| Mortgage-backed Securitizations (MBS), which serves as essential vehicle for America' s financial innovation ever since 1970s, does play a significant role in ntegrating its capital and real estate markets, also in maintaining the continuous development and prosperity and stability of its real estate market. It therefore comes to be universally acknowledged and carried out in such advanced countries as Britain, France, America and Japan . Nowadays, the general trend of securitization ignited by MBS, trends to spread throughout all the world, in particular, in some developing countries and regions including our China' s Hong Kong, MBS gradually takes root and then gives obvious boosting to local economy.After in depth researches, scholars hold that MBS is beneficial to relieve the pressure confronted by china' s real estate market and state economy. Yet, when getting further study, they face obstacles by the bottleneck of lagging behind legal system.Using the method of comparative study, especially compared with American legal system, bearing from-general-to-specific logic reasoning in mind, this article makes a thorough study and all-around analysis of two issues, one being the general legal affair about MBS, the other those specific legal subjects arising out of it. Finally, having taken survey of china's current legal system, the article ventures to put forward an idea how to establish a legal framework for MBS.
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