虽然19世纪末、20世纪初期,多种多样的证券化抵押贷款即已出现[3],但现代RMBS的形成则与“吉利美”——美国政府全国抵押贷款协会(The Government National Mortgage Association, GNMA, 因其通称Ginnie Mae而被译为“吉利美”)有关[4]。吉利美于1968年率先发行了一种依托政府的债券,这种债券即被称为住宅地产按揭证券[5]。该债券集取了若干笔贷款将其月供的本息汇聚成池,用每月收取的现金流支撑债券。债券本体由吉利美担保,但是担保的内容并不包含借款人提前偿付贷款或再融资(refinance,即提前偿付当前贷款并以较低利率或较长分期等优惠条件重新申请贷款的一种行为)所蕴含的提前偿付风险(prepayment risk)[5][6]。吉利美将按揭池以此方式销售给投资者,所聚集的资金则可以从抵押贷款经纪人处购得更多的住房贷款,从而完成国会所赋予其“推进可负担住房”的使命[7][8]。银行以及其它放贷人由于可以利用RMBS将手中的贷款转销出去,因此能够有资金发放更多的贷款[8]。
^ 19.019.1McLean, Bethany and Joe Nocera. All the Devils Are Here, the Hidden History of the Financial Crisis, Portfolio, Penguin, 2010 (p.19)
^Walden, Gene. Make More with Mortgage-backed Securities. AllStarStocks.com. [2013-11-19]. (原始内容存档于2013-11-25). Securities issued by Fannie Mae and Freddie Mac are also guarantee ... the timely payment of all principal and interest of the mortgage-backed securities they issue. Although their guarantee doesn?'t carry the weight of the U.S. government, Freddie Mac and Fannie Mae are two of the most fiscally sound corporations in America. Their mortgage-backed securities are considered to be the equivalent of AAA-rated corporate bonds. They have never defaulted on a mortgage-backed security.
^The Financial Crisis Inquiry Report(PDF). National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011: 70 [2013-11-19]. (原始内容存档(PDF)于2018-09-06).
^The Financial Crisis Inquiry Report(PDF). National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011: 71–2 [2013-11-19]. (原始内容存档(PDF)于2018-09-06).
^"an incredible 77 percent of the mortgages being made in America are guaranteed by Fannie and Freddie", The End of Fannie and Freddie? (页面存档备份,存于互联网档案馆)| By JOE NOCERA| nytimes.com| June 26, 2013
^The Financial Crisis Inquiry Report(PDF). National Commission on the Causes of the Financial and Economic Crisis in the United States. 2011: 102 [2013-11-19]. (原始内容存档(PDF)于2018-09-06). commercial banks, thrifts, and investment banks caught up with Fannie. Mae and Freddie Mac in securitizing home loans. and by 2005, had overtaken government/GSE mortgage backed securities issuance.
^quote= "Wall Street didn't care either. If anything, Wall Street was encouraging the subprime companies in their race to the bottom. Lousier loans meant higher yield." (All the Devils Are Here, MacLean and Nocera, p.217-8)
^quote=Wall Street "wanted the riskiest subprime mortgages ... because these ... generated the most yield." `While subprime loans cost borrowers much more in fees -- WaMu execs "noted subprime loans were roughly 7X more profitable than prime mortgages"` (All the Devils Are Here, MacLean and Nocera, p.134)