英语翻译Prior to the securitization revolution,American mortgage

英语翻译
Prior to the securitization revolution,American mortgage markets had operated as isolated,subsidized,and often inefficient components of the capital markets.The dramatic effects of mortgage securitization were achieved because securitization tightly integrated real estate finance with
the overall capital markets.The benefits of securitization for the American mortgage markets have included lower mortgage interest rates,less sensitivity to credit rationing,less need for subsidization,and the elimination of regional variations in mortgage interest rates.
In contrast to the U.S.experience,mortgage market securitization has failed to play a dominant role in any European market,and it remains a negligible factor in most countries.This is surprising given that the benefits of lower mortgage interest rates,less credit rationing,and less subsidization all would seem as important in Europe as they were in the United States.In addition,the potential of mortgage securitization to equalize mortgage interest rates across European countries seems particularly important,given the likelihood of forthcoming capital market and monetary
unification among these countries.Indeed,continuation of regionally isolated European mortgage markets will create a major obstacle to capital market and monetary unification.

事先向证券化革命以来,美国抵押贷款市场已经运行,作为孤立的,受资助的,而且往往没有效率的组成部分的资本市场.戏剧性的影响,抵押贷款证券化,取得了,因为证券化紧密集成的房地产金融与
整体资本市场.好处证券为美国抵押贷款市场,包括降低抵押贷款利率,低敏感性的信贷配给,不太需要补贴,并消除区域差异,在抵押贷款利率.
相比之下,以美国的经验,抵押贷款证券化市场未能发挥主导作用,在任何欧洲市场,它仍然是一个不容忽视的因素,在大多数国家.这是令人奇怪,因为带来的好处降低抵押贷款利率,减少信贷配给,而较少补贴都似乎是一样重要,在欧洲,因为他们在美国.此外,潜在的住房抵押贷款证券化,以平衡抵押贷款利率横跨欧洲国家显得尤为重要,因为可能即将进行资本市场和货币
统在这些国家中.的确,持续的区域性孤立欧洲抵押贷款市场,将创造一个主要障碍,资本市场和货币的统一.