美国次贷危机对我国房地产证券法律监管的启示  

The Revelation of Legal Supervision of China's Real Estate Mortgage Securitization From Subprime Mortgage Crisis of U.S.A

作　　者：牟启懿[1] 

机构地区：[1]浙江大学光华法学院,杭州310008

出　　处：《财经论丛》2009年第4期50-56,共7页Collected Essays on Finance and Economics

摘　　要：房地产抵押贷款证券化是20世纪以来最重要的金融创新,主要是指把流动性差的个人房屋抵押贷款通过信用增级转换成可以在二级市场自由流动的证券的过程。2007年美国次贷危机爆发并迅速波及全球,使得世界各国的金融机构遭到重创,房地产次级抵押贷款危机形成。我国从房地产抵押贷款证券化试点到现在,经过几年的发展取得了一些成就,但就目前而言,我国相关的法律监管体制不足以保证我国房地产抵押贷款证券化安全高效进行,基于美国次贷危机的启示,我国房地产抵押贷款证券化的法律监管还有待进一步完善。Real estate mortgage securitization is the most important financial innovation over centuries. It mainly refers to the process that individual mortgage loans with poor mobility can be converted to the free securities in the security secondary market through credit enhancement. In 2007, subprime mortgage crisis broke out in the United States and spread to the world quickly, which hit the financial institutions around the world and led to the real estate subprime mortgage crisis. China has witnessed some achievements and issued relevant laws and regulations since it took real estate mortgage securitization. But China＇s relevant laws and regulatory systems are not suffieient to ensure that real estate mortgage securitization conducted safely and efficiently. Learned from subprime mortgage crisis in the United States, China＇s legal supervision of real estate security has to be further improved.

关 键 词：房地产抵押贷款证券化 次贷危机 法律监管 

分 类 号：F832.45[经济管理—金融学]