The paper puts forward that the assortment on our own housing mortgage loan securitization should choose collateralized mortgage obligatio n by analyzing merits and demerits of four kinds of mortgage loan guaranto r securities being used in American markets and designs the circuit on our own housing mortgage loan securitization.The circuit can be realized by means of founding the c ompany on housing mortgage loan secu rities by which purchases mortgage l oan assets and packs them into collatera lized mortgage obligation to issue,the price on issue,the expiring model,the income of capital stock on collateralized mortgage obligation and so on are a series of technological difficulties t hat should be resolved in the circuit.