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.

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在此基础上，得到了CD O资产池提前偿付分布和违约损失分布的计算方法和CDO分券层价差的半解析解。

On this basis, it derives the calculating method for the prepayment distribution and default loss distribution of CDO assets pool, and then gets the semi-analytical solution of CDO tranches 'spread.

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