Discussing The Housing MBS Of China

In China, the opportunity, which the government solves the posers of elementary market in housing mortgage loan, depends on the establishment of the housing mortgage loan second class market .The fundamental theory of housing mortgage loan second class market is make capital bonded. The definition of bonded capital is that it is a kind of procedure or means partly or completely matching the depositors and the borrowers. The bonded capital consists of the elementary bonded capital and the second class bonded capital .The participants of bonded capital mainly include the sponsors, the distributors, the grading body, the credit improvement body, the entrusting mangers and the investors. They all respectively undertake different tasks. The general operation procedure of the bonded capital comprises the sale of capital, credit improvement and bond distribution. After the banks and other finance bodies producing one item of credit capital and some other financial capital, those bodies will make them bonded for all kinds of purposes and can sell them to the distributors. Therefore, the sale of capital must be 搑eal sale? Credit improvement is the medium to decrease the total risk of the bond distribution, and it consists of internal credit improvement and outside credit improvement .The characteristics of bonded capital are eal sale ? credit improvement, the avoidance of risk, standardization and adaptability etc. For the distribution body, the bonded capital will supply another way of financing and channel of collecting money in low cost, will solve the matching problems between the capital of distribution bodies and the constructure of debt deadline, and will speed the mobility and operation efficiency of capital. The housing mortgage market in China is facing more problem the elementary market is still very small, and the second class market is staring in arduous way; the shortage of bounteous, persistent , stable and long-term capital supply ;the law foundation of the problems about the principles of operation ;the environment of the bonded capital and the techniques of operation ;the establishment of the bonded capital bodies ;the lagging development of finance market ;the combination of the accumulation fund loan and commercialized loan. In our country, the fimdaniental principles of the housing mortgage second class market are: advancing step by step; making best use of the orientation of marketable resource; mutual coordination and close cooperation of the government's relative bodies; the common development of the elementary market and the second class market etc. In China, the principal parts of the class market include the following seven aspects: house consumers, the persons who make loan, the body of housing-buying guarantors, insurance companies, the professional service body of housing bonded loans ,the departments of the government ,the loan companies of housing mortgage .for the choice of the type of the mortgage bond in china ,we can first choose the relatively simple circulation bond. The establishment of the second class market should follow in order and produce ideal circumstances step buy step. First, we should set up mobility convenience body, and choose to make some nongovermnental experiments. Mobility convenience also can be called re-discount convenience whose function is to distribute common debenture in capital market and invest capital with new income . And it is a kind of replacement in the mortgage second class market. Second, we should establish the housing mortgage loan compa...