On The Legal Problem Of The Mortgage Securitization

The value orientation of the mortgage system of our country's present legislation is completely take safeguarding the realization of the creditor's right as a goal, while denies the inverstment function of the mortgage. Guarantee Law do not acknowledge that the mortgage is one kind of independent property rights, also, prohibit its circulation and it does not have relative stipulations about the mortgage securitization Therorists in our country have big argument about the nature and the function of the mortgage. But the viewpoint which occupies the dominant still is the mortgage supple mentary theory and the traditional creditor's rights mortgage system which base on the it, Reality of laws of our country is coming out, it still necessary to conduct new study of the mortgage system. We not only should fully consider our country's actual situation, but also should drive lessons from successful experience of other countries. We should affirm the value nature of the mortgage, and constitute the mortgage securitization system, unify the mortgage and the securities to make the mortgage bond, make it a independent property right and into circulation as well as constitute a set of complete, related legal system guarantee the circulation and the security of the mortgage bond so to fully exert its function to preserve the creditor's right and its inverstment and financial function.In view of this, this article carries on elaboration on the conception legal characteristics, classification and the value analysis of mortgage securitiation, obtains the inevitable trend of mortgage securitization in the mortgage's development from the basic concept. The second part make legislation in section of the mortgage bond of various countries. It mainly analized related system in German, Japan, Britain and America, and obtained what we can learn from the successful experience in order to constitute mortgage securitization system. The third part is about the constitution of the mortgage securitization of our country. It put forward the principals of establishing our country's mortgage securitization system. Conception of some concrete system on base of analizing the necessity and the feasibility of establishing the mortgage securitization system.