money, they're promising to pay you back.

你对他们放贷并且他们承诺还款
And you value all those mortgages at a hundred million dollars.

并且你对那些房屋贷款估价为一亿美元
The interest rates go down.

现在利率降低了
The government lowers the interest rates.

政府降低了利率
Half of them take advantage to refinance.

一半的人借此重新贷款
They pay you back what they owe and they refinance into a new mortgage.

他们重新抵押贷款并还上了最初借的贷款
So now you've only got half the people left.

所以现在你只有一半的人留下
Let's say all the people had the same size mortgage and everything.

假设所有人的房屋贷款数额等都一样
Half the people are left.

一半的人留了下来
That shrunken pool, half as big as the original

缩小的总资产原来的一半大小
pool, is that worth fifty-million,

价值五千万美元
half of what it was before, or more than fifty-million,

是最初的一半大小还是多于五千万