第单元货币和银行

第14单元　货币和银行Unit 14 Money and Banking

Ⅰ．课文导读

现代商业银行的最初形式是资本主义商业银行，它是资本主义生产方式的产物。商业银行发展到今天，与其当时因发放基于商业行为的自偿性贷款从而获得“商业银行”的称谓相比，已相去甚远。今天的商业银行已被赋予更广泛、更深刻的内涵。特别是第二次世界大战以后，随着社会经济的发展，银行业竞争的加剧，商业银行的业务范围不断扩大，逐渐成为多功能、综合性的“金融百货公司”。

Ⅱ．Text

A bank has two essential characteristics:

It accepts demand deposits^[1]．

Itmakes commercial loans．

Commercial banks obviously have these characteristics．Today，however，other financial institutions often compete directly with commercial banks in offering financial services，and terms such as“nonbank banks^[2]”have become part of our language．The one characteristics that distinguishes commercial banks froMall other competitors is this:Commercial banks are full-service institutions．

Large industries and corporations，individual consumers，small businesses，and agencies of federal，state，and local government all rely on commercial banks tomeet every type of financial need．

The largest commercial bank today may offer over 200 separate financial services and products，but not all of these are essential to continued profitable operations^[3]．For example，every bank does not have an international department or a trust department^[4]．If some of the 200 services to be eliminated，the large bank still could servemost of the customers．

Three functions stand out as major contributions to the economy．They are the building blocks upon which banking and the economy rest．In addition，they satisfy the legal requirement that defines a bank．The three functions are:

The deposit function

The largest single element in the money supply is the demand deposit—funds that can be withdrawn at any time without advance notice to the bank．The most common type of demand deposit is the checking account^[5]．The total amount on deposit，or any part of it，is payable on demand and can be converted^[6]into coin and currency if the funds are collected and available．If an individualwith an available balance of$ 100 in a checking account issues a check for thatamount，he or she can present it to a teller^[7]and immediately receive$ 100 in cash．

At a bank，the depositmay bemade either into a checking or savings account^[8]，or used to establish some forMof time deposit^[9]．The depositor's intent is not the same in each case．Deposits into checking accounts are made because the customer intends to withdraw the funds in the very near future tomeet currentexpenses．In today's economy，customers tend to leave the smallest amount possible in excess checking-account balances，which by law cannot earn interest．Instead，they deposit all funds that are not immediately needed into some forMof savings account or time deposit．Such funds are set aside for future goals or emergencieswhile earning interest．

Savings accounts are different froMtime deposits．The customer who opens a saving account does notestablish amaturity date^[10]when itwill be closed;deposits and withdrawals affecting the accountmay bemade over a period ofmany years．On the other hand，a time deposithas a specific maturity—7days ormore froMthe date of deposit．Whenever a time deposit is withdrawn beforematurity，there is a penalty^[11]for the early withdrawal．

In its simplest form，banking consists of obtaining funds through deposits and putting those funds to profitable use in loans and investments．Thus，it is logical to expectbanks to be aware at all times of the actual amounts available as deposits and the types of deposits these amounts represent．The ratio between demand deposits on one hand，and time and savings deposits on the other，is extremely important for two reasons．The bank must pay an interest expense on the latter，and there is an essential difference in the rate of turnover．The turnover rate^[12]for demand deposits is extremely high．They can be used for short-terMloans and investments．Time deposits，however，remain for longer periods and are used in longer-terMloans and investments．

The payment function

Checks are safe and convenient vehicles for payment，and are accepted on faith and trust．Before checks gained such wide acceptance，the payments function often involved methods that left a great deal to be desired．Money，for example，is easily lost or stolen．If a payment ismade in cash，any receipt that is given also can be lost;and if no receipt is issued，itmay be impossible to prove that the payment actually wasmade．

By contrast，every customerwho uses checks as a payment vehicle receives certain forms of protection．The risk of losing cash disappears; the paid check remains the best evidence of payment;and the bank's bookkeeping systeMis designed to assure that the customer's exact instructions，as contained in the check，are followed in every detail．

By continually improving the paymentsmechanisMand by supplying the personnel，equipment，and technology to handle 100Million checks every day，banks havemade a great contribution to the economy．There is a constant search for a better way to serve the interests of customers and banks，and this has led to the development of various Electronic Funds Transfer Systems (EFTS)．

