从分析中国目前住房抵押贷款证券化的基础环境入手 ,提出中国住房抵押贷款证券化应按先试点 ,再全面推行两步实施 ,在此基础上重点阐述了试点阶段的具体实施方案 ,对试点阶段证券化的工具选择、发行证券属性的界定、证券化实施条件、交易结构设计等方面进行了深入的分析。 Starting from the analysis of the basic environment of China’s mortgage-backed securitization, this paper proposes that China’s mortgage-backed securitization should be piloted first and then implemented in full by two-step implementation. On this basis, the specific implementation plan for the pilot phase will be elaborated. Securitization of the tool selection, the definition of the issue of securities attributes, the implementation of the conditions of securitization, the transaction structure design conducted in-depth analysis.