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The reasons by now are well understood. Fannie and Freddie, created to increase the availability of mortgage loans, misused the government’s support to enrich shareholders and executives by backing millions of shoddy loans. Taxpayers so far have spent more than $135 billion on the cleanup.

      现在应该很明朗了。为了照顾公司股东和高层的利益，弗雷德马克和范妮梅滥用政府政策刺激实际放贷，发放以百万计的不良贷款。仅不良贷款的收尾上，纳税人已经多花了1350亿美元。

The much more divisive question is whether the government should preserve the benefits that the companies provide to middle-class borrowers, including lower interest rates, lenient terms and the ability to get a mortgage even when banks are not making other kinds of loans.

      更尖锐的问题就是：当这些公司向中产阶级提供低利率、以宽松贷款条款的放贷，甚至在银行都不能提供按揭贷款时他们还能放贷的时候，政府是否还应该照顾他们的利益呢？

Douglas J. Elliott, a financial policy fellow at the Brookings Institution, said Congress was being forced for the first time in decades to grapple with the cost of subsidizing middle-class mortgages. The collapse of Fannie and Freddie took with it the pretense that the government could do so at no risk to taxpayers, he said.

      布鲁金斯学会金融政策的同事道格拉斯J.艾略特说：迫于压力，国会正在克服其在向中产阶级房贷上政策倾斜的成本上努力，这现象在数十年以来还是第一次。他说：随着弗雷德马克和范妮梅公司的倒闭，政府说可以做到消除纳税人风险的谎言也随之破产。

“The politicians would like something that provides a deep and wide subsidy for housing that doesn’t show up on the budget as costing anything. That’s what we had” with Fannie and Freddie, Mr. Elliott said. “But going forward there is going to be more honest accounting.”

      “据我们所知：在提供深广的住房补助并没有在政府预算上有任何体现，也就是在表面看来提供住房补助的成本为零。这是政客们喜闻乐见的是事情。这是我们根据弗雷德马克和范妮梅事件推断的，” 艾略特说，“但是日后这种情况将得到改观，报表上将得到更如实的反映这些支出。”

Some Republicans and Democrats say the price is too high. They want the government to pull back, letting the market dictate price, terms and availability.

      共和党人士和民主党的一些成员说，政府补助的成本太高了。按照他们的意思，政府必须减轻其影响力，让价钱、条款和可行性由市场来决定。

“A purely private mortgage finance market is a very serious and very achievable goal,” Representative Scott Garrett, the New Jersey Republican who oversees the subcommittee that oversees Fannie and Freddie, said at a hearing this week. “No one serious in this debate believes our housing market will return to the 1930s.”

      斯科特. 加勒特是新泽西共和党代表兼审查员——审查弗雷德马克和范妮梅审查小组委员会，就在这周的聆讯会上， “纯粹个人抵押贷款市场是一个非常严肃的话题、并且这目标可以很好的达成；” 他说，“这几十年没有人会真的相信我们的房产市场会倒退到30年代的境地。”

Still, powerful interests in both parties want the government instead to construct a system that would preserve many of the same benefits, with changes intended to minimize the risk of future bailouts. They say the recent crisis showed that the market could not stand on its own.

      在政府如何建立一个替代方案上，政党双方都抱有着浓厚的兴趣，在这个替代方案里政府将保护更多类似的利益——也就是做些改变将政府的未来救助风险降至最低。他们的观点是：日前的风险说明完全靠市场本身的做法是行不通的。

“The kind of backstop that we have now, if it didn’t exist, we would have had a much more severe recession and a much sharper fall in home values,” said Michael D. Berman, chairman of the Mortgage Bankers Association, which represents the lending industry.

      借贷行业代表同时也是抵押贷款银行家协会主席——迈克尔D.贝尔曼说：“如果没有我们目前的救助方式，经济衰退将更严峻、房产贬值将更剧。”

Hanging in the balance are the basic features of a mortgage loan: the interest rate and repayment period.

      抵押贷款的基本特征是：利率和偿还期互相平衡。

Fannie and Freddie allow people to borrow at lower rates because investors are so eager to pump money into the two companies that they accept relatively modest returns. The key to that success is the guarantee that investors will be repaid even if borrowers default — a promise ultimately backed by taxpayers.

      由于投资者蜂拥注资弗雷德马克和范妮梅，并且这些投资者要求的投资回报是如此之低，这些原因也就使得弗雷德马克和范妮梅能够提供同样低廉的贷款利率。这些能成立的关键因素是：甚至在借款者违约的情况下，投资者都能得到款项偿还的保证——最终转嫁到纳税人身上的保证。

A long line of studies has found that the benefit to borrowers is relatively modest, less than one percentage point. But that was before the flood. Fannie, Freddie and other federal programs now support roughly 90 percent of new mortgage loans because lenders cannot raise money for mortgages that do not carry government guarantees.