Whenever automated，paperless bookkeeping entries can be used to debit one account and credit another，tremendous benefits can be gained．Electronic transfers are far less costly，more accurate，and faster than paper-based payment systems．

Social Security AdMinistration officials have had great success in persuading recipients to accepts direct deposit of theirmonthly payments，which avoids the use of checks and guarantees payment on the due date．Many employers also use direct deposit for their payroll^[13]activity so that an employee's account，wherever it is located，can be credited with his or her net pay^[14]．In growing numbers，customers are using ATMs to obtain cash without issuing checks．A depositor can authorize in advance direct payments froMhis or her bank to cover insurance premiums^[15]，mortgage^[16]and loan payments，and other fixed charges．

The credit function

Today many sources of credit are available to customers．Individual consumers can approach personal finance or auto finance companies for credit and can borrow froMinsurance companies against the cash surrender value^[17]of their policies or froMbrokerage firms against the value of their securities．Individuals also can buymerchandise on credit through a retailer，obtain mortgage or home equity loans^[18]froMthrift institutions^[19]，borrow froMa credit union to which they belong，or as savings depositors，use their passbooks as security for loans．

Despite the diversity of available lenders，banks remain the dominant force in the credit market．Moremoney is borrowed each year froMbanks than froMany other source．Banks have not become the largest lenders simply because they are required tomake commercial loans under the legal definition of banks; they do so because the loans constitute their largest source of income．Typically，two-thirds of a bank's yearly earnings results froMintereston loans．Moreover，lending fulfills the bank's traditional role of serving their customers and communities．

In keeping with their full-service philosophy，banks extend credit under virtually every conceivable set of conditions to every segmentof themarket．No other lender canmatch theMin either the size or diversity of the credit extended．There are bank loans to meet the needs of the small or large business，the government，and the consumer．

Business，governments，and consumers are the threemain categories of borrowers．The ability of banks to serve the credit needs of the three groups is vital to the prosperity of the American economy．In addition，by granting loans and crediting the proceeds to customers'accounts，banks are directly responsible for creating money，thereby directly affecting the nation'smoney supply．

How do banks createmoney？Essentially，by generating a cycle of funds．Assume that reserve^[20]requirements are 20%，that all loans proceeds are deposited into checking accounts，and that all payments are deposits to a checking account in the same bank．A$ 1，000 cash deposit ismade in the bank by A．After the 20% reserve is deducted，the bank can lend$ 800 to B．Following the reserve deduction，$ 640 is available to lend to C．Continuing the same process，the bank theoretically could lend$ 512 to D and$ 409 to E．FroMthe original cash deposit of $ 1，000，a total of$ 2，361 in new funds has been created through this succession of bank loans．

Banks can build up their deposits by increasing loans，as long as they provide for reserve requirements and depositors'withdrawals．

Ⅲ．Notes

1．Nonbank bank．An institution that providesmost of the services of a bank but is not a member of the federal reserve systems and does not have a charter froMa state banking agency．A nonbank bank may offer credit cards，consumer and commercial loans，savings accounts，and accountswith services similar to bank checking accounts．By avoiding government regulation，such businessesmay be able to bemore innovative and profitable than traditional governmentregulated banks．

2．Electronic Funds Transfer System(电子金融转账系统)．It is the use of automated technology to move funds in institution for use of paper checks．The growing popularity of EFT for online bill payment is paving the way for a paperless universe where checks，stamps，envelopes，and paper bills are obsolete．The benefits of EFT include reduced administrative costs，increased efficiency，simplified bookkeeping，and greater security．However，the number of compa-nieswho send and receive bills through the Internet is still relatively small．

3．Social Security AdMinistration(社会保障)．The United States Social Security Administration(SSA) is an independent agency of the United States federal government that adMinisters Social Security，a social insurance prograMconsisting of retirement，disability，and survivors‘benefits．To qualify for these benefits，most American workers pay Social Security taxes on their earnings; future benefits are based on the employees’contributions．

4．Thrift institution(储蓄机构)．A thrift institution is a financial institution formed primarily to accept consumer deposits and make homemortgages．The primary types of thrift institutions aremutual banks，savings and loan associations，and credit unions．Thrift institutions often pay outmore in dividends(interest) than do traditional financial institutions and have access to lower cost funds froMorganizations like Federal Home Loan Banks．Thrift institutions are more community-focused than other types of financial institutions and tend to focus more on consumers than businesses．Since financial services have become increasingly deregulated，thrift institutions have been able to offermore services to businesses，however．

