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2006年开始从美国爆发进而席卷全球的次贷危机,各国金融界普遍认为这场百年一遇的金融危机源于美国住房抵押贷款证券化MBS(Mortgage-Backed Security)。MBS是美国发起最早,运作最成熟的资产证券化形式。当美国房地产市场泡沫破裂后,房地产价格大幅下跌,直接导致贷款违约、房子被银行收回的处境,进而引起按揭提供方的坏账增加,随之造成MBS违约案增加,并逐渐席卷整个金融市场。本文尝试对资产证券化的内在特性进行简要的分析,探讨资产证券化的运作机制和参与其中的各方的作用,以及由于其先天造成的缺陷而产生的各类风险。
Since the beginning of the subprime mortgage crisis that broke out in the United States and swept the world in 2006, it is generally accepted by financial circles in all countries that this once-in-a-century financial crisis originated from Mortgage-Backed Security (MBS). MBS is the earliest and most sophisticated form of asset securitization in the United States. When the real estate market bubble burst in the United States, the real estate price plummeted, leading directly to loan defaults and the house being taken back by banks. As a result, mortgage defaults increased. As a result, MBS default cases increased and gradually swept the entire financial market. This article attempts to make a brief analysis of the inherent characteristics of asset securitization, explore the operating mechanism of asset securitization and the roles of all parties involved in the asset securitization, as well as the risks arising from its innate defects.