Securitization is a great innovation in the field of finance ,which causes a series of innovation of system , market and technology. Securitization can transfer venture and enhance fluidity and credit so it plays a magnitude role at the international finance market .The object assets of securitization have been beyond the former scope of housing mortgage and commerce mortgage loan and now they include non-mortgage loan such as trade account receivable ,credit card account receivable or other consumer account receivable and so on. Because the variety of object assets securitization has been of more and more different forms it is impossible to study every single kind of securitization. Among the variety of securitization , the securitization of housing mortgage loan and bad housing mortgage loan deserve study most since the former has developed quite well and the latter is an effective method to resolve bad assets of commerce bank .So the author advances legal suggestions on the base of studying basic theoretics of securitization and systems of securitization.The commercial banks in china have been suffering from enormous potential financial venture because of their huge amount of bad assets . It has been one of the most exigent matters in china finance market to deal with the huge amount of bad assets. According to the experience of dealing with bad bank assets of other countries, the author thinks securitization is one of the most effective methods to deal with bad assets of commercial banks. On the base of all-around research of the problems of bad assets of commercial banks in china, the author continues to study the feasibility of the securitization of bad asset of commercial banks. With the help of the advanced experience of other countries , according to her research fruit the author advances her own viewpoints. The viewpoints can be concluded as although the securitization of bad assets of commercial banks has been suffering from obstacles of market and law, the obstacles can be overcame. One of the most effective methods is to constructasset, management company which is specially authorized to deal with bad asset of banks and works as agency of securitization to evade the legal obstacle .Surely the most effective method to deal with the legal obstacle of securitizaton of bad asset of commercial banks is to legislate a series of relative systems .Housing mortgage loan, which is one of the most mature kinds of securitization in America, develops well in china and is qualified to be securitized. However housing mortgage is of credible asset in commercial banks so commercial banks has no enough motive to securitize housing mortgage loan .But the author thinks housing mortgage is the best choice to be sucuritized after analyzing the market and legal conditions of securitization of housing mortgage loan for the reason that the rate of breaching of faith is low and the investors have more confidence and what's more, the relative governments support securitization of housing mortgage loan. But the securitization is suffering from a most obstacle of rationally constructing the agency of SPV. So the author suggests to design systems of securitization of housing mortgage by special legislation.Because of several reasons such as there is enough mount of housing mortgage loan from commercial banks and the investors need new kinds of investment , the securitization is bound to be carried our in china. However, there is short of special legislation about securitization, without which it is impossible to carry out securitization in China. |