Ⅳ．Useful Expressions

1．advance notice:提前通知

2．rest upon:依赖，取决于

3．convert into:转换成

4．meet expenses:应付开支

5．set aside:留出，拨出

6．in advance:提前

7．build up:增长，扩大

Ⅴ．Reading Comprehension

Questions

1．What is the legal definition of a bank？What are the three basic functions of a commercial bank？

2．What is the legal difference between a savings deposit and a time deposit？3．Howis bank interest generated？

4．In whatways are checks better than cash in payment？5．How do commercial banks createmoney？

Decide whether each of the following statements is true or false．

1．Banking is the one industry that is related to every other．without the services the banks provide，other industrieswould find it difficult or impossible to continue operating．　(　)

2．Deposit is the largest source of banks'income．　(　)

3．Banksmeet the needs of all economic entities except governmental organizations．(　)

4．Other types of financial institutionsmighthave offered each customer the necessary services;yet only a commercial bank could have offered all of the services to all of the customers．

(　)

5．That people set aside some amount of money for future goals or emergencies is called checking accounts．　(　)

6．Savings accounts can not earn interest，while time deposits can earn interest．　(　)

7．Banks accept various types of deposits，process both checks and electronic funds transfers as payment vehicles．　(　)

8．Bank is the only source for corporation to borrow money．　(　)

9．Since new application of an Electronic Funds Transfer SysteMreduces check usage，there will be situations in which checkswill not continue to be used．　(　)

10．Banks have a strong comparative advantage in making commercial and industrial loans than other financial institutions．　(　)

Ⅵ．Discussion

without the services the banks provide，other industrieswould find it difficult or impossible to continue operating．Do you agree with it？

Text B

BEC Reading Texts

PART ONE Questions 1—8

·Look at the statements below and the five extracts aboutmoney＆banking froMan article．

·Which extract(A，B，C，D or E) does each statement(1—8) refer to？

·For each statement(1—8)，make one letter(A，B，C，D or E) on your Answer Sheet．

·You will need to use some of these lettersmore than once．

1. The commercial banking systems of themajor industry countries have become internationalized．

2. By controlling themoney supply，commercial banks can keep themselves grow at an appropriate rate．

3. Relations between the Central Bank and the government are complex．

4. Central Bank acts as the government's bank．

5. One of the function of a central bank is to preventmassive bank failures．

6. One consequence of the internationalization of commercial banking is that there is now more extensive competition in themajor national financial centers due to the presence of foreign banks．

7. One of the Central Bank's roles is a lender of last resort．

8. The Central Bank is not owned and operated completely by the government．

A. Each commercial bank，as it obtains reserves and expands its deposits，could grow at an inappropriate rate．Oneway of controlling the grow th rate of deposits is to require banks to stand ready to redeeMtheir deposits in some valuable commodity．Another is to institute a central bank charged with keeping reserves．

B. Central bank needs to guard againstbank failures，particularly if there aremany relatively small banks．This is not to say that central banks always did preventwidespread bank failures．But a central bank should act as institution able and willing in a crisis to make loans to banks when other banks cannot，or will not to do so．

C. In addition to its services for commercial banks，a central bank provides many other services．The government keeps an accountat the central bank，writes its checks on this account，and，in some countries，sells its securities through central bank．Another group of services to the government arises directly out of the central bank's close relation with commercial banks．Thus the central bank typically administrators certain controls over commercial bank．

D. Although central banks are part of the government，they maintain a certain detachment froMthe rest of it．They usually havemuch more independence froMthe administration than do such government agencies as the Treasury．

E. Banking in Great Britain is doMinated by fourmajor banks(NationalWestminster，Barclays，Midland，and Lloyds)，but twenty major non-British banks compete for the British pound deposits and loans ofmajor andmodest customers．Similarly，the three big German banks(Deutsche，Dresdner，and Commerz) have encountered increased competition for loan and depositbusiness froMfifty branches of foreign banks in Frankfurt，Düsseldorf，and Hamburg．

