openadj.开着的；开放的；公开的v.打开；张开；展开；摊开；开始(某事物)；开张；营业；以…开头；宣布启用n.户外；公开openendedadj.开口的(无底的；无终止的；无尽头的)

1. The initial phase involves the purchase of mortgage loans for its own portfolio and the funding of the purchases largely through the issuance of unsecured debt securities.
   在第一阶段，按揭证券公司购入按揭贷款，作为公司本身的投资组合，营运资金主要通过发行无抵押债券筹集得来。