中文摘要：

美国住房金融运行机制和监管机制内在不足是美国次贷危机爆发的重要原因，美国在次贷危机后对住房金融监管进行了一系列改革，并取得一定成效。在介绍美国住房金融运行机制的基础上。本文分析了美国住房金融监管改革的措施、成效和发展趋势，指出美国政府一方面通过干预加强监管，另一方面引入更多的私人资本参与住房金融二级市场改革，促进政府发起企业存在模式转变。

英文摘要：

The inherent deficiencies of the U. S. housing finance operation and supervision mechanisms are the important causes of the subprime mortgage crisis. After the subprime mortgage crisis, the U. S. government carried out a series of reforms to the housing finance supervision and achieved some success. Based on introducing the operating mechanism of the U. S. housing finance, this paper analyzed the measures, effectiveness and trends of the U. S. housing finance super- vision reform. Then, this paper pointed out that the U. S. government on one hand strengthens the supervision by the in- tervention, on the other hand, introduces more private capital to participate in the housing finance secondary market reform, promoting the government -sponsored enterprises （GSEs） to change.