一、按揭证券的概念与作用按揭证券(Assets-Backed Securities)是指以楼宇按揭贷款、其他贷款或资产作抵押的证券。发行按揭证券的过程亦即将上述贷款或资产证券化的过程。证券化的第一阶段是贷款发起银行或金融机构(originator)从其资产组合中选择一批资产。所选择资产的信贷质量、年期和利率风险大体一致,以简化对资产的定价和评估。第二阶段是将这些资产售给按揭证券公司,将基本资产与贷款发起银行分离。即使贷款发起银行破产倒闭,证券化资产仍会按原协议还本付息。第三阶段是由按揭证券公司寻求信贷评级机构 I. The Concept and Role of MBS Assets-Backed Securities are securities backed by mortgage loans and other loans or assets. The process of issuing MBs also securitizes these loans or assets. The first stage of securitization is where a loan originating bank or an originator selects a pool of assets from its portfolio. The credit quality, duration and interest rate risk of the selected assets are generally in line to simplify the pricing and valuation of assets. The second stage is to sell the assets to the HKMC and separate the basic assets from the lender initiating the loan. Even if the loan-initiating bank goes bankrupt, the securitized assets will still pay off the principal and interest according to the original agreement. The third stage is for the Mortgage Corporation to seek credit rating agencies