中文摘要
住房抵押贷款证券化在发达国家已经相当成熟,随着我国住房体制改革的深化,也逐步与国际接轨。发展住房抵押贷款证券化对弥补住宅业资金缺口、降低金融机构风险、合理配置社会闲置资金、刺激居民购房有效需求等有很重要的意义。介绍了住房抵押贷款证券化的概念和在我国的发展现状, 分析实施住房抵押贷款证券化面临的各方面障碍,探讨促进住房抵押贷款证券化发展的措施。住房抵押贷款证券化是指金融机构 (主要是商业银行) 把自己所持有的流动性较差但具有未来现金收入流的住房抵押贷款汇聚重组为抵押贷款群组。由证券化机构以现金方式购入，经过担保或信用增级后以证券的形式出售给投资者的融资过程。这一过程将原先不易被出售给投资者的缺乏流动性但能够产生可预见性现金流入的资产，转换成可以在市场上流动的证券。
关键词：住房抵押贷款证券化；现状；发展措施；发展条件。
Mortgage-backed securities in developed countries are already quite mature, with the deepening of China's housing reform, but also step by step with international practice. The development of mortgage-backed securities to the housing industry to make up the funding gap, reducing the risk of financial institutions, and rational distribution of social idle capital, to stimulate effective demand and other residents of buyers are very important significance. Introduced the mortgage-backed securities of the concept and the status quo in our country's development, analyzing the implementation of housing mortgage-backed securities of various aspects of facing barriers to explore opportunities for promoting the development of mortgage securitization measures. Mortgage-backed securitization refers to the financial institutions (mainly commercial banks) to their holdings in liquid cash-poor but with the future revenue stream of the mortgage pool was reconstituted as the mortgage loan group. From the securities institutions to cash purchase, through guarantees or credit enhancement after the securities sold to investors in the form of the financing process. This process will initially not be easily sold to investors, the lack of liquidity, but able to generate predictable cash flows of assets into the market can be illiquid securities.
Keywords: housing mortgage loan securitization; the status quo; development measures; development conditions.