The issuance of mortgage-backed securities originated in the United States. Since the economic crisis in the 1930s, the unemployment rate in the United States has risen sharply and the real estate market has fallen sharply. The federal government established the Federal Housing Administration (FHA) and the Veterans Administration (VA) in 1934 and 1944 respectively. Providing low-cost insurance for low-and middle-income residents and veterans, obtaining housing mortgage loans from banks, and then establishing the Federal National Mortgage Association (FNMA) in 1938, whose main function is to raise low-cost funds from the market and purchase housing mortgage loans with FHA and VA insurance, which promoted the initial development of the secondary market of housing mortgage loans and formed the embryonic form of the MBS market.

Around the 1970s, in order to cope with the operational difficulties of financial institutions caused by the oil crisis and continue to promote the development of the housing market, the US government set up a special government agency, the National Mortgage Association (GNMA), on 1968 to purchase housing mortgage loans insured by FHA and Virginia and issue second-hand MBS as support. At the same time, in order to expand the sources of funds for traditional mortgage loans, 1970 established the Federal Housing Mortgage Corporation (FHLMC), acquired traditional mortgage loans and issued a participant certificate similar to MBS, and FNMA was subsequently granted the same rights. The above measures contributed to the rapid development of American MBS market, and other commercial organizations gradually participated in it, and MBS began to be issued on a large scale.

In Europe, the development of MBS began in the late 1980s. In March, the National Housing Loan Corporation issued MBS, 1987, for the first time in the European market, in order to broaden the mortgage loan funds. In order to improve the bank's capital adequacy ratio and reduce the cost of mortgage loans, the French government passed laws to promote the securitization of mortgage loans in June 1988 1 1, and set up a special investment fund (FCC) to hold mortgage loans and issue mortgage securities.

In Asia, many countries and regions began to develop MBS market after the financial crisis in Southeast Asia. The Hong Kong Mortgage Corporation Limited (HKMC) was established in 1997, which promoted the positive development of the Hong Kong MBS market. The Korean government established the Korea Mortgage Corporation (Komoco) on 1999, which promoted the start and development of the Korean MBS market. In addition, Japan, China, Taiwan Province Province, Thailand and so on have also made active explorations and attempts in the field of mortgage-backed securitization. In March 2005, China promulgated the Measures for the Administration of Credit Asset Securitization Pilot, and officially launched the MBS business pilot.

In addition, in order to stabilize the supply of funds for housing mortgage loans, the Canadian Mortgage and Housing Corporation (CMHC), which is wholly owned by the federal government, issued MBS at 1986. With the active promotion of the government, most MBS in Australia were issued by Macquarie Securitization Co., Ltd., a wholly-owned subsidiary of Macquarie Bank, which was established in 199 1, partially solving the maturity mismatch and liquidity problems caused by mortgage loans of commercial banks.