美国次级贷款证券化的操作中存在基础资产选定错误、信用评级结果失真、信用增级措施缺失、监管缺位等诸多问题,最终导致风险积累并演变为次贷危机。后危机时代,欧美各国已经就此展开深刻反思和检讨,并就加强金融监管等问题进行了一系列变革。 The operation of the U.S. subprime lending securitization included such issues as the selection of underlying assets, the distortion of credit rating results, the lack of credit enhancement measures and the absence of regulatory oversight, which eventually led to the accumulation of risks and the evolving of subprime mortgage lending crisis. In the post-crisis era, all countries in Europe and the United States have conducted a profound review and review on this issue and have carried out a series of changes on issues such as strengthening financial supervision.