span> <span word="assyndicating">assyndicating</span> <span word="loansor">loansor</span> <span word="bundling">bundling</span> <span word="the">the</span> <span word="loans">loans</span> <span word="of">of</span> <span word="small">small</span> <span word="banks">banks</span>. 用一个监管机构来监督实体机构行使某些职能，比如银团贷款和捆绑小型银行的贷款。 <span word="When">When</span> <span word="the">the</span> <span word="plan">plan</span> <span word="was">was</span> <span word="announced">announced</span>, <span word="the">the</span> <span word="price">price</span> <span word="of">of</span> <span word="shares">shares</span> <span word="in">in</span> <span word="Fannie">Fannie</span> <span word="and">and</span> <span word="Freddie">Freddie</span>, <span word="which">which</span> <span word="account">account</span> <span word="forabout">forabout</span> <span word="two">two</span>-<span word="thirds">thirds</span> <span word="of">of</span> <span word="the">the</span> <span word="mortgage">mortgage</span> <span word="market">market</span>, <span word="did">did</span> <span word="not">not</span> <span word="budge">budge</span> <span word="at">at</span> <span word="first">first</span>. 当这个计划被宣布时，拥有抵押贷款市场三分之二份额的房利美和房地美的股价并没有立刻发生变化。 <span word="Then">Then</span> <span word="they">they</span> <span word="tankedpresumably">tankedpresumably</span> <span word="because">because</span> <span word="investors">investors</span> <span word="reached">reached</span> <span word="page">page</span> 387 <span word="of">of</span> <span word="the">the</span> 442-<span word="page">page</span> <span word="text">text</span>, 之后却狂跌不止，或许是因为投资者终于把442页的文本翻到了387页， <span word="and">and</span> <span word="found">found</span> <span word="enshrined">enshrined</span> <span word="in">in</span> <span word="legislation">legislation</span> <span word="an">an</span> <span word="earlier">earlier</span> 2012 <span word="order">order</span> <span word="by">by</span> <span word="the">the</span> <span word="Treasury">Treasury</span> <span word="that">that</span> <span word="expropriatedfrom">expropriatedfrom</span> <span word="private">private</span> <span word="investors">investors</span> <span word="all">all</span> <span word="profits">profits</span> <span word="made">made</span> <span word="by">by</span> <span word="Fannie">Fannie</span> <span word="and">and</span> <span word="Freddie">Freddie</span>. 发现了法律中深藏的一项财政部于2012年下达的命令：没收私人投资者从两房获得的利润。 <span word="The">The</span> <span word="move">move</span> <span word="is">is</span> <span word="unlikely">unlikely</span> <span word="to">to</span> <span word="help">help</span> <span word="attract">attract</span> <span word="the">the</span> <span word="private">private</span> <span word="money">money</span> <span word="needed">needed</span> <span word="to">to</span> <span word="supply">supply</span> <span word="the">the</span> 10% <span word="in">in</span> <span word="equityunderpinning">equityunderpinning</span> <span word="bonds">bonds</span> <span word="issued">issued</span> <span word="under">under</span> <span word="the">the</span> <span word="new">new</span> <span word="plan">plan</span>. 这个命令可不会帮助吸引私人资本为新计划将发行的用以支持股票的债券提供10%的资金。 <span word="Opponents">Opponents</span> <span word="of">of</span> <span word="Fannie">Fannie</span> <span word="and">and</span> <span word="Freddie">Freddie</span> <span word="contend">contend</span> <span word="that">that</span> <span word="the">the</span> <span word="two">two</span> <span word="played">played</span> <span word="a">a</span> <span word="key">key</span> <span word="role">role</span> <span word="in">in</span> <span word="the">the</span> <span word="crisis">crisis</span>, 两房的竞争对手们认为，这两家利用好听的经济适用房的授权， <span word="by">by</span> <span word="encouraging">encouraging</span> <span word="the">the</span> <span word="issuance">issuance</span> <span word="of">of</span> <span word="loans">loans</span> <span word="with">with</span> <span word="tiny">tiny</span> <span word="downpayments">downpayments</span> <span word="through">through</span> <span word="a">a</span> <span word="benign">benign</span>-<span word="soundingaffordable">soundingaffordable</span> <span word="housing">housing</span> <span word="mandate">mandate</span>. 