A culture of debtAlanGreenspan:AmericaneconomistservedasChairmanoftheFederalReserveoftheUnitedStatesfrom1987to2006
A culture of debt ▪ Alan Greenspan: ▪ American economist ▪ served as Chairman of the Federal Reserve of the United States from 1987 to 2006
UsefulTermsRemortgaging（再抵押）：Aremortgage（alsoknownasrefinancing)isthe process of paying off onemortgagewiththeproceeds（收益）orearningsfrom a new mortgage usingthesame propertyassecurity.Oftenthe purpose of switchingistosecure a more favorableinterestratefrom adifferentlender.Down-payment（定金/首期款）：adepositorfirstinstallment onsomething before thefull amountispaid.Negativeequity（负资产）:Negativeequityoccurswhen thevalue of an asset usedto secure a loanislessthanthe outstanding balance onthe loan.IntheUnitedStates,assets(particularlyrealestate,whoseloansaremortgages)withnegativeequity are often referred to as being"underwater"and loans and borrowers with negative equity aresaidto be"upside down
Useful Terms ▪ Remortgaging (再抵押): A remortgage (also known as refinancing) is the process of paying off one mortgage with the proceeds (收益) or earnings from a new mortgage using the same property as security. Often the purpose of switching is to secure a more favorable interest rate from a different lender. ▪ Down-payment (定金/首期款): a deposit or first installment on something before the full amount is paid. ▪ Negative equity (负资产): Negative equity occurs when the value of an asset used to secure a loan is less than the outstanding balance on the loan. In the United States, assets (particularly real estate, whose loans are mortgages) with negative equity are often referred to as being "underwater", and loans and borrowers with negative equity are said to be "upside down
Equity:1.[finance] the moneyforbusiness activities(capital)that a company obtains bysellingsharesratherthanfromloans:股本toissue/raiseequityanequityinterest/stake(insth)equityholdings/investmentsequitymarkets/prices/valuesanequityanalyst/investor/trader
▪ Equity: 1. [finance] the money for business activities (capital) that a company obtains by selling shares rather than from loans:股本 ▪ to issue/raise equity ▪ an equity interest/stake (in sth) ▪ equity holdings/investments ▪ equity markets/prices/values ▪ an equity analyst/investor/trader
2.（FinanceStockExchange)equities[pl.]shares incompanies,especiallyordinaryshares;the business of tradingshares:普通股票tobuy/hold/invest in/sell/tradeequities
2. (Finance ; Stock Exchange ) equities [pl.] ▪ shares in companies, especially ordinary shares; the business of trading shares:普 通股票 ▪ to buy/hold/invest in/sell/trade equities
3.(alsohomeequity,especiallyinAmE)[U]]thevalueofapropertyafterall debtshavebeenpaid:抵押资产的净值Equity=assets-liabilitiesTheyhave10yearsofmortgagepaymentsleft andabout $75000 equity in theirhome
▪ 3. (also home equity, especially in AmE) [U]) ▪ the value of a property after all debts have been paid:抵押资产的净值 ▪ Equity = assets- liabilities ▪ They have 10 years of mortgage payments left and about $75 000 equity in their home