PART TWO

Questions 9—14

·Read the text about the pulse of the economy．

·Choose the best sentence to fill each of the gaps．

·For each gap(9—14)，mark one letter(A-H) on your Answer Sheet．

·Do not use any lettermore than once．

Taking the Pulse of the EconoMy

Reading the financial news is somewhat complicated when the subject is overall econoMic activity．In fact，when measuring the performance of the aggregate economy there is no single number that does the job．Instead，a variety of statistics released by the governmenton amonthly or quarterly basis，and published in major newspapers，(9)．．．It is useful to divide these statis-tics into measures of aggregate output and unemployment on the one hand，．(10)．．．

Aggregate output and employment．Themost comprehensivemeasures of econoMic activity is real GDP．Estimates are released in April for the first quarter(January-March)，(11)．．．Although real GNP is released as a dollar figure，themost important feature is its rate of grow th．Thus，if real GNP grows at an annual rate of 4% during a quarter，that is considered a fast pace of economic activity;if it grows by only 1% thatwould be slow．

Themost important number released on amonthly basis is the unemployment rate．Increases in the unemployment rate of one-half of one percent during a one-or two-month period implies that(12)．．．

The price level．The GNP deflator is the most comprehensive measure of the price level．(13)．．．It is released quarterly along with data on GNP．A rate of increase in the deflator of 3% or 4% on an annual basis has been considered acceptable in recent years．

Two somewhat narrowermeasures of inflation are released monthly:the consumer price index and the producer price index．As suggested by their names，(14)．．．，while the lattermeasures price changes at the wholesale level．For obvious reasons，although the consumer price index is a less comprehensive measure of the price level than the GNP deflator，it receives the lion's share of attention because itmeasures howinflation influences each of us directly in our role as consumers．Once again，a 3% or 4% increase on an annual basis is considered acceptable;6% or 8% is not．

A. Our know ledge of how best to construct such amodel is far froMcomplete

B. in July for the second quarter(April-June)，and so on

C. serve as important indicators

D. in terms of the results that formal econometricmodels of the economy have produced

E. the formermeasures the rate of change in prices of goods purchased by the typical consumer(as defined by the Department of Commerce)

F. It is a weighted average of prices of all goods and services produced in the economy

G. economic activity is slowing down sufficiently to take its toll on the work force

H. and the price level and inflation on the other

PART THREE

Questions 15—20

·Read the following article Bank of American's new decision．

·For each question(15—20) mark one letter(A，B，C or D) on your Answer Sheet for the answer you choose．

Bank of America struck a nerve this week when it announced it would chargemany debit card users a$ 5 monthly fee when they shop．The company's stock price fell．Customers complained．One cable business anchor sliced up her debit card live on air．Why such a public backlash over a few extra bucks amonth？Perhaps the bank's decision simply reMinded us all over a-gain thatwe are living increasingly in a fee-littered world，where companies continually seek out new ways to nibble away at our wallets by charging for the smallest of once-free services，leaving many customers feeling nickel-and-dimed．“The proliferation of a la carte fees has inundated the economy，”said Ed Mierzwinski，consumer prograMdirector for the U．S．Public Interest Research Group．Companies“are inventing new fees;they aremaking it harder to avoid fees; they are increasing the fees．．．It'smuch more complicated to be a consumer．”Bank of America's new debit card fee，which also has been tested or implemented by other banks，joins a long and growing list of similar charges that consumers now encounter in the course of daily life．Among them:airline baggage fees，hotel Internet fees，“convenience charges”for concert and sporting tickets，ATMfees，bank teller fees，paper statement fees，fees hidden in phone and cable bills，taxicab fuel surcharges and exorbitant shipping and handling costs．As many businesses find themselves squeezed by newregulations，rising fuel prices or the generally sluggish economy，they have sought new ways to extractmoremoney froMcustomers，despite the public relations hit thatoften results，said John Ulzheimer，presidentof consumer education at SmartCredit．com．“It's absolutely a math equation:How many people aMI going to lose？”Ulzheimer said．“I don't know that companies care somuch about being loved;they caremore that people continue to use them．What's important is the bottoMline．”That doesn'tmean the tactic can't backfire．It's little surprise that consumers feel slighted when something that used to be free—be it airline pretzels or hotel gyms—suddenly costsmoney．But the businesses behind those fees often argue that they simply are covering their costs．Bank of America's debit card feemarks just one of the ways banks aremodifying consumers'accounts in the wake of the financial crisis，which resulted in a regulatory overhaul for the banking systeMand a fundamental shift in the industry businessmodel．Even so，many customers have shown little sympathy for the bank'swoes in the wake of news about the new monthly debit card fee．“It's not fair，”Elizabeth Romero of the District said Friday outside a Bank of America branch in Capitol Heights．“Istarted looking into changing banks．”

