Mortgage-backed securities as an example of Sukuk have a special and unique place among Islamic financial instruments and they are highly welcomed due to their desirable features such as fixed profit, possibility to perform in cash and credit transactions, possibility of further sales because of its low risk and considerable efficiency in supplying the housing sector. One of the most essential measures for actualization and implementation of this financial instrument is understanding the quality of relationships formed in these securities. So, the main question of this article is that: "how are the judicial and legal relations between the elements involved in the issuance of mortgage-backed securities? " Thus, the present article, after giving a definition and history of mortgage-backed securities, mentions the elements involved in the process of converting bank assets into mortgage-backed securities and expresses hierarchical relations and interactions between them in order to answer the main question of this research through taking a judicial and legal approach after discussing these issues. It can be said briefly that the process of issuance of mortgage-backed securities is a combination of cash sale, credit sale, agency, debt sale, discount, and indefinite contracts which are interminglingly established between facilities recipient, originator, issuer (intermediate), sale agent, paying agent, bond holders (investors) and other agents.