| The Mortgage-Backed Securities (MBS) is a ripe financial product in the world, its purpose mainly lies in the following: operating on securitization through taking home mortgage into capital market can disperse risk of loan and protect owner's rights and interests; MBS is convenient for us to enter the international capital market and raise funds, supply financial support for such large-scale project construction as the national infrastructure, etc. The MBS is the most important and representative one of Asset Securitizations. From the essence the MBS is consisted by a series of contracts, involves with many fields and causes many problems.On the supervision of government, the MBS is a exchanging system in which commercial bank, MBS organization, investor and relative agency organizations take part. The essay mainly combines with the process of MBS, and concludes its legal problems into eight aspects to do research. Thereinto, the problems about founders selling basic assets and the construction and operation of SPV are the central ones. Both are key to reach isolation of risk and realize the aim of MBS.At present it is necessary to develop MBS in China, and it is doable in the present circumstance. Of course, building MBS needs more effort, for example, establishing the issuing organization of MBS and clearing the range of investors in secondary market, establishing and perfecting the insurance and guaranteeing system of house mortgage loan through legislation.
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