| Mortgage Backed Securitization (MBS) is a structured financing way that comes out from U.S.A. in 1970s. It has developed very fast and been adopted successfully by many countries. With economic development and deepening of the reformation of housing system, people's income level was improved. The housing industry mostly composed of real estate has been to one of the backbone industries in national economy. And housing consumption is being to be a new hotspot in consumption market. In order to satisfy the demand for substantive capital and distract fluid risk of commercial bank, MBS would be the choice of financial system's innovation inevitably. By the end of 2004, the balance of personal housing loan in our country has exceeded 1592.23 billion RMB and formed a large scale. Time is up for developing MBS in China.On March 21st, 2005, People's Bank of China announced that the experimental units on Asset-Backed Securitization (ABS) would start up. China Development Bank and China Construction Bank will be as experimental units to carry through ABS and MBS respectively. Along with work of the experimental units, there is broad consensus in the financial theory circle and practical circle of our country on the issue that MBS will be as an opening for ABS. But our existing law system and other surroundings has restricted the development of MBS. We should consummate law and other systems to create a perfect environment for development of MBS.This thesis defines the conception of ABS and MBS. It also analyses the function mechanism of MBS and explores the restrictive factors on fully developing MBS at present. On the base of using for reference on experiences of MBS in overseas, this article tries to make exploration of developing MBS in China on law issues. At the end of it, it also gives some simple suggestions on MBS.
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