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Discussion On Several Legal Issues Of Mortgage-backed Securitization In Our Country

