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抵押贷款证券化是以一级市场上抵押贷款组合为基础发行抵押贷款证券的融资行为。在我国探讨和引进这种新的融资机制不仅有利于提高银行资产的流动性、资本杠杆率 ,改善其资产负债结构 ,也有利于促进债券市场的发展 ,从而扩大住房信贷资金来源 ,降低融资成本。抵押贷款证券化模式比较表明 :成熟的抵押证券市场多是政府主导型 ,这有利于规模市场规则 ,降低运作风险 ,提高抵押贷款证券的信用等级 ,获得市场投资者的认同 ;更重要的是 ,抵押贷款证券不仅是出售贷款、发行证券 ,它还包括多种金融工具创新 ;它不仅是银行规避风险的工具 ,也是中央银行在金融全球化的形势下实施货币政策的重要工具。
Mortgage securitization is based on the primary market mortgage loan portfolio based on the issuance of mortgage-backed securities financing. To explore and introduce this new financing mechanism in our country not only helps to improve the liquidity and capital leverage of bank assets and improve its asset and liability structure, but also helps to promote the development of the bond market so as to expand the sources of housing credit funds and reduce the financing costs . The comparison of the mortgage-backed securitization model shows that the mature mortgage-backed securities market is mostly government-led, which is good for the rule of scale market, reducing operational risks, raising the credit rating of mortgage-backed securities and gaining the approval of market investors. More importantly, Mortgage loan securities not only sell loans, issue securities, but also include innovations in various financial instruments. It is not only a tool for banks to hedge their risks but also an important tool for the central bank to implement monetary policy in the context of financial globalization.