内容摘要：房地产业对保持我国国民经济的快速健康发展、提高广大人民群众的生活水平有重要作用，房地产金融则是促进房地产业加快发展的催化剂。我国近几年住房抵押贷款量迅速增加，对扩大内需、促进房地产业良性循环发挥了积极作用。但住房抵押贷款存在短期性资金长期运用的矛盾，可能对商业银行造成潜在的流动性风险，而且我国房地产信贷潜在的市场极其庞大，长期来看可能存在资金上的不足。国外解决这些矛盾的办法是推行房地产贷款证券化。在建立与社会主义市场经济体制相适应的金融市场体系过程中，房地产贷款证券化必然会成为商业银行发展的一个方向，房地产贷款证券化是完善我国金融制度的必然选择。本文主要介绍了房地产贷款证券化概念、目的、特征，简要阐述了房贷证券化在我国的发展状况，再者本文主要详细阐述了房贷证券化在我国商业银行的应用情况，分为初级阶段和发展阶段两方面进行了介绍，最后本文提出控制房贷证券化风险措施。关键词：房地产贷款证券化风险管理Abstract：RealestateinmaintainingrapidandhealthydevelopmentofChina'snationaleconomyandimprovethelivingstandardsofthemasseshasanimportantroleinrealestatefinanceistopromotetherealestateindustrytoacceleratethedevelopmentofthecatalyst.Chinainrecentyears,therapidincreaseinhousingmortgageloans,theexpansionofdomesticdemandandpromotetherealestateindustryhasplayedapositiveroleinavirtuouscircle.However,thereisashort-termmortgagefinancinglong-termuseofthecontradictionsthatmayposeapotentialforcommercialbanksliquidityrisk,andthepotentialoftherealestatecreditmarketisextremelylarge,long-termfundingdeficienciesthatmayexist.Foreignresolvethesecontradictionswouldbetointroducerealestateloansecuritization.Intheestablishmentofthesocialistmarketeconomicsystemtoadapttotheprocessoffinancialmarketsystem,isboundtobecomearealestateloansecuritizationdevelopmentofcommercialbanksinonedirection,therealestateloansecuritizationimproveourfinancialsystemisaninevitablechoice.Thispaperdescribesthemortgagesecuritizationapplicationstatusinourcountry,inourcountrythedevelopmentofmortgagesecuritizationdifficultiesandobstacles,China'shousingmortgageloansecuritizationpotentialriskissues,andfinally,combinedwithrelevantliteratureandthedevelopmentoftheactualsituationofmortgage-backedsecurities,proposedriskmanagementmeasuresproposed.Keywords:realestateloanssecuritizationriskmanagement目录一、前言............................................................4二、房地产贷款证券化概念、目的、特征................................4（一）房地产贷款证券化概念......................................4（二）房地产贷款证券化的目的....................................5（三）房地产贷款证券化的特征....................................5三、我国住房抵押贷款证券化（MBS）的发展状况.........................6（一）MBS发展状况...............................................6（二）商业银行房贷证券化是房地产经济和房地产市场发展的客观要求..7四、商业银行实施房贷证券化的适用条件................................7（一）商业银行实施住房抵押贷款证券化初期阶段....................81.住房抵押贷款证券化运作模式的选择..........................82.住房抵押贷款证券化模式的实施设计..........................9（二）商业银行实施住房抵押贷款证券化规范发展阶段...............121.规范发展阶段方案的选择...................................122.运作程序.................................................123.各参与机构的角色.........................................134.政府的角色定位...........................................13五、我国房贷证券化风险管理政策建议.........................
