Asset securitization was first introduced by the United States in the 1970s. After half a century's development, asset securitization has become quite popular in developed countries. From the experience of asset securitization in the United States, Japan and developed countries in Europe, mortgage securitization is an important breakthrough point of asset securitization. Now, the securitization of housing mortgage loan is coming to the fore in China, hoping to bring a series of benign development and solve various contradictions and problems encountered in the process of China's economic operation. In this paper, with the help of successful models in Europe and America, the securitization model of housing mortgage loan suitable for China's national conditions is analyzed. At the same time, by comparing and analyzing the environment of housing mortgage loan in Europe and America, this paper discusses the difficulties faced by China in implementing housing mortgage loan securitization, and puts forward some solutions to this problem.