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      借贷行业代表同时也是抵押贷款银行家协会主席——迈克尔D.贝尔曼说：“如果没有我们目前的救助方式，经济衰退将更严峻、房产贬值将更剧。”

Hanging in the balance are the basic features of a mortgage loan: the interest rate and repayment period.

      抵押贷款的基本特征是：利率和偿还期互相平衡。

Fannie and Freddie allow people to borrow at lower rates because investors are so eager to pump money into the two companies that they accept relatively modest returns. The key to that success is the guarantee that investors will be repaid even if borrowers default — a promise ultimately backed by taxpayers.

      由于投资者蜂拥注资弗雷德马克和范妮梅，并且这些投资者要求的投资回报是如此之低，这些原因也就使得弗雷德马克和范妮梅能够提供同样低廉的贷款利率。这些能成立的关键因素是：甚至在借款者违约的情况下，投资者都能得到款项偿还的保证——最终转嫁到纳税人身上的保证。

A long line of studies has found that the benefit to borrowers is relatively modest, less than one percentage point. But that was before the flood. Fannie, Freddie and other federal programs now support roughly 90 percent of new mortgage loans because lenders cannot raise money for mortgages that do not carry government guarantees.

      深入的调查发现放贷者得到的投资回报率低廉，低于一个百分点；但这些都是假象！由于借款者无法再供款，在不是由政府担保的借贷项目中，弗雷德马克、范妮梅和其他联邦新放贷项目的收益高达90%。

One prominent investor, William H. Gross, the co-head of Pimco, the major bond investment firm, has estimated that he would demand a premium of three percentage points to buy such loans — a cost that would be passed on to the borrower.

      太平洋投资管理公司昔日管理、大型债券投资公司任职的威廉H.格瑞斯是此类投资的佼佼者，他买类似借贷的获得非常可观的收益——预计达三个百分点，这些收益都将最终转嫁至借款者。

Proponents of a private market want the government gradually to withdraw its support, allowing investors to regain confidence. They argue that interest rates would eventually settle into roughly the same patterns that held before the financial crisis.

      崇尚自由市场的人士希望政府能逐步抽离相关的补助，帮助投资者重拾信心。他们主张利率的最终设定将参考金融危机前的利率设定模式。

Some supporters of government backing also like the idea, believing that it will demonstrate the need for a backstop.

      这点政府救助的一些拥护者也同样表示赞同，他们相信这些主张能证明政府救助的必要性。

“I myself am eager to see whether there needs to be a guarantee,” said Representative Barney Frank of Massachusetts, a crucial Democratic voice on housing issues.

      在住房议题上，代表大众的重要发言人、来自马萨诸塞州的议员弗兰克说，“就我自身而言，我都迫不及待了，我想看看所谓的担保是否真有存在的必要。”

Fannie and Freddie also make ownership more affordable by allowing borrowers to repay loans with fixed-interest rates over an unusually long period. A person who borrows $100,000 at 6 percent interest will pay $600 each month for 30 years, compared to $716 each month for 20 years.

      弗雷德马克和范妮梅通过允许借款者采用固定汇率、并在超长偿还期内还款的方式，使得业主更轻松的供款。比如借款10万美元，利率6%，如果偿还期为30年、月供600美元，而偿还期为20年则每月需供716美元。

The 30-year loan first became broadly available by an act of Congress in 1954 and, from then until now, the vast majority of such loans have been issued only with government support. Most investors are simply not willing to make such a long-term bet. They prefer loans with adjustable rates.

      在1954年一项国会法案之后，使得偿还期为30年的借贷方式才得以广泛采用，然而直到今天，由于众多的投资者不热衷这种长期投资，他们青睐的是采用可调节利率借贷。大量长期借贷只在政府的扶持下才得以发放。

Alex J. Pollock, a former chief executive of the Federal Home Loan Bank of Chicago, said such loans would remain available in the absence of a federal guarantee, but they might be harder to find. And lenders might demand a larger down payment. Or a better credit score.

      芝加哥联邦家宅贷款银行前任董事长亚历克斯J.波拉克说，假如政府不再担保，虽说类似的借贷将还会存在，在这种情况下放款者将提高首款额门槛，要求借款者拥有更好信用评价。总体而言这些长期借贷行为将变得更少见。

That would be a very good thing, said Mr. Pollock, now a fellow at the American Enterprise Institute.

