both the availability of credit to potential new homeowners

影响到新购房者的资金成本
and the availability--and the health--

同时也影响到
of the financial institutions that are holding their securities.

其它持有抵押证券的机构的收益
I think--and I will not dwell on the point for reasons of time--

由于时间关系我不能深入地讲
that there is also a strong case for policy measures

另有一项政策措施
directed at strategic intervention in near foreclosure situations to

旨在赎回权即将被取消的情况下
promote the writing down of mortgages as alternative to foreclosure.

通过证券减值以避免赎回权被取消
Given that, available estimates suggest that

这样做的原因在于
the losses associated with the foreclosure process itself

取消赎回权这一过程
can easily add up to more than half the value--

带来的成本
the residual value--of the home.

超过了房屋一半的剩余价值
Finally, I would highlight the international dimension of policy

最后我要讲一下政策的国际性合作