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2008年全球金融危机虽然是由美国次级住房抵押贷款所引发,但真正系统性风险的酝酿则是由不动产的资产证券化产生的。在证券化过程中,风险通过金融衍生品不断累积,并被分散到全球投资者手中,一旦出现问题,损失的就不仅仅是美国或者几个国家了。由于信托是不动产证券化的主要模式之一,因此本文从物权法的角度,审视不动产证券化信托模式的法律关系,并对不动产证券化的监督和发展提出了相关见解。
Although the global financial crisis in 2008 was triggered by subprime mortgages in the United States, the real systemic risk was brewed by asset securitization of real estate. In the process of securitization, risk continues to accumulate through financial derivatives and is dispersed to global investors. Once problems occur, losses will not only be lost to the United States or several countries. As the trust is one of the main modes of real estate securitization, this article examines the legal relationship of the real estate securitization trust mode from the perspective of the Property Law, and puts forward the relevant opinions on the supervision and development of real estate securitization.