美国次贷危机的深层机理在于,由于住房抵押贷款证券化的中间作用,银行、证券投资者放宽了对次贷债务人信用和偿债能力的要求,导致次贷市场盲目扩大,一旦证券化操作存在漏洞,次贷市场崩溃就是必然的。由此给我国的启示是,必须尽快完善证券化立法,确保拟证券化的资产为优质资产,信用加强和信用评级也不能流于形式。 The deep mechanism of the subprime mortgage crisis in the United States is that due to the intermediary role of the mortgage-backed securitization, banks and securities investors have relaxed their credit and solvency requirements for subprime borrowers, causing the subprime mortgage market to expand blindly. Once the securitization operation exists Loopholes, subprime mortgage market collapse is inevitable. The enlightenment to our country is that the legislation of securitization must be perfected as soon as possible so as to ensure that the securitized assets are high quality assets. Credit enhancement and credit rating can not be mere formality either.