资产证券化与美国次债危机的法律思考

资产证券化作为结构性融资模式有效运行的关键在于完善其风险隔离机制.然而,美国次级抵押贷款证券化中所暴露出来的问题表明,证券化风险隔离机制并不能有效阻止次债危机的爆发、扩张及向全球的蔓延.细析其中原由可知,美国次债危机的爆发与蔓延,蕴含着立法的欠缺、政策运用的失当、金融机构的贪婪等错综复杂因素交互作用的内在机理,而资产证券化则在其中起了推波助澜和把危机向全球传播的作用.

Reflections on Securitization and the Subprime Mortgage Crisis in the US from a Legal Perspective

The effective operation of securitization as a pattern of structured finance relies on the improvement of its risk isolation mechanism. However, the problems revealed from the subprime mortgage securitization show that risk isolation mechanism of securitization cannot prevent the eruption, expansion and global spread of the subprime mortgage crisis. A detailed analysis of this crisis yields the conclusion that the eruption and spread of the US subprime mortgage crisis resulted from the internal mechanism consisting of interactions between such complicated factors as inadequate legislation, improper application of policies, and the greed of financial institutions, whereas securitization can be described as adding fuel to the fire and helping the crisis to spread all over the world.