A Study On China's Housing Mortgage Securitization

The last three decades have witnessed the maturation of housing mortgage securitization in most western countries, especially in the U.S. The theoretical research in this respect is also going on more and more profoundly in China in recent years. However, as to the issue of whether China is fully prepared to embrace this new technique at this stage, there has no unanimous opinion.Starting with an introduction to the operation risks in housing mortgage loans, the thesis illustrates the significance of mortgage securitization to the risk and asset-debt management. In the second chapter, comparisons are made among the securitizations in U.S., Australia and Hong Kong from which enlightenments are drawn for us. The third chapter analyzes the feasibility of securitization in China, showing that basic requirements have been met in spite of imperfections in some aspects. The thesis further presents suggestions on how to construct securitization mechanism in China, and finally assesses the problems we meet and gives the solutions.