15. What did Bank of America decide to do？

A. To invent new fees．

B. To make consumersmore complicated．

C. To encourage people to depositmoremoney．

D. To charge debit card users some amount of fee．

16. Why was there a public backlash over Bank of America's new decision？

A. Becausemany companies’stock price fell down．

B. Because customers feel unimportantwhen receiving services now

C. Because customers have to pay for once-free service．

D. Because customers can't avoid fees．

17. Which of the statement is not true？

A. There are stillmany services that do not charge in our living word．

B. Not only Bank of America but also other banks have already implemented new debit card fee．

C. Customers need to pay airline baggage fees．

D. Customers felt angry when Bank of America announced its new policy．

18. How do customers feelwhen they are charged for something that used to be free？

A. Pleased．

B. Respected．

C. Uneasy．

D. Contemptuous．

19. What can be inferred about Bank of America？

A. It is facing financial crisis．．

B. It needs changing in its regulatory overhaul and industry businessmodel．

C. It hasmodified customers accounts in the way of debit card feemarks．

D. Itwill getmore profit by charging debit card fee．

20. Why did Elizabeth Romero say:“It's not fair”at the end of the passage？

A. American banks shifted their financial burden to the working people．

B. The fee American banks charge for debit card just covers the cost．

C. American banks are in a critical period．

D. Customers show their sympathy to banks'plight．

PART FOUR

Questions 21—30

·Read the article below about gold investment．

·Choose the correctword to fill each gap froMa，B，C or D．

·For each question(21—30)，mark one letter(A，B，C or D) on your Answer Sheet．

Is Gold A Good Investment？

Gold is probably the favorite(21)．．．for hoarding by both governments and individuals around the world，and it has been for centuries．Should you buy some gold，perhaps in the (22)．．．of a few gold coins？Is gold a good investment？

Because gold earns no interest or dividends，it immediately suffers in comparison with such (23)．．．as savings accounts，bonds，stocks，and rental property．In this respect it is similar to diamonds，stamps，rare coins，and art objects．Because it yields no current income，the(24)．．．of buying gold thus depends entirely on the prospect for future price appreciation．

If gold can be expected to rise in price by more than 5 to 10 percent annually，which is (25)．．．what one can earn in a savings account or over the long run in bonds or stocks，then it isworth considering seriously as an investment．

The price of gold，just like the price of other commodities，is determined in the freemarket by supply and demand．And in this case，supply and demand factorsmake the price of gold highly volatile．(26)．．．respect to supply，new production adds to the existing stockpile at the rate of only about2% a year．Thismeans that the overwhelming element on the supply side is not the amount of current ore production but uncertainty as to how much holders of the existing stockpileMight decide to unload．(27)．．．，sales by large holders are always a threat to break the price．

When consumer prices threaten to rise rapidly and/or international tensions increase，the private demand for gold(28)．．．Butwhen inflation subsides and/or international tensions ease，demand often vanishes overnight．This sortof demand typically fluctuates erratically on shortnotice，and rather small changes in supply or demand can produce(29)．．．price swings．

Thus gold is a highly(30)．．．investment．Large gains can occasionally be made，but on the basis of the historical record over the past hundred years large losses are just as likely．

