The fourth part, basing on such analysis, discusses the operation models and stock design suitable for our country, and put forward a proposal that we should adopt off-balance sheet model and CMO structure.

• 第四部分是在前文分析的基础上,考察适合我国的住房抵押贷款证券化的运作模式及证券结构设计,并提出我国应该发展表外模式的CMO结构的运作模式。