Housing Mortgage Loans Securitization Development Research

Based on the systematic summarizing of the basic American principles and ways of MBS, this dissertation is devoted to both of the theoretical analysis and practical analysis on the topic of the our MBS in many aspects purporting to hastening the establishment and growth of our MBS market. In details, the thesis try to explain the establishment of our MBS market by applying the theory of institution innovation in New institutional Economics, and its further deepening development by applying division theory of labour based on specialization in New Classical Economics.First of all, it answers those vague but important questions on MBS in China, such as the SPV's bankruptcy isolation and its true sale, technique of credit enhancement and rating, technique on the designing of a wide variety of MBS products, pricing theory of MBS and ways of government intervention on MBS market, etc., to reveal the operating principles of MBS.Secondly, it tries to answer questions of why ,as well as how to set up MBS market in China. By applying the theory of institution innovation in New institutional Economics, the thesis tries to explain the reasonability and the inevitability of our innovation in MBS market. Meanwhile, the thesis concludes that our innovation in this field should only be done in the way pushed ahead with by the government. It also answers theoretically and practically what should be done by the government to secure the establishing of MBS market.Thirdly, it answers the question of how to deepen our MBS market. By applying the theory of New Classical Economics. The author argues that our MBS1 further development mainly depends on the mature degree of our market economy, which logically concludes that it is important to deepen our economic system reform as well as political reform for the purpose to develop our MBS market properly.Fourthly, the thesis analyzes the main aspects of how to practice MBS in China. The emphasis is on distinguishing difference between entrance requirements and deepening requirements of MBS market in order to set up our MBS market as quickly as possible. And to deepen our MBS market ,we should well construct of the related frameworks of laws, taxation and accounting, optimize the structures of theinterest rate, reform patterns for financial operation and supervision , improve the system of issuing bonds, reform our state-owned banks and our real-estate management system, and so on. In a word, we should further perfect our market economy.Fifthly, the thesis stresses on that the practice on the Mortgage-Backed Securitization in our country will be a systematic engineering, which will be influence on many aspects of our national economy. Therefore, we should consider it under the full framework of our national economy.In the last, the author argues that our ultimate goal can be achieved through the three steps of experimentation, standardization and perfection under guidance and excitement by the government.