| ABS and MBS (as the breakthrough of ABS) have been heavily discussed recently in China. The paper deems it extremely important to approach them more systemically and thoroughly. There are in fact two main parts in the thesis, one summarizing the basic American principles and ways on MBS, another one introducing MBS into china. The first six chapters absorb briefly, accurately and completely the American quintessence of MBS. The last four chapters bring forth new ideas on important and difficult issues and how to put MBS to test on a realistic and sound basis in China. The overall objective is to propose a working strategy for policy-makers and to provide fresh perspectives for researchers on theory and practice of MBS in China.Generally, the paper is trying to raise some breakthrough points on both credit and financial systems in a concise and organized way.First of all, it answers those vague but important problems on MBS in China, the SPV's bankruptcy isolation and it's true sale to reveal the fine structures of MBS, and the related risks of prepayment, credit and interest rate to change the established methods of paying too much attention to the establishment of the SPY but ignoring the accompanied risks.Secondly, it analyses the main aspects of how to practice MBS in China, including the general and special policies, the related frameworks of laws, taxation and accounting, the degree of difficulty and depth on the market development, such as opening up primary and secondary mortgage markets, perfecting the system of fund accumulation and developing the institutional investors. Also discussed is the difficulty and emphasis for establishing the systems of resident credit and bond issuing, and designing a variety of products, such as the accumulation and commercial mortgage with different interest rates.Thirdly, the whole GES pattern is built and centered upon the government organizations and supplemented by the private enterprises. The ultimate goal can be achieved through the three steps of experimentation, standardization and perfection.So, the thesis main concepts are:Chapter 1.This is the foundation and starting point of the whole paper. Since MBS has various meanings macro-, median- and micro-economically, it is very necessary to accurately compare ABS and MBS by their relationship and difference, basic functions and effects, and the related principal concepts. The current development of ABS/MBS in the world is discussed lastly.Chapter 2.The special discussion on the primary market deals with the establishment and guarantee of the mortgage, the general pattern and way of American primary market, the main types of mortgage with the emphasis on the differences and relationships between FRM and ARM, and the convertible mortgage.Chapter 3.The special discussion on the secondary market introduces the three cores of system, production and market. This concept is based on SPV,ABS/MBS and the secondary market respectively. First it explains the function, organization, rule, form, strategy, risk and the relationship between SPY and government. Then it lists the basic rules and constructs of pass-through and pass-pay securities. Lastly, it analyses the issuing and holding structure of American secondary market.Chapter 4.1t concentrates on the various risks. There are systems and non-systems risks in ABS/MBS structures. This chapter pays attention to three main risks of prepayment, interest and credit. This part also analyses these risks's causes, types, measurement and management. Fitch's points on the credit risk of mortgage are prominently cited.Chapter 5. It includes two parts of credit enhancement and rating. First the credit analysis is made on the risks of basic asset: collateral, structural/cash flow, legal and third-party ones. Then it discusses the main ways of credit enhancement, related credit risks's allocation and determination facts on the credit enhancement level. Finally, the criterions, courses and views on credit rating are discussed.Chapter 6.It answers theoretica...
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