然而，由于证券化市场的繁荣达到了狂热的地步，流入市场的贷款(尤其是住房抵押贷款)质量下降。
As the boom reached fever pitch, however, the quality of the loans being pooled into securities dived, especially in mortgages.
而住房抵押贷款所具备的资产规模和良好质量，也十分适合作为我国资产证券化的切入点。
While housing mortgage loan has asset scale and good quality, which suits to be the point of tangency into asset securitization of our country.
住房抵押贷款证券化在其运行过程中，面临着风险控制、法律规制和税收等诸多方面的问题。
In the course of its operation, the securitization of housing mortgage loan has been confronted with such issues as risk control, law regulation and taxation.
本文首先讨论了住房抵押贷款证券化的理论基础，及其对资本结构理论的挑战，然后对银行抵押贷款证券化的收益与风险进行了分析。
The theoretical principles underlying the securitization of housing mortgage and their challenges to the capital structure theories are discussed, and SHM's benefits and risks analyzed.
第一章是住房抵押贷款证券化概述。
The first chapter focuses on the general recapitulation of house mortgage loan securitization.
因此，有必要审慎、渐进地推行住房抵押贷款证券化，切忌操之过急。
Prudence in terms of residential mortgage-backed securitization, therefore, should be necessary.
本文首先对证券化的运行机理进行了分析，然后结合国内现状，提出了几点关于实施住房抵押贷款证券化的政策建议。
Having analysed the running mechanism of securitization, this paper puts forward several proposals on trying out housing mortgage securitization in combination with the current situation of China.
对此，商业银行纷纷调整了其经营策略，包括住房抵押贷款在内，对信贷资产开展证券化一致被银行所垂青。
In response, commercial Banks embark on adjustment of their strategies and favor securitization of assets including housing mortgage loans.
美国是实行住房抵押贷款证券化最成功的国家。
America is the most successful country to carry out securitization of house mortgage loan.
随着我国住房抵押贷款规模的不断扩大，我国实行住房抵押贷款证券化将是必然的选择。
The execution of MBS in China will be the necessary selection as continuously enlargement of the housing mortgage loans in China.
住房抵押贷款提前还款打破银行正常的现金流规划，不仅减少银行收益、增加成本，而且阻碍住房抵押贷款证券化的运作。
Mortgage prepayment breaks the normal cash flow planning of the bank, which cuts off the profit, improves the cost, and also stops the operation of the MBS.
本文从住房抵押贷款证券化的一般原理和运作机制出发，分析了住房抵押贷款证券化思想在我国运用的现实意义。
From the theory and operating mechanism of the housing mortgage loan - securitization, the paper analyzes the practical meaning of the housing mortgage securitization idea.
从住房抵押贷款证券化的概念和基本运作流程入手，说明信用对基础资产池的供给和MBS的运作的重要性。
This essay illustrates the importance of credit to the supply of asset pool and the operation of MBS from the accept and the basic operation process of MBS.
本部分首先对住房抵押贷款证券化进行了界定，然后分析了其对银行、借款人、投资者的功能，重点是对银行风险的防范和控制。
The section begins with a definition on the MBS and go on to analyze its functions to banks, obligors and investors with focus on the prevention and control of bank' s risks.
第三章，主要论述了住房抵押贷款证券化产品的三种类型的内涵、特点及运作流程，而且把这三种产品与其它金融产品作比较。
The third chapter mainly discusses three types products of home mortgage loan, then points out the definition and the characteristic, compares there products with others financial products.
扩大抵押贷款一级市场资金来源与提高住房市场有效需求被认为是在我国实行住房抵押贷款证券化的重要依据。
To enlarge the source of capital in fundamental market and to stir the need of housing are regarded as the reasons for adopting MBS.
住房抵押贷款证券化始于20世纪70年代的美国。
The securities of house mortgage loan originated from the USA in the70's of the20th century.
近期中国推行资产证券化存在许多制度性障碍，而操作的切入点是实行住房抵押担保证券化。
There are many obstructions from present system to perform assets securitirization. This essay also pointed out the way of performing assets securitirization.
本文分析了我国目前住房抵押贷款的现状，推行住房抵押贷款证券化的必要性和应具备的条件。
This paper discusses the current situation of our country 's housing mortgage and points out the necessity and necessary conditions of making housing mortgage in stock form.
我国目前住房金融的现状迫切要求住房抵押贷款证券化。
Under the present circumstances of housing finance, it is necessary for our country to implement mortgage-backed securitization.
目前可供证券化的资产主要是住房抵押贷款、基础设施贷款以及大型公司应收款。
The assets available for securitization now consist mainly of the real estate mortgage, the infrastructure loan and the account receivable of large-scale corporations.
作为全球最大的住房抵押贷款市场美国，证券化的经验非常丰富。
As the largest Promoting Residential Mortgage-backed Security market in the world, America's securitization is very experienced.
住房抵押贷款风险的防范和控制是一个系统工程，本文尝试从个人信用征信制度、担保制度、保险制度和住房抵押贷款证券化四个方面进行探讨。
This thesis intends to discuss this problem systematically from the following four aspects: individual credit reporting system, security system, insurance system and mortgage-backed securitization.
本文从住房抵押贷款集合构建、MBS品种选择两方面入手，设计了我国住房抵押贷款证券化试行阶段的MBS，针对该证券特点展开定价讨论。
Firstly, by constructing pools of mortgage and analyzing character of different kinds of MBS, the dissertation design a kind of MBS adaptable for Chinese initial MBS market.
住房抵押贷款证券化产品主要有三种形式：过手抵押贷款证券、担保抵押贷款证券、本息剥离抵押贷款证券。
There are three principal mortgage backed Securitization: mortgage pass through security, collateralized mortgage obligations, stripped mortgage-backed securities.
第二，通过分析我国住房金融的现状，进而对我国现阶段实施住房抵押贷款证券化的必要性和可行性进行了详细的论述。
Second part analyzes the status of Chinese economic and real estate development and address precisely the necessary and feasibility of building MBS in China.
本文阐述了住房抵押贷款证券化的涵义、环境要求及其产生的效应，着重从宏观上分析了我国推行住房抵押贷款证券化存在的障碍及相应的对策。
This paper probes into the meaning of MBS, its environment requirement and impact, and mainly analyzes the difficulties and corresponding measures in its implementation from macro point of view.
化解这一风险的有效途径就是实行住房抵押贷款证券化。
An effective method to solve the risk is Mortgage-Backed Securities.
化解这一风险的有效途径就是实行住房抵押贷款证券化。
An effective method to solve the risk is Mortgage-Backed Securities.
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