      现任职美国企业协会的波拉克先生说，“这不是件坏事。”

Longer terms make ownership affordable only by increasing the total cost of the loan, because the borrower pays interest for a longer period. Moreover, Mr. Pollock noted that over the last several years, borrowers with adjustable-rate loans paid less as interest rates fell, while those with fixed rates kept paying the same amount for devalued homes.

      因为长期借贷借款者需要承担更多的利息，也就是使得借贷总成本增加，这些又使得业主在长期借贷中更能承受偿还压力的增加。波拉克还注意到：在最近的一些年份：假如采用调节利率，在利率下降时，借款者还款额也减少；而固定利率的借贷不受利率波动影响，还款额保持不变。

“One of the reasons that American housing finance is in such bad shape right now is the 30-year mortgage,” he said, noting that such loans are not available in most countries. “For many people, it’s not at all clear that that’s the best product.”

      注意到在多数国家里没有类似的长期借贷时，他说，“导致现在住宅信贷处在如此糟糕的境地，其中一个原因就是30年期的按揭贷款。对很多人来说，长期借贷方式是不是一个最好，还真不能确定” 。

Fannie and Freddie also allow a wide swath of the American public to borrow money at the same interest rates and on the same terms. Borrowers who did not meet their standards were forced to pay higher interest rates to subprime lenders, but the companies essentially persuaded investors to treat a vast number American families as if they were interchangeable.

      弗雷德马克和范妮梅也以相同利率、相同偿还期对大范围的美国居民发放借款：。假如借款者没有如约供款，他们将必须支付更高的利率给次级放款者；针对这种情况，弗雷德马克和范妮梅还致力说服投资者相信这些数额巨大的美国家庭可以整体被替代的，还款不成问题。

They took messy bunches of loans, with risks as variable as snowflakes, and created securities of uniform quality, easy to buy and sell. The result was one of the most popular investment products ever created.

      他们核发一系列杂乱的捆绑借贷，它们就如雪花一样充满变数；而且，借贷公司又发行低质量的股票，这些股票的购进和卖出非常方便。这就是在市面上最流行的投资品种。

And in its absence, experts on housing finance say that fewer borrowers would qualify for the best interest rates.

      住宅信贷的专家说，“在不再有政府担保的情况下，更少的借款者能享受到最好的利率待遇。”

Susan M. Wachter, a real estate professor at the University of Pennsylvania, said a new government guarantee was needed to preserve a homogenous market.

      苏姗M. 华赫特现任滨州大学房地产教授，她说，“为了同类市场的稳定，一种新的政府担保方式是有必要的”。

“There needs to be a systematic way of preventing” fragmentation, said Professor Wachter. “That’s what we need a bulwark against. Because if there isn’t, it will occur.”

      “需要一项系统的方式用于崩盘预防”，华赫特教授说，“这就是我们需要的对冲的保护。如果没有这种保护，将发生市场崩溃现象。”

The government seems least likely to maintain a final set of benefits — leniencies in loan terms that taxpayers effectively have subsidized for borrowers.

      看来让政府支持一套最终福利措施是件不大可能的视听——在这措施里，政府将提供更宽松的放贷条款，让纳税人能有效的资助借款者。

Fannie and Freddie slashed the requirements for down payments in recent years, saying that they were helping people with minimal savings become homeowners. Two-thirds of the borrowers whose loans were guaranteed by the companies from 1997 to 2005 made a down payment of less than 10 percent. But borrowers who invest less default more often. The Obama administration has said that it wants the companies to demand a minimum down payment of 10 percent.

      近些年，弗雷德马克和范妮梅降低了头期款的数额，他们声称他们正帮助人们只用最少的积蓄就能买得起房子。自1997-2005年间放贷的款项，有 三分之二的头期款还不到总额的10%。但这些借款者当中，也更经常违约现象的发生。奥巴马政府已经申明了，它希望借贷公司所要求的首期款不能低于10%。

A quirkier example is the ability to “lock in” an interest rate. Fannie and Freddie permitted lenders to make such promises at no risk because the companies had already obtained commitments from investors. In the companies’ absence, borrowers seeking rate locks may need to pay for them.

      一个欺诈的例子就是利率“内定”方式。由于弗雷德马克和范妮梅早已得到投资者的许诺，因此他们允许借款者采用这种条款，这对弗雷德马克和范妮梅而言这毫无风险。在没有那些公司担保的情况下，假如借款者还想享受这种利率，他们就得支付额外的费用。