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Resliced and Diced

机译：切片和切块

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Standard & poor's probably didn't expect to spark a rally in commercial-mortgage-backed securities when it proposed a new ratings methodology in late May and disclosed that billions of dollars of bonds could lose their triple-A status, including as much as 90 percent of the most senior tranches backed by 2007 mortgages. But after initially shocking the market, S&P's move ultimately reinforced demand for the highest-quality paper that still met the tighter triple-A standard. To carve this exposure out of existing CMBSs, Wall Street's financial engineers have turned to resecuritization, boosting issuance of instruments known as "re-REMICs," which are composed of the top tranches of multiple underlying mortgage-backed securities.
机译：标准普尔在5月底提出新的评级方法并披露数十亿美元的债券可能失去其AAA评级（包括多达90项）时，可能没想到会引发商业抵押贷款支持证券的反弹。由2007年抵押贷款支持的最高级付款的百分比。但是在最初冲击市场之后，标准普尔的举动最终增强了对仍能满足更严格的AAA标准的最高质量纸张的需求。为了消除现有CMBS中的这种风险，华尔街的金融工程师已转向资产证券化，推动发行称为“ re-REMICs”的工具，该工具由多种基础抵押支持证券的最高部分组成。

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