欧洲的住房抵押贷款支持证券市场于1987年出现于英国,由那些核心放款银行所发起;自从20世纪80年代中期,抵押贷款市场放松管制以后,这些核心放款银行就已经形成了。紧随英国之后的是西班牙,其首次住房抵押贷款支持证券的发行是在1991年。20世纪90年代早期的经济衰退导致英国的一些发行机构从这一市场中退出,并且,在随后的几年中,英国或西班牙极少有 The housing loan-backed securities market in Europe was launched in 1987 in the UK by the core lending banks, which have been formed since the mortgage market was deregulated in the mid-1980s. Immediately after the United Kingdom was Spain, whose first mortgage-backed securities were issued in 1991. The economic recession of the early 1990s led some of the UK’s issuing agencies to withdraw from the market and, in the ensuing years, there were few in Britain or Spain