摘要：由于市场经济的发展，金融市场的经营环境对此也相应产生了变化,银行业开始立志于发展各种各样的中间业务。自从颁布了《个人住房贷款办法》以来,为了要在低险信贷业务市场占领一席之地,各家商业银行开始根据不同的客户需求衍生出多种个人住房消费贷款金融产品。这些所谓“贷款衍生品”确实是增加了银行的中间收入。因为房屋贷款是需要按期还款和偿还利息的，所以银行能将房屋贷款重新包装，就是我们一直说的资产证券化。在2007年初的时候，美国发生了一场严重的金融危机，席卷全球。它主要以次级贷款以及其资产化的金融衍生产品在此次危机中体现出巨大的破坏力，警示了我们：随着房地产市场和金融衍生产品市场的逐步发展，我们在享受其带来的便利之时，仍旧需要深刻的研究房贷金融衍生产品的特性以及做好其风险的防范。在我看来，规避房贷衍生品的风险主要有以下四个办法：完善贷款的形式，完善信用评级机构，优化衍生品设计和加强监管是合理规避风险的主要办法。

关键词：贷款衍生品 CDO 资产证券化 债券 金融衍生品 规避风险

Abstract: With the increasingly competitive business environment, fancing the change circumstances, The banks will be determined to accelerate the development of intermediate business income. Credit derivatives increases the median income of bank. Mortgage need scheduled repayment and interest. so it is packaged as a bond.It is Asset Securitization.But ,in 2007, the subprime mortgage crisis in America, financial derivative products reflect the destructive power in the crisis.So ,we should consider that with the real estate market and the financial derivatives market development. We need deep study of mortgage finance derivative products and prevent the risk. The main method to prevent the risk is to improve the form of loan, to improve rating agencies, to improve the design of products and to strengthen the supervision.　

Key Words: credit derivatives CDO Asset Securitization Bond  Financial derivatives  prevent the risk