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.
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.
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.
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.
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.
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.
第一章绪论主要介绍了研究住房抵押贷款证券化产品的背景及意义及相关研究。
The first chapter, the preface, mainly introduces the significance of this paper and the relevant studies on it.
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.
作为一种金融工具，住房抵押贷款证券化产品是住房抵押贷款证券化过程中重要的载体。
As a tool of finance, the mortgage backed securitization products are the very important carriers for the process of the mortgages securitization.
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.
随着建元2005-1住房抵押贷款证券化的问世，各商业银行纷纷开展各自的MBS发行业务。
With the appearance of 2005-1 Jianyuan Mortgage-Backed Securities, many commercial Banks launch their own MBS and issue the security one after another.
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.
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.
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.
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.
1999年至2005年，一直参与中国建设银行住房抵押贷款证券化项目，全程为该项目提供相关的法律服务。
He has been providing legal advice as in-house counselor for the Pilot Mortgage-backed Securitization project of China Construction Bank from 1999 to 2005.
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.
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.
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.
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.
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.
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.
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.
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.
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