The Study Of Mortgage-backed Securities

This thesis aims to give a profile of one noteworthy trend:mortgage-backed securities.A mortgage-backed is a pledge of real estate to secure the payment of the loan originated for the purchase of that real property.Mortgage-backed Securities can effectively rise its liquidity, so I try to research this useful derivative.This dissertation consists of three chapters.Chapter I give an introduction to the interest rate of the loan and the payment of the mortgage loan.Chapter II analyses Mortgage-backed Securities, it includes its concept,procedure,tools,cashflow,total return,pricing,risk management.Chapter III discusses the necessity and possibility or feasibility of feasibility of developing Mortgage-backed Securities in China and puts forward some suggestions in policies.