On China's Real Estate Mortgage Securitization Of Legal Supervision

Real estate mortgage securitization of the 20th century has been the most important financial innovations, it refers primarily to the poor mobility of the personal housing mortgage loans through credit enhancement can be converted into the secondary market in the free movement of securities process. In the United States, such as the securities into a mortgage-backed securities, including mortgage transit bonds, mortgage bonds and stripping mortgage-backed securities. Real estate mortgage-backed securities in many developed countries, especially the United States, is a very common bond investment. It bonds with only the essential difference between the debtor and the repayment is different. However, in our country, the real estate securitization of mortgage loans or new things, the operation of its securities involve risks isolation, portfolio of securities transactions as well as enhanced credit, the process is rather complicated. This requires that we have a sound legal system to adjust the various stages of the main legal relationship between the complicated legal relationships.However, the formation of a financial innovation will inevitably accompanied by a corresponding financial risks. 2007 loan crisis erupted in the United States and quickly spread to the world, making the world's financial institutions have been hit, the real estate crisis in a secondary mortgage. The direct cause of this crisis is due to cool down the real estate market continued to buyers through the sale of real estate or real estate mortgage refinancing more difficult, but the root cause lies in the United States on the securitization of real estate mortgage lack of legal supervision. China's real estate mortgage securities from the pilot to now, the result of several years of development has made some achievements, have also introduced a mortgage on real estate in the area of securities laws and regulations, but the present moment, our legal system not guarantee supervision China's real estate mortgage loan securitization of safe and efficient, based on the loan-to-crisis in the United States Enlightenment, China's real estate mortgage securities, the legal regulation still needs to be further improved.The paper is divided into three parts:The first part is real estate mortgage loan securitization of the basic theory. Mainly on the real estate mortgage system of the meaning of the securities, as well as a development of real estate mortgage loans on the types of securities and processes; on the securitization of real estate mortgage legal analysis, with emphasis on real estate mortgage loan securitization of the economy Law foundation, and real estate mortgage securities laws of nature, as well as real estate mortgage securities laws of the characteristics and legal relationships.The second part is about the legal supervision of real estate mortgage securities in the United States and Subprime lengding crisis of the United States. In this section, the first of the United States real estate mortgage loan securitization of the historical background of a development in the United States based on analysis of real estate mortgage loan securitization of the legal system and the United States real estate mortgage loan securitization of three typical structure, main Objective analysis of the United States lies in the real estate mortgage loan securitization of legal supervision. Secondly, the author credit of the United States, the outbreak of the crisis, the United States focused on the analysis of the causes of the crisis loan and loan crisis, the United States stressed the Enlightenment: legal supervision is the real estate mortgage loan securitization of the fundamental guarantee for safe operation.The third part is China's real estate mortgage securities regulation of the legal status and perfect. In the United States based on the loan-to-crisis on the basis of Enlightenment first analysis on China's real estate mortgage securities laws of the regulatory status quo, especially China's real estate mortgage securities regulatory framework of the law, China's real estate mortgage loan securitization of existing legal regulation system, China's real estate mortgage loan securitization of the major legal issues. On this basis, China's real estate mortgage loans on securities supervision of the legal system should be to improve the following areas: legal supervision concept together regulatory system, in particular the strengthening of China's housing mortgage lending activities regulation; The development of special "real estate mortgage loan securitization of legal regulation." Which must be clear on the special purpose bodies (SPV) control, strengthening the issuance of securities regulation, issued on the establishment and operation of the main implementing regulation, the establishment of mandatory disclosure of information monitoring system, the establishment of a mortgage market regulatory risk prevention mechanism, establish a credit assessment monitoring system.