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严格意义上讲,住房抵押贷款证券化分为初级证券化和二级证券化。初级证券化是指资金短缺方(主要是房地产商)通过发行票据、股票和债券等在资本市场上直接向投资者融通资金的行为机制;二级证券化从世界范围看目前有两种模式,表内模式证券化和表外模式证券化。本文讨论的住房抵押贷款证券化如果没有特别说明,指的都是其二级证券化。 一、发展我国住房抵押贷款证券化的必要性 首先,发展我国住房抵押贷款证券化无疑是降低和分散商业银行的经营风险,提高其资本流动性的有效手段。发放住房抵押贷款的商业银行在发放贷款的同时背负的信用风险、流动性风
Strictly speaking, the mortgage-backed securitization is divided into primary securitization and secondary securitization. The primary securitization refers to the behavior mechanism of capital shortage parties (mainly real estate developers) directly providing financing to investors in the capital market through issuing bills, stocks and bonds. There are currently two modes of secondary securitization from a global perspective, Securitization and off-balance sheet model securitization. The mortgage-backed securitization discussed in this article refers to its secondary securitization unless otherwise specified. First, the development of China’s mortgage-backed securities the need for First of all, the development of China’s mortgage-backed securitization is undoubtedly to reduce and diversify the business risks of commercial banks and improve their capital mobility an effective means. Commercial banks that issue home equity loans have the same credit risk and liquid wind