| We have made impressive achievements in residential finance by beginning with the implementation of monetization of residential allocation and by aiming at promoting residential consumption. In recent years, in order to fit the current development of the capital market, our government boldly acquires the successful experiences from Western countries. We have gradually realized that the residential finance reform and development is an essential part of the reform in financial field.First of all, this paper explains theoretically the connotation of residential finance and some relevant concepts and their features. Besides, it brings forward some successful experiences which can be used for reference by comparing and contrasting the policies, the institutions and financing patterns of residential finance in several representative countries. Furthermore, by analyzing the problems in our current residential finance market, the author explores the objectives and the direction of the development of residential finance and hence puts forward some innovation idea and advice.It also analyzes in detail the current situation and problems in policy-related residential credit business, residential accumulation fund and the housing mortgage loans. As for the residential finance policy, government should function as the subject to set up the residential security system and should reinforce the reform of the residential finance, In addition to mortgage accumulation fund loans, the government should found low-rate or rate-free loans for those families with low or medium income, set up risk security mechanism for the policy-related residential mortgage loans to provide them with loan guaranty. Thus it can enhance their purchasing power so as to speed up the establishment of residential security system.By dissecting the problems in the managerial and operational mode of residential accumulation funds, it presents some suggestions to perfect our residential accumulation fund system by perfecting its accommodation system, amplifying its managerial system and its supervising mechanism. As for the commercial individual housing mortgage loans, the author analyzes in detail the problems in Individual housing credit by taking Chongqing as an example and puts forward some countermeasures. He also categorizes the risks of individual housingmortgage loans and points out how to guard against the risk of individual housing mortgage loans for commercial banks, which lies in the accurate assessment of the certifying ability of the real estate developer, the thorough investigation of his property and credit, strict control over the evaluation value of the property and the volume of loan and dealing risks promptly, resolutely, flexibly and effectively so as to strangle the risk in cradle.In setting residential finance institutions, diversity is what we should pay emphasis on. What we need to do under the current financing layout is to adjust the existing institutions. It is unnecessary to set up any new professional institutions. In financing, we have done well in weighing the total volume and the deadline of the loan in housing with the reference of the accumulation fund policy in Singapore and the residential saving mode in Germany so as to satisfy the need of a large sum of funds in residential finance. In the long run, liquidity of mortgage loans is necessary to minimize the financial risk. Thus we should attack importance in developing the residential bond market as well.This paper also probes into the Securitization of housing mortgage loans and its operation idea. It sums up the Securitization methods of housing mortgage loans in some developed countries and regions. With the specific situation in China, the author has designed three optional modes and dissected them in terms of subject constitution, operation process, profits of the subjects, risk analysis, features and potential problems. It concludes that at this phase, we could experiment upon the second and the third Securitization mode. Then we can develop our Sec... |
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