美国住房抵押贷款证券化对我国的启示_栾天虹.pdfVIP

21 107 ( ) vol. 21 No. 107 2000 9 THE THEORY AND PRACTICE OF FINANCE AND ECONOMICS S p. 2000 89 1 2 栾天虹 唐 勇 ( 1 , 410079; 2 , 310000) : 住房抵押贷款证券化一方面解决了银行的流动性问题, 另一方面又给 资者增加了一种 资的 选择机会美国住房低押贷款证券化的成熟经验对我国具有深刻的启示 : 住房抵押贷款; 证券化 : F830 : A : 1003- 7217( 2000) 05-0089-03 1998 , , , , , 20 70 , , , , (, mortgage back- up security, MBS) , , MBS , 1975 800 1 , , (SP V) , : 1. ( ) , , , , : ( FHA ) ( VA ) ( FMHA ) , () PMI :2000- 04- 05 : , , 90 ( ) 2000 21 , , ( NMA ) 2. SP V(special p urp ose vehicle) , , SP V , (, p ass through securities CM O ) , , , SP V , , , 3. , SP V , () , , SP V , 4. , , , 1968 1970 ( NA M innie. Mae) ( FN- MA Freddie. M ae) ( FHCMC), NMA FNMA () 20 80 , , , , , 5. SP V , , , 6. , , , , (MBS) MBS (Mortgage Back- up Securities): 1. (Mortgagep ass- through securi- ties) ; 2. ( derivative mortgage securities); 3. ( Collateralized mortgage obligations CM O) ( ) , (p articipation certif icate) , , , , FNMA 1986 , , , (PO ), (I O ) , CM O() MBS , CM O , CM O , , , CM O , CMO , , , , , 2000 5 ( 107 ) 91 , 1986 , (REMI C) , REMI C , , 1933 1970 ; 1984 (SEMEA ) , ; 1988 , D, , 1. , , , , , , , MBSSP