关键词: 住房抵押贷款, 证券化, 法律监管, 次贷危机, 金融危机

Abstract: Securitization of housing mortgage loan is a financial service deriving from the US in the 20th century which is one of the causes of the subprime crisis in the US in 2007.The primary reason for the outbreak of the subprime crisis is the irrational prosperity of the housing mortgage loan security market.The US government failed to establish an effective legal system to regulate market access to housing mortgage loan security and market operation and thus failed to prevent the crisis.The author therefore suggests China should enhance its supervision of housing mortgage loan security market by making a special law for securitization of housing mortgage loan so that there is a law to comply with in both operation and supervision of the market and that the market prospers without the risk of a crisis.

Key words: housing mortgage loan, securitization, legal supervision, subprime crisis, financial crisis