美国次贷危机与我国住房抵押贷款证券化的重新审视

American subprime crisis and China housing mortgage loaning securization’s reviewing

美国次贷危机的深层机理在于,由于住房抵押贷款证券化的中间作用,银行、证券投资者放宽了对次贷债务人信用和偿债能力的要求,导致次贷市场盲目扩大,一旦证券化操作存在漏洞,次贷市场崩溃就是必然的。由此给我国的启示是,必须尽快完善证券化立法,确保拟证券化的资产为优质资产,信用加强和信用评级也不能流于形式。

The huge promoter action of mortgage-back ed securitization is the underlying causes of the subprime loan crisis in American. The bank and investor lowered the credit claim, sub-prime loan was expanded indiscriminately. The revelations are securitization law should be perfected quickly and the credit enhancing and rating should be well implemented.