美国资产证券化中若干法律问题

中文字数:3084,中文页数:4 英文字数:2075页数:5

 一般所说的资产证券化起源于美国20世纪70年代抵押贷款资产池的证券化。在美国，抵押贷款是由储蓄贷款协会来提供的。这些机构通过吸收短期存款获得的资金对当时的房地产提供资金融通。1929年美国的经济大萧条导致了住宅信用市场的崩溃，美国国会于1934年通过了国民住宅法(the National Hous-ing Act)，以期重建住宅信用并建立一个抵押贷款的二级市场。为实现这些目的，美国于1938年建立了联邦国民抵押贷款协会，由该机构介入到抵押贷款市场，对于资金不足的银行，由该机构购买银行的抵押贷款，当其资金充足时出卖抵押贷款给这些银行，从而为美国的抵押贷款投资提供流动性。第二次世界大战以后，美国的住宅需求持续增加，导致了住宅金融资本的不足，从而需要其他来源的资金对高速发展的住宅产业提供融资。1957年联邦家庭贷款银行委员会为美国的储贷协会创造了一种信用储备体制，允许储贷协会买卖代表抵押贷款权益的参与证书。

Generally ， the property securitization stemmed from the US the mortgage loan property pond securitization in the 1970s. In the US， the mortgage loan is provides by the Cooperative bank. These organizations the fund which obtained through the absorption short-term deposit provide the fund to real estate then to allow temporary credit. In 1929 US's economical the great depression caused the housing credit market collapse， the United States Congress to adopt the public housing law in 1934 (the National Hous-ing Act)， reconstructed the housing credit by the time and establishes a mortgage loan the secondary market. In order to realize these goals， the US has established the federal national mortgage loan association in 1938， involves the mortgage loan market from this organization， tightness of money the bank regarding， purchases bank by this organization the mortgage loan， when its fund is sufficient betrays the mortgage loan for these banks， thus provides the fluidity for US's mortgage loan investment. After Second World War， US's housing demand continued to

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