21. A. asset　　　 B. property　　C. capital　　　　D. wealth

22. A. form　　　　B. way　　　　 C. value　　　　　D. means

23. A. alternates　B. options　　 C. alternatives　 D. alternations

24. A. usage　　　 B. benefit　　 C. profitability　D. wisdom

25. A. exactly　　 B. roughly　　 C. probably　　　 D. similarly

26. A. For　　　　 B. By　　　　　C. with　　　　　 D. In

27. A. As itwere　 B. In summary

　　C. In other words　　　　　　　　　　　　　　　 D. Generally speaking

28. A. decreases　 B. shrinks　　 C. extends　　　　D. expands

29. A. serious　　 B. wide　　　　C. terrible　　　 D. broad

30. A. speculative B. profitable　C. lucrative　　　D. risky

PART FIVE

Questions 31—40

·Read the article below about environment．

·For each question 31—40，write one word in CAPITAL LETTERS on your Answer Sheet．

Helping the EnvironmentW hile Saving Money

Themanagement of Neckermann，a$ 2．4 billion German mail-order firm，wanted to help protect the environment，(31)．．．it formulated a policy directing its employees to work to this end．The(32)．．．department，responsible for handling imports froMEuropean countries and A-sia，proposed sending more imports to Rotterdam，(33)．．．where they would be forwarded in barges via the Rhine waterway to the firm's three warehouses in Frankfurt．Under the old arrangement，imports arriving in Hamburg were sentby rail or road to Frankfurt．The 120，000 tons ofmerchandise froMEuropean suppliers now comes by rail(34)．．．of truck as it formerly did．These changes have provided two(35)．．．:less environmental damage and(36)．．．costs．’

Based on estimates by the prestigious Planco Institute，the company calculates that the new environmentally friendly systeMof waterways and rail has(37)．．．total costs to the environment(air，ground，water，and noise pollution) from$ 1．6 million under the old road-intensive arrangement to$ 722，000．In addition，the firMis saving$ 241，000 annually by shipping containers over Rhine waterway froMRotterdaMto Frankfurt instead of using(38)．．．froMHamburg to Frankfrut．It is now considering supplying itsManngeiMwarehouse by barge，and itmay also use barges on the Rhine(39)．．．to handle the 500 containers that come each year froMEastern Europe．This has been made(40)．．．by the new Main-Danube canal that extends the Rhine waterway all the way to the Black Sea．

Other firms，among theMFord and Unilever，had already changed to themore environmentally friendly river system．These companies predict that others will increase their use of waterwayswhen，as expected，the European Union deregulateswaterway rates．

PART SIX

Questions 41—52

·Read the text below froMa report about central reserve．

·In most lines(41—52)，there is one extra word．It either is grammatically incorrect or does not fit in with the sense of the text．Some lines，however，are correct．

·If a line is correct，write CORRECT on your Answer Sheet．

·If there is an extra word in the line，write the extra word in CAPITAL LETTERS on your Answer Sheet．

Central Reserve

41. The US$ has been themost used central reserve asset in theworld since then the end of

42. World WarⅡ．Somewhat analogous to a savings account，the dollars were available when

43. needed to finance trade or investments or to intervenewith in currencymarkets．Held in the

44. forMof U．S．Treasury Bonds，the US$ s earn an interest，and the more held in the savings/central reserve account，the better．But the countries don'twant their central reserve

45. asset US$ to lose value，and there lies a contradiction:at some point，more greater numbers of US$ in supply cause theMto lose value-supply and demand．At the same time，the US$ is the

46. national currency of the United States of America，that whose governmentmust deal with inflation，recession，interest rates，unemployment，and other national，internal problems．The U．S．government uses fiscal and monetary policies to meet those problems-higher or lower

47. taxes，decisions so as to how to spend available revenue，grow th or contraction of the money

48. supply，and rate of its grow th or contraction．Itwould be accidental if only the national

49. interests of the United States in dealing with its internal problems are coincided with the

50. interests of themultitude of countrieswho holding US$ in their central reserve asset accounts．

51. The United Statesmay be slowingmoney supply grow th and raising taxes to combat against U．S．inflation while the world needs more liquidity，in the forMof US$，to finance grow th，trade，or investment．Or the United Statesmay be stimulating its economy through faster money supply grow th and lower taxes at a time when so many US$ are already outstanding that their

52. value is dropping-not a happy state of affairs for countries holding US$．

【注释】

[1]demand deposit:活期存款

[2]nonblank bank:非银行金融机构

[3]continued profitable operations:持续业务盈利

[4]trust department:信托部门

[5]checking account:活期存款账户

[6]convert:转换

[7]teller:出纳员

[8]saving account:储蓄账户

[9]time deposit:定期存款

[10]amaturity date:到期日

[11]penalty:罚金

[12]turnover rate:周转率

[13]payroll:薪资

[14]net pay:薪酬净额

[15]cover insurance premiums:支付保险费

[16]mortgage:抵押贷款

[17]cash surrender value:人寿保险退保解约金值

[18]home equity loans:房屋净值贷款

[19]thrift institutions:储蓄机构

[20]reserve:储备