      深入的调查发现放贷者得到的投资回报率低廉，低于一个百分点；但这些都是假象！由于借款者无法再供款，在不是由政府担保的借贷项目中，弗雷德马克、范妮梅和其他联邦新放贷项目的收益高达90%。

One prominent investor, William H. Gross, the co-head of Pimco, the major bond investment firm, has estimated that he would demand a premium of three percentage points to buy such loans — a cost that would be passed on to the borrower.

      太平洋投资管理公司昔日管理、大型债券投资公司任职的威廉H.格瑞斯是此类投资的佼佼者，他买类似借贷的获得非常可观的收益——预计达三个百分点，这些收益都将最终转嫁至借款者。

Proponents of a private market want the government gradually to withdraw its support, allowing investors to regain confidence. They argue that interest rates would eventually settle into roughly the same patterns that held before the financial crisis.

      崇尚自由市场的人士希望政府能逐步抽离相关的补助，帮助投资者重拾信心。他们主张利率的最终设定将参考金融危机前的利率设定模式。

Some supporters of government backing also like the idea, believing that it will demonstrate the need for a backstop.

      这点政府救助的一些拥护者也同样表示赞同，他们相信这些主张能证明政府救助的必要性。

“I myself am eager to see whether there needs to be a guarantee,” said Representative Barney Frank of Massachusetts, a crucial Democratic voice on housing issues.

      在住房议题上，代表大众的重要发言人、来自马萨诸塞州的议员弗兰克说，“就我自身而言，我都迫不及待了，我想看看所谓的担保是否真有存在的必要。”

Fannie and Freddie also make ownership more affordable by allowing borrowers to repay loans with fixed-interest rates over an unusually long period. A person who borrows $100,000 at 6 percent interest will pay $600 each month for 30 years, compared to $716 each month for 20 years.

      弗雷德马克和范妮梅通过允许借款者采用固定汇率、并在超长偿还期内还款的方式，使得业主更轻松的供款。比如借款10万美元，利率6%，如果偿还期为30年、月供600美元，而偿还期为20年则每月需供716美元。

The 30-year loan first became broadly available by an act of Congress in 1954 and, from then until now, the vast majority of such loans have been issued only with government support. Most investors are simply not willing to make such a long-term bet. They prefer loans with adjustable rates.

      在1954年一项国会法案之后，使得偿还期为30年的借贷方式才得以广泛采用，然而直到今天，由于众多的投资者不热衷这种长期投资，他们青睐的是采用可调节利率借贷。大量长期借贷只在政府的扶持下才得以发放。

Alex J. Pollock, a former chief executive of the Federal Home Loan Bank of Chicago, said such loans would remain available in the absence of a federal guarantee, but they might be harder to find. And lenders might demand a larger down payment. Or a better credit score.

      芝加哥联邦家宅贷款银行前任董事长亚历克斯J.波拉克说，假如政府不再担保，虽说类似的借贷将还会存在，在这种情况下放款者将提高首款额门槛，要求借款者拥有更好信用评价。总体而言这些长期借贷行为将变得更少见。

That would be a very good thing, said Mr. Pollock, now a fellow at the American Enterprise Institute.

      现任职美国企业协会的波拉克先生说，“这不是件坏事。”

Longer terms make ownership affordable only by increasing the total cost of the loan, because the borrower pays interest for a longer period. Moreover, Mr. Pollock noted that over the last several years, borrowers with adjustable-rate loans paid less as interest rates fell, while those with fixed rates kept paying the same amount for devalued homes.

      因为长期借贷借款者需要承担更多的利息，也就是使得借贷总成本增加，这些又使得业主在长期借贷中更能承受偿还压力的增加。波拉克还注意到：在最近的一些年份：假如采用调节利率，在利率下降时，借款者还款额也减少；而固定利率的借贷不受利率波动影响，还款额保持不变。

“One of the reasons that American housing finance is in such bad shape right now is the 30-year mortgage,” he said, noting that such loans are not available in most countries. “For many people, it’s not at all clear that that’s the best product.”

      注意到在多数国家里没有类似的长期借贷时，他说，“导致现在住宅信贷处在如此糟糕的境地，其中一个原因就是30年期的按揭贷款。对很多人来说，长期借贷方式是不是一个最好，还真不能确定” 。