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American inferior debt crisis to Chinese MBS practice enlightenment abstract: since 2001 the American overlying mortgage loan market has entered the vigorous development time, the interest rate reduced with the financial innovation product use reduced the overlying mortgage loan market threshold, many lending institutes to seize the market share to carry on the contrary operation. At the same time, to solve the bank financing structure as well as the fund fluid question, the overlying mortgage mortgage support bond, the abbreviation “the inferior debt”, arises at the historic moment. The inferior debt will be originally supposed the credit risks which undertakes by the bank to disperse in the Arming device, the guarantee organization, the investor, but also expands the risk to each profession. Since along with the US real estate market's temperature decrease, lending institute's illegal activities mortgage loan's borrower, the moneylender, the Arming device, as well as the inferior debt's investors will have exposed in 2006 real estate recession in price, in the violation rate rise system risk. Little while ago the American level debt crisis finally erupted, has sounded the risk alarm for the global money market. along with the Chinese economy's fast growth and the housing reform of monetary system's unceasing deepening, has stimulated the China home mortgage loan swift growth, has led real estate market prosperous. But is imperfect as a result of the China capital market development's relative lag and the related laws and regulations, the home mortgage loan support negotiable securities (Mortgage-backed Securities, is called MBS), has not obtained the promotion. Not only this has restricted the Chinese housing financial system's consummation, also has created the bank asset fluid insufficiency and the credit risks centralized question. Deepens unceasingly in the Chinese housing reform of monetary system under the condition, the Chinese MBS practice appears especially important. US's inferior debt crisis the risk guard has greatly to the Chinese MBS practice process in profits from the function. The main subject attempts from the macro economic, the policy guidance, the government supervision, the financial organ community responsibility, as well as the borrower risk guard's angle analyzes the American inferior debt crisis's eruption reason, discusses potential risk which in the Chinese MBS practice exists, and proposed should pay attention certain questions. key word: Inferior bond risk MBS
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