Research On Mortgage Backed Securitization In China

In China, the realty-finance reformation has made realty mortgage loan as the major realty financing form. The demand of realty mortgage loan has been enlarging gradually. Because the realty mortgage loan has two characteristics, such as large amount and long term, which makes bank hard to fulfilits requirement. As a creation of fiancial tool, Mortgage Backed Securitization will be beneficial to solve this kind of supply and demand self-contradict. The Chinese theories field and practices field have dedicated to conceiving the creation of Mortgage Backed Securitization. For the sake of doing some good for the financial innovation, this article regard it as the research topic. The main result is as follows:First, research on the actual condition of developing mortgage backed securitization in China. Analyse the need, the feasibility and the major problem of developing MBS in China, and then put forward the thought and path.Second, research on establishing the SPV's system of Chinese MBS. Analyse the inside mechanism of SPV based on trust mode, analyse the environment that establish SPV based on trust mode in China. Then proceed the system design to the China trust form SPV.Third, research on the MBS's credit increasement. Design the mechanism of the exterior and internal credit increasement.Fourth, research on the MBS's credit evaluation. Design the credit evaluation index sign system for Chinese Mortgage Backed Securitization, establish the credit evaluation model based on Fuzzy-AHP.Fifth, research on the MBS's price. Build the MBS's pricing model based on constructial option.Sixth, put forward the concrete policy suggestion for proceeding Mortgage Backed Securitization in China.