As asset-backed sercuritization developing not only in western countries but also in Asian countries and districts that have different capital market system and history, especially China, the mortgage backed sercuritization was considered as the most potential product in the ABS market, derived its own charm to attract investors because of the high yield and the policy supported. The study investigate the process of the MBS developing by comparing the history of the market under different types of capital environment and government involvement in the US, Hong Kong and China. The analysis was testified by policies and the roll up data from the market, the key points extracted from the timeline provided the different forms and potential risks of nowadays MBS. therefore, this paper overwhelmingly indicated investors possible concerns about the MBS market after the subprime crisis and other on-going recession of the mortgage market in certain countries, and would bring radical thinking about the process of future investment decision-making.