本文回顾了美国住房按揭贷款资产证券化（MBS）的发展历史，包括美国过手证券（Pass-through）和住房抵押担保证券（CMO）的发展历程。对比我国住房抵押贷款的发展情况，分析我国住房抵押贷款资产证券化的问题，提出政策建议。

关键词：住房抵押贷款资产证券化、房地美、房利美

This paper first reviews the history of MBS in the United States, including the development of pass through and CMO, then compares the development of MBS in China, analyzes the problems of MBS in China, and finally puts forward some policy suggestions.

Key words: Mortgage-backed Securitization, Freddie Mac, Fannie Mae