Along with the scarcity of bond insurance, that could make life even harder for smaller borrowers whose principal appeal was their tax-exempt status.
随着债券保险的缺失，这使得较小的借款者(他们最主要的吸引力是他们的免税地位)，生活更艰难。
2
That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.