《多德-弗兰克法案》影响了美国房地产金融市场吗？

通过考察《多德-弗兰克法案》在抵押贷款质量、资产支持证券和信用评级监管等方面的改革条款，分析该法案是否对美国房地产金融市场产生了影响以及该法案是否解决了美国房地产金融市场的风险问题。借鉴美国的经验教训，中国房地产金融市场应当提高监管效率，实行信用风险自留豁免机制，加强住房抵押贷款审查和信用评级机构的监管。

Has the Dodd-Frank Act Affected U.S. Real Estate Financial Market?

The article studies the reform terms of the Dodd Frank Act from aspects of mortgage loan quality, securitization, supervision on credit rating and others. It then analyzes whether the Act has impacts on the U.S. real estate financial market, and whether the Act solves the risk problem. Learning from the American experience, China should promote the efficiency of regulatory regime, implement an exemption of credit risk retention, improve mortgage scrutiny and strengthen supervision of credit rating agencies.