Mortgage backed-securities are created when large financial institutions securitize mortgages.

抵押贷款支持证券是型金融机构将抵押贷款证券化时产生。

Instead, they'd been securitized, sold in bits and pieces to various investors around the world.

相反，它们被证券化，零零碎碎地出售给世界各地各种投者。

JPMorgan's assets dwarfed those of Bear Stearns and Lehman Brothers, but it was those smaller firms' highly leveraged bets on securitized subprime mortgages that had set off a panic.

摩产使贝尔斯登（Bear Stearns）和雷曼兄弟（Lehman Brothers）相形见绌，但正是这些小公司对证券化次级抵押贷款高杠杆押注引发了恐慌。

And despite telling you this — " It is outrageous for residents to be saddled with skyrocketing power bills." — your governor signed legislation securitizing billions in utility company debt.

尽管告诉了你这一点——“让居民背负着飞涨电费是令人发指。” - 你州长签署了将数十亿公用事业公司债务证券化立法。