The so-called securitization of housing mortgage loan refers to the process that the sponsoring bank sells the housing mortgage loan with poor liquidity and capable of generating future cash flow to a special purpose institution (SPV), which reorganizes it, issues securities in the financial market, and raises funds accordingly. Credit Asset Securitization (ABS) According to the Measures for the Pilot Management of Credit Asset Securitization promulgated by the central bank, credit asset securitization means that commercial banks use housing mortgage loans or other credit assets as securitization assets, form an asset pool, package them and entrust them to the trustee, who will make structural arrangements for the assets and enhance internal and external credit, and apply to the People's Bank of China for issuing asset-backed securities. With the approval of the People's Bank of China, it will be issued and traded in the national inter-bank bond market.