Enlightenment of American subprime mortgage crisis on China's real estate industry Facing the global economic crisis triggered by American subprime mortgage crisis, considering the crisis factors such as overcapacity, imminent export reduction and domestic liquidity flooding, it can be said that China's economic and financial system hides great risks. Therefore, we must be cautious about the development planning of the real estate industry in China. (1) Strengthen credit supervision, improve the quality of personal mortgage assets, establish and improve China's personal credit information system, change the reality that credit personnel of commercial banks only rely on relatively primitive consulting materials such as payer's identity certificate and personal income certificate to make judgments and decisions, and the information asymmetry between banks and customers, reduce all kinds of malicious fraud, strengthen the supervision and management of loans, and manage the credit risk of personal housing mortgage loans at different levels. Improve the personal credit law, strengthen the punishment for breach of trust and breach of contract, and protect the interests of banks in developing consumer credit business according to law. (2) Realize the asset securitization of commercial banks and spread risks through securitization. At present, major domestic commercial banks have not realized asset securitization, and all mortgage loans are deposited in commercial banks, which means that all risks are concentrated in commercial banks. Once the bank encounters risks, it will bring fatal blows to the financial industry, real estate industry and related upstream and downstream industries. In this regard, speeding up the securitization of housing mortgage loans, issuing mortgage bonds and introducing mortgage investors can effectively solve the problem of bank funds and avoid all risks being concentrated in commercial banks. And reduce risk accumulation, share risks with other investors, fundamentally change the profit model of traditional banks, and help financial institutions break through the capital bottleneck. Of course, in the process of promoting the securitization of housing mortgage loans, we should also strengthen supervision and avoid the risks arising therefrom. (3) Effectively stabilize housing prices and study measures to prevent crises. The Chinese government should take effective measures to stabilize housing prices and study how to deal with the possible housing credit crisis. The government should always monitor the crisis accumulation in the housing mortgage market, warn lenders and investors before the crisis breaks out, and reduce or stop new dangerous housing mortgage loans. At the beginning of the market crisis, the government should step forward to strengthen market confidence and prevent the market from overreacting, leading to the spread of the crisis to other areas of the financial market. The government should stabilize borrowers and reduce the repossessed housing assets of banks and mortgage companies, so as to reduce the repossession speed, ensure the stability of housing prices and society, and prevent the crisis from spreading to social and political fields.

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