Asset Securitization in the United States and its Implication for China

Since the 1970s, asset securitization in the United States has been accelerating. Mortgage-backed secu rities and various derivatives have greatly improved the development of both American financial market and international financial market. However, the recent sub-prime mortgage crisis has caused great attention to the risk -management in securitization and financial derivations. It suggests that China should learn from the experience of sec uritization in US, and try to improve its risk-management accompanied by securitization, so as to ensure the steady and healthy development of financial market and real estate market.