The Game Analysis Of Originators And Obligors Credit In Mortgage Backed Securitization

From the causes which Mortgage Backed Securitization is hard to develop in our country, this paper describes MBS credit evaluation methods , game process of credit system and MBS, basic work---the building of social credit system.Through setting up housing consumer credit norms, defining proportion and mark standard, provides decision basis for commercial bank decided housing mortgage loan. Credit evaluation to commercial bank adopts Fuzzy-AHP method, firstly applying the methods of AHP to define proportion; secondly applying multipolar Fuzzy comprehensive evaluation methods to evaluate commercial bank credit.The essay reaches a conclusion through static game of incomplete information and dynamic game of complete but imperfect information: Whether commercial bank grants a loan or not depends on the probability. It can enhance bank confidence for granting a loan only through established social credit system; In society which credit system is not perfect, pooling equilibrium turns into separating equilibrium through commercial bank designs some measures. Thus bank can reduce the loan risk; Prepayment of housing mortgage loan is advantageous to borrower. Thinking over bank loss, default sum is consisted of prepayment service cost, prepayment capital idle loss and profit reduce loss.The development of MBS is decided by perfect social credit system. Social credit system is composed of three contents. One is the foundation credit with the market dealer as main body. Second is system credit with the law system, international practice and commercial convention as leading position. Third is supervision credit with government supervision as main body.