实现住房抵押贷款证券化的关键是制度创新

The Key to Realize Housing Mortgage－ Backed Securitization Is Institution Innovation

抵押贷款证券化是金融工具的创新，随着住房制度改革的深入，实现住房抵押贷款证券化是必然趋势。但目前的制度缺陷成为证券化发展的瓶颈。为满足证券化需要必须进行制度创新，这是实现住房抵押贷款证券化的关键。

Mortgage－ backed securitization is innovation of financial means. With housing system innovation going ahead ,it is necessary to realize housing mortgage－ backed securitization. However, the present institution defect becomes the obstacle to securitization. Therefore,it's crucial to innovate institutions for the purpose of housing mortgage－ backed securitization.