本篇論文首先對於美國房貸抵押債權次級市場（Secondary Mortgage Market）之發 展經驗及成果做一回顧及比較分析。其次將探討在次級市場中流通之不動產相關金融商品及 其風險特性，包括為因應提前清償風險（Prepayment Risk）所衍生出之證券。最後將由資產 ╱負債管理（Asset/Liability Management）之觀點提供不動產衍生證券之發行公司及投資者 未來之方向，以及政府所應扮演之角色。 This paper presents an overview of the experiences of mortgage securitization and the development of secondary mortgage markets in the United States. Characteristics and risks of mortgage-related financial instruments, including those invented to cope with prepayment risks, were then discussed. Future direction of issuers and investors, together with the role that the government should play, were finally pointed out and suggested from the prospectives of asset and liability management and the success of the system.