鼓励发行首付极低的住房贷款，从而对金融危机负有很大责任。 <span word="Nothing">Nothing</span> <span word="much">much</span> <span word="has">has</span> <span word="changed">changed</span>. <span word="Under">Under</span> <span word="the">the</span> <span word="new">new</span> <span word="plan">plan</span>, <span word="downpayments">downpayments</span> <span word="of">of</span> <span word="as">as</span> <span word="little">little</span> <span word="as">as</span> 3.5% <span word="of">of</span> <span word="theloan">theloan</span> <span word="value">value</span> <span word="would">would</span> <span word="be">be</span> <span word="permitted">permitted</span>. 但在这方面却没有太大改变。新计划中，首付款可低至贷款的3.5%。 <span word="Strewn">Strewn</span> <span word="through">through</span> <span word="the">the</span> <span word="proposed">proposed</span> <span word="law">law</span> <span word="are">are</span> <span word="words">words</span> <span word="such">such</span> <span word="as">as</span> <span word="affordable">affordable</span>, <span word="equal">equal</span> <span word="access">access</span> <span word="andunderserved">andunderserved</span> <span word="communities">communities</span>, 该项被提议的法规中充斥着经济适用，同样途径和弱势群体这类词语， <span word="which">which</span> <span word="suggest">suggest</span> <span word="that">that</span> <span word="lending">lending</span> <span word="decisions">decisions</span> <span word="will">will</span> <span word="be">be</span> <span word="based">based</span> <span word="on">on</span> <span word="political">political</span> <span word="rather">rather</span> <span word="than">than</span> <span word="credit">credit</span> <span word="criteria">criteria</span>. 表明关于贷款的决定将取决于政治因素而不是信用标准。 <span word="The">The</span> <span word="result">result</span>, <span word="says">says</span> <span word="Edward">Edward</span> <span word="Pinto">Pinto</span> <span word="of">of</span> <span word="the">the</span> <span word="American">American</span> <span word="Enterprise">Enterprise</span> <span word="Institute">Institute</span>, <span word="a">a</span> <span word="think">think</span>-<span word="tank">tank</span>, <span word="will">will</span> <span word="be">be</span> <span word="riskylending">riskylending</span> <span word="for">for</span> <span word="those">those</span> <span word="least">least</span> <span word="able">able</span> <span word="to">to</span> <span word="cope">cope</span>. 智囊团美国企业协会的<span word="Edward">Edward</span> <span word="Pinto">Pinto</span>表示，贷款给无法偿还者非常危险。 <span word="The">The</span> <span word="underlying">underlying</span> <span word="problem">problem</span> <span word="with">with</span> <span word="the">the</span> <span word="new">new</span> <span word="plan">plan</span> <span word="is">is</span> <span word="that">that</span>, <span word="like">like</span> <span word="Fannie">Fannie</span> <span word="and">and</span> <span word="Freddie">Freddie</span> <span word="before">before</span> <span word="it">it</span>, <span word="it">it</span> <span word="triesto">triesto</span> <span word="reconcile">reconcile</span> <span word="two">two</span> <span word="conflicting">conflicting</span> <span word="goals">goals</span>: 新计划的潜在问题和这份计划之前两房的行为一样，想要同时完成两个相冲突的目标： <span word="protecting">protecting</span> <span word="the">the</span> <span word="financial">financial</span> <span word="system">system</span> <span word="and">and</span> <span word="providing">providing</span> <span