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一、引言20世纪70年代,美国率先提出了住宅抵押贷款证券化,这也正式拉开了资产证券化的帷幕,1970年,Ginnie Mae发行了第一笔由家庭住宅贷款支持的转付证券,随后,Freddie Mae和Fannie Mae在1971年发行了第一笔住房抵押贷款支持证券。在80年代,由于美国房市复苏,带动抵押房贷需求大增,成功吸引了不同风险偏好的投资者,使得房贷证券市场快速扩张。经过长期的发展,已经
I. INTRODUCTION In the 1970s, the United States took the lead in offering securitization of residential mortgage loans. This formally opened the curtain of asset securitization. In 1970, Ginnie Mae issued the first tranche of securities backed by family home loans, Freddie Mae and Fannie Mae subsequently issued their first home mortgage backed securities in 1971. In the 1980s, due to the recovery of the U.S. housing market, the demand for mortgages was greatly boosted. Investors with different risk appetites were successfully attracted and the mortgage securities market expanded rapidly. After long-term development, already