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住房抵押贷款证券化存在资产负债表表内证券化和表外证券化两种模式。首先介绍了欧洲抵押债券所代表的表内证券化模式以及美国住房抵押贷款支持证券所代表的表外证券化模式,然后从风险分担方式、信用增强方式等六个方面,对两种证券化模式进行了比较分析。同时还重点探讨了影响各国选择表内证券化或者表外证券化模式的主要因素。
There are two modes of securitization and off-balance sheet securitization in the balance sheet of housing mortgage loan securitization. First of all, it introduces the on-net securitization model represented by the European mortgage bonds and the off-balance sheet securitization model represented by the U.S. mortgage backed securities. Then from the six aspects of risk sharing and credit enhancement, Conducted a comparative analysis. At the same time, it also focuses on the main factors that influence the pattern of securitization or off-balance sheet securitization in various countries’ options.