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家园 其实MBS是一个革命性的

金融创新,有很多益处。

但一但相关从业人员的利益结构扭曲,各种副作用就会explosively hit the financial system. 我对国内的金融从业人员实在是没法放心,they may minimize potential benefits (e.g., cheaper financing, tapping non-bank saving) and maximize the side effect of ABS.

You are right: if it is consolidated/on the book of issuer, then it is actually covered bond (more common in Europe).

I am not sure about the structure used here. But normally, China should develop corporate bond first: it is easy to monitor for creditors and risk is also easy to find and measure.

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