It is astonishing that sub-prime mortgages and their like were repackaged and resold in securitized form. That these collateralized mortgage obligations (CMOs, or bonds backed by a pool of mortgages) found a ready market, both in the US and abroad, reflects failure on several fronts.
次级抵押贷款及其类似产品被重新包装并以证券的形式再次出售，这是令人震惊的。这些抵押担保债券(CMOs，即以一系列抵押贷款支持的债券)既在美国也在美国国外找到了一个现成的市场，这反映了几个方面的失灵。