The Research To The Mode Of Mortogage Backed Security In China

The great financial innovation --Mortgage-Backed Security whichbegins with the seventies of the 20th century in U. S. A. develops swiftly and violently in a short period of more than 30 years. And the fast development of financial markets and real estate markets of our country requires that the primary market of home mortgage transform to the secondary market . This has put forward the urgent request for Mortgage-Backed Security development of the house in China. But there are a lot of detail problems to remain to solve in Mortgage-Backed Security practice in our country, such as , how to structure institutional framework , what kind of operation procedure to be chosen, how to price the Mortgage-Backed Securities, what risk will be meet in operation course and how to evade etc.Aiming at these problems, around how to set up suitable Mortgage-Backed Security mode in China, this paper does relatively deep research to several questions of Mortgage-Backed Security. First of all, from the angle of the deepening of the reformation of the house in China , author points out the necessity and feasibility of pursueing Mortgage-Backed Security; And through the analysis of the study on MBS of our country , the development trend and problems existing, author believes that the urgent problem needing solving is the structuring of Mortgage-Backed Security mode of our country. The paper carries on comparative analysis to the three kinds of successful modes of MBS in foreign countries and from which looks for the mode suitable to China; then designs the mode of MBS of China from four respects, such as operation mechanism, institutional framework, operation procedure, pricing,etc.. The paper makes a comparison among three pricing models, from which the risk-free arbitrage pricing model is virtually adopted according to the real fact of China, through the analysis of the value of the option of repay in advance, author puts forward the constructive suggestion for the pricing of Mortgage-Backed Security; At last, the main risks faced to Mortgage-Backed Security are analysed and evading countermeasures being proposed.