mortgage bond 抵押债券；抵押担保债券

指以债券发行人的动产、不动产作为抵押担保而发行的债券，该种债券以信托契约转让方式将财产抵押权转移给债券持有人。抵押债券依抵押权的优先级可分为第一级抵押债券、第二级抵押债券、第三级抵押债券，依次类推。大多数抵押债券是由特定不动产作为抵押财产的第一级抵押债券，也有对发起人的总资产设立抵押担保的抵押债券。在后一种情形下，相对于未设立抵押担保的债券而言，抵押债券享有优先受偿权。

A mortgage bond is a bond in which holders have a claim on the real estate assets put up as its collateral. A lender might sell a collection of mortgage bonds to an investor, who then collects the interest payments on each mortgage until it’s paid off. If the mortgage owner defaults, the bondholder gets her house. Banks often have a huge number of mortgages on their books. However, they don’t always want to wait for the mortgages to turn profitable for them. Sometimes, they’ll package many mortgages into a bond and sell that to make a short-term profit instead. The investor who purchases the mortgage bond has the right to collect interest payments on the mortgages as well as payments toward the principal. If the borrower defaults, the investor can also foreclose on her house. On the other hand, if the mortgagee happens to pay off her mortgage early, the investor could lose money on future interest payments. 以下为具体例句，供参考：

例句1

A mortgage bond is secured by a mortgage, or a pool of mortgages, that are typically backed by real estate holdings and real property, such as equipment.

抵押债券由抵押贷款或抵押贷款池担保，抵押贷款池通常由不动产和不动产（如设备）支持。

例句2

Mortgage bonds offer the investor protection because the principal is secured by a valuable asset. In the event of default, mortgage bondholders could sell off the underlying property to compensate for the default and secure payment of dividends. However, because of this inherent safety, the average mortgage bond tends to yield a lower rate of return than traditional corporate bonds that are backed only by the corporation's promise and ability to pay.

抵押债券为投资者提供保护，因为本金是由有价值的资产担保的。如果发生违约，抵押债券持有人可以出售基础资产来补偿违约，并确保支付股息。然而，由于这种固有的安全性，平均抵押债券的收益率往往低于传统的公司债券，后者仅由公司的承诺和支付能力予以支持。

例句3

When homeowners pay their mortgages, the interest portion of their payment is used to pay the yield on these mortgage bonds. As long as most of the homeowners in the mortgage pool keep up with their payments, a mortgage bond is a safe and reliable income-producing security.

当房主支付他们的抵押贷款时，他们支付的利息部分被用来支付这些抵押债券的收益。只要抵押贷款池中的大多数房主能跟上他们的付款，抵押债券就是一种安全可靠的创收担保。

例句4

A disadvantage of mortgage bonds is that their yields tend to be lower than corporate bond yields because the securitization of mortgages makes such bonds safer investments. An advantage would that if a homeowner defaults on a mortgage, the bondholders have a claim on the value of the homeowner's property. The property can be liquidated with the proceeds used to compensate bondholders. Another advantage of mortgage bonds is that they are a safer investment than stocks, for example.

抵押债券的一个缺点是，它们的收益率往往低于公司债券收益率，因为抵押贷款证券化使这种债券成为更安全的投资。一个好处是，如果房主拖欠抵押贷款，债券持有人可以对房主的财产价值提出索赔。这笔财产可以用用来补偿债券持有人的收益进行清算。抵押债券的另一个优势是，它们是比股票更安全的投资。