从美国次级债危机谈我国住房抵押贷款支持证券的法律缺失

2007年3月5日美国次级按揭住房贷款专业机构新世纪金融(New Century Financial Corp.)遭遇了"黑色星期一",短短数月新世纪金融破产,三十余家次级抵押贷款公司停业,多家大幅持有次级按揭贷款债券的基金破产。次级债危机开始由美国向全球扩散并波及全球股市。在这个金融风波中,次级债危机原因在哪里?本文分析了次级债危机的形成原因及我国才起步的住房抵押贷款支持证券中的法律问题,提出相关的改进建议。

On China housing mortgage loaning supporting stock's legal shortage from American secondary debt crisis

On May 5th 2007,US New Century Financial Corp.experienced a 'dark Monday',which led the corporation into bankruptcy.This incident triggered a sub loan crisis spreading the Unite States in the sequent months.More than 30 sub loan companies and funds who hold the subordinate bonds have been in financial insolvency.Under the influence ,the world's major capital market ,including the stock market tasted a sharp decline.This paper analyzes the causation of the crisis and discusses the legal issues of MBS in China.