Study On Securitization Of Housing Mortgage Loan In China

The securitization of housing mortgage loan is one of the most important innovations in the field o f finance in the 20th century. It has spreajd throughout the world since its birth, and become the most dynamic product which is developed most quickly in the international capital market nowadays. It raises money by combining housing mortgage loan which share similar period of time, rate and other characteristics; and use the money as a guarantee to issue bonds and to realize the circulation of funds. In essence, it draws funds from the capital market into the housing mortgage loan market.China's present situation shows that housing mortgage loan has developed quickly and has great potential although the establishment of the service is late. But how to increase the effective demand of housing, to further cultivate housing market and deepen housing financial service can only be achieved by new financial innovations, among which securitization is an ideal means to tackle these problems. As a result, with the improvement of macro situation and development of mortgage loan, to carry out the securitization of housing mortgage loan is the trend. However, we should .notice that many problems exist in the market of housing mortgage loan due to the late development of the service. These problems include the small scale of the first-class mortgage market, the late development of the second-class market and mal-perfection of the environment and related policies of the securitization. How to overcome these unfavorable factors and carry out the securitization of housing mortgage loan is illustrated and analyzed with China's present situation in the thesis.The thesis is divided into the following five chapters:The first chapter goes to the introduction of basic theory of securitization of the housing mortgage loan which including the contents, characteristics and types of the securitization of the housing mortgage loan, and further systematic explanation of the main participators of the housing mortgage loan securitization and operation mechanism.The second chapter mainly discusses the significance and the feasibility of the housing mortgage loan securitization carried out here in China. Firstly, the practical significance of this practice in China is elaborated. The thesis points out that, for the own part of the government, this practice will help develop the market of the real estate and securities; while for the own part of the bank, it will help the fluidity of the capital and expand the capability of the continuous lending. Then, based on the current situation of China's economic development and financial market, the thesis gives a detailed explanation of the feasibility of the securitization in China.The third chapter goes to three typical operating mechanism and features of the housing mortgage loan securitization respectively operating in U.S.A., Britain and Canada for the time being with U.S.A. being government-oriented, Britain business-oriented and Canada half government and half business-oriented. Finally, the experiences Chinese government can draw on to serve its housing mortgage loan securitization.The fourth chapter focuses on the problems facing China in this regard, such as market deficiency, law and regulation loophole and technology and talents shortage, etc.. The relevant measures are advanced to tackle these above-mentioned problems. The fifth chapter based on the above analysis, and foreign experiences in housing mortgage loan securitization, and also by combining the practical conditions of our own country, the author makes an integral thought and design for the concrete scheme of housing mortgage loan securitization in SHANGHAI, brings forward the two models of inner-table and outer-table, and then makes a well explanation and comparison of these two models. The author thinks that under the existing environment of laws, the outer-table is more standard than the inner-table, though the latter is more feasible than the former. Therefore the author is inclined to choose the outer-table mode as...