On Related Legal Questions About Securitization Of Housing Mortgage Loan Of Our Country

Securitization of housing mortgage loan is the process in which commercial bank sell his housing mortgage loan which lacks of fluidness but has stable cash flow in the future to Special Purpose Vehicle (SPV), and this vehicle will carry out certain structural arrangement and increase of credibility on the assigned mortgage loan, then transfer it to the fluid securities guaranteed by housing mortgage and sell them to investors of securities. It originated from the USA in the 1970s, and it is the earliest developing and the most developed one in asset securitization field. Its outstanding efficacies embodied in strengthening assets' fluidness, enlarging channels of financing and investments and dispersing risks are beneficial to solving such realistic problems widely existed in commercial banks of our country as bad assets' fluidness, unity of financing channels, centralization of asset risk and low asset sufficiency rate. While housing mortgage loan has asset scale and good quality, which suits to be the point of tangency into asset securitization of our country. It depends on a series of compact relative contractual arrangements to construct many subjects' rights and obligations in basic legal relationships and subsidiary legal relationships; therefore, it is not only an economic course, but also a complicated legal process. By expounding the legal doctrine of asset securitization and the complicated legal relationships among them, with the help of the comparative research on the related legal systems in our country and other countries with mature asset securitization in the world, this dissertation discusses the jurisprudential foundations and realistic significance with which our country makes housing mortgage loan as point of tangency of asset securitization, analyzes a lot of legal barriers that our country shall face when carry out securitization of housing mortgage loan under current social environment for the legal system, and thereupon the author brings up the legislative suggestions of asset securitization which conform to national conditions of our country.