美国MBS的运作经验及其对我国的借鉴意义

The American MBS Model and the Experience we can Learn

在世界各国的房地产证券化中 ,以美国的住房二级抵押市场和证券化最为成功 ,其中最有名的就是住房抵押贷款证券化 (MortgageBackedSecurilization—MBS) ,而这与美国政府的有效干预密不可分。通过对美国住房抵押贷款证券化中政府行为的分析 ,就如何发挥我国房地产证券化中政府作用问题进行了探讨 ,能为我国即将推出的房地产证券化提供有益的借鉴。

House mortgage market and securilization in the US establishes its great success around the world, among which the Mortgage Backed Securilization (MBS) ranks the best. This is closely connected with government intervention. This essay takes an analysis on the government function in the MBS practice in the US to undertake a research on the government function on MBS in China, aiming to provide experience for the imminent MBS trial in China.