word="low">low</span>-<span word="cost">cost</span> <span word="housing">housing</span> <span word="loans">loans</span> <span word="to">to</span> <span word="favoured">favoured</span> <span word="groups">groups</span>. <span word="Abetter">Abetter</span> <span word="approach">approach</span> <span word="would">would</span> <span word="be">be</span> <span word="to">to</span> <span word="handle">handle</span> <span word="these">these</span> <span word="goals">goals</span> <span word="separately">separately</span> <span word="and">and</span> <span word="explicitly">explicitly</span>. 即保护金融体系，又想为特殊群体提供低花费的房屋贷款。将两个目前独立而明确地处理会是一个更好的方式。 词语解释 1.<span word="appear">appear</span> <span word="to">to</span> 似乎，好像 <span word="Even">Even</span> <span word="so">so</span>, <span word="buffett">buffett</span> <span word="doesn">doesn</span> <span word="t">t</span> <span word="appear">appear</span> <span word="to">to</span> <span word="be">be</span> <span word="worried">worried</span>. 即便如此，巴菲特似乎并不担心。 <span word="More">More</span> <span word="and">and</span> <span word="more">more</span> <span word="people">people</span> <span word="appear">appear</span> <span word="to">to</span> <span word="be">be</span> <span word="betting">betting</span> <span word="on">on</span> <span word="thesuccess">thesuccess</span> <span word="of">of</span> <span word="bitcoins">bitcoins</span>. 把宝押在比特币获得成功上的人似乎越来越多。 2.<span word="likely">likely</span> <span word="to">to</span> 可能 <span word="And">And</span> <span word="that">that</span> <span word="is">is</span> <span word="likely">likely</span> <span word="to">to</span> <span word="shrink">shrink</span> <span word="further">further</span> <span word="at">at</span> <span word="citi">citi</span>. 而且，花旗投资银行业务的手续费收入可能进一步缩水。 <span word="As">As</span> <span word="a">a</span> <span word="result">result</span>, <span word="inequality">inequality</span> <span word="is">is</span> <span word="only">only</span> <span word="likely">likely</span> <span word="to">to</span> <span word="get">get</span> <span word="worse">worse</span>. 因此，不平等程度可能只会变得更糟。 3.<span word="provide">provide</span> <span word="for">for</span> 为提供 <span word="It">It</span> <span word="takes">takes</span> <span word="a">a</span> <span word="lot">lot</span> <span word="to">to</span> <span word="provide">provide</span> <span word="for">for</span> 7 <span word="billion">billion</span> <span word="humans">humans</span>. 地球为了供养70亿人口付出了很多代价。 <span word="There">There</span> <span word="are">are</span> <span word="three">three</span> <span word="main">main</span> <span word="reasons">reasons</span> <span word="for">for</span> <span word="pessimism">pessimism</span>. <span word="The">The</span> <span word="first">first</span> <span word="is">is</span> <span word="that">that</span> <span word="even">even</span> <span word="today">today</span> <span word="it">it</span> <span word="struggles">struggles</span> <span word="toprovide">toprovide</span> <span word="for">for</span> <span word="its">its</span> <span word="people">people</span>. 悲观主义者有三大理由：其一，即使今天，非洲仍非常吃力地在供养其人民。 4.<span word="based">based</span> <span word="on">on</span> 以为依据 <span word="Select">Select</span> <span word="your">your</span> <span word="banking">banking</span> <span word="syndicate">syndicate</span> <span word="based">based</span> <span word="on">on</span> <span word="appropriate">appropriate</span> <span word="criteria">criteria</span>. 根据适当的标准选择银行财团。 <span word="And">And</span> <span word="do">do</span> <span word="they">they</span> <span word="make">make</span> <span word="positive">positive</span> <span word="changes">changes</span> <span word="based">based</span> <span word="on">on</span> <span word="that">that</span> <span word="feedback">feedback</span>? 他们是否能根据反馈意见做出积极的改变?</p>
页:
[1]