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

抵支持证是大型金融机构将抵证产生的。

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

相反，它们被证，零零碎碎地出售给世界各地的各种投资者。

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.

摩根大的资产使贝尔斯登（Bear Stearns）和雷曼兄弟（Lehman Brothers）相形见绌，但正是这些小公司对证次级抵的高杠杆注引发了恐慌。

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——“让居民背负着飞涨的电费是令人发指的。” - 你的州长签署了将数十亿公用事业公司债务证的立法。