由于我国现有的担保、保险体系存在较大缺陷,我国住房抵押贷款仍然蕴涵巨大风险。为提高MBS产品的信用等级以推动我国MBS市场的建立,我国必须积极探索住房抵押贷款证券化信用增级发展模式。在我国尚未建立健全的担保、保险体系之前,MBS的信用增级主要应该采取内部信用增级模式。同时,我国必须加快健全和完善政府主导型的住房抵押贷款证券化担保、保险体系,以进一步为MBS提供外部信用增级保障。 Due to the existing security in our country, there is a big flaw in the insurance system. Our country’s mortgage loan still contains huge risks. In order to improve the credit rating of MBS products so as to promote the establishment of MBS market in our country, our country must actively explore the mode of credit credit enhancement of housing mortgage loan securitization. Before the establishment of a sound guarantee and insurance system in our country, the credit enhancement of MBS should mainly adopt the mode of internal credit enhancement. At the same time, our country must speed up and improve the government-led mortgage-backed securitization security and insurance system to further provide MBS with external credit guarantee.