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Operational Mode And Prepayment Risk-avoiding To Found Mortgage-backed Sucritization Market Of China

Posted on:2005-12-23Degree:MasterType:Thesis
Country:ChinaCandidate:H H ZhangFull Text:PDF
GTID:2156360152455813Subject:Structural engineering
Abstract/Summary:PDF Full Text Request
Mortgage-backed securitization (MBS) is one of the most important innovations in the financial field in the last 30 years. Now it is spreading fast in the developed world and becomes a global trend.Under the present circumstances of housing finance, it is necessary for our country to implement mortgage-backed securitization. The present market can't satisfy the large gap of demand for capital. The mortgage-backed securitization can pump plenty capital from the capital market to the first market continuously and it will help solve the problem effectively. In addition, with the enlargement of mortgage loan scale, the fluidity risk of bankers will be exposed, and it also asks for the implementation of mortgage-backed securitization.MBS also helps to develop capital market and market structure.After studying the operating mechanism, the thesis analysis the internal demand for the technique. At last we provide means on how to modify the institutions and how to set up and develop the home mortgage-backed securities in our country.What this thesis has done are as following:1. Introduces the basic interpretation and operating mechanism of the home mortgage-backed securitization, expatiates the operation procedure and innovative structure. Though comparative research on the developments of the home mortgage-backed securitization in specific regions of the world, we get better knowledge about the operating mechanism, innovation and positive impact on a country's economic development.2. In the process of mortgage-backed securitization, there remains the hazard of early compensates ; this paper analyzed the reason, evaluation target and pattern of it. This paper also made analysis on the uncertainty of early compensates . Afterwards this paper puts forward the methods of how to utilizes the optimization of assets pool and the innovation of structure to evade the risk.3 This paper explains the core of SPV (Special Purpose Vehicle) is the segregation of bankrupting risks from the function of SPV in the mortgaged-backed securitization. Basing on the comparative research of foreign MBS and the domestic actual situation, this paper gives out proposals on how to set up SPV in current phase of our country. At first, we can take in-balance-sheet activities through domestic issue of ABS (Assets-Backed Securities), and then seek a special way of off-balance-sheet activities of our own.
Keywords/Search Tags:Mortgage-backed Securitization, SPV (Special Purpose Vehicle), Prepayment, Risk-avoiding
PDF Full Text Request
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