Research On Mortgage-backed Securitization In China

Mortgage-backed Securitization arises from the Unites States, is one of the most important innovation in the field of modern international finance. Now China is on its way to push on with housing institution reform and finance system deepening. The special advantages of mortgage-backed Securitization make us believe that its necessary for China to put this innovation into operation. Based on the successful experiences of developed countries and regions and the specific state of China the paper does some research on the establishment of mortgage-backed Securitization market in China. The paper tries to make some breakthroughs on law environment analysis and the operation models of China's mortgage-backed Securitization.The basic structure of the paper is as following:The first chapter, based on the elemental principals of asset Securitization, points out that the bad assets of the "big four" state-owned banks in China are not suitable to be securitized and China's asset Securitization should begin with mortgage-backed Securitization.The second chapter introduces the initial reasons for emerging and the current market systems of mortgage-backed Securitization in America and Hong Kong, then draws some valuable lessons for China.The third chapter systematically analyzes China's macro-economical environment, market condition, law situation and Securitization technology level, concludes the plus points and restriction factors for China's mortgage-backed Securitization.The fourth chapter, based on the specific state of China, proposes that China's mortgage-backed Securitization should adopt wellphased strategy and explains the characteristics, necessary conditions and advantages of all the operation models in different phases. At last the paper gives some policy suggestions for China's mortgage-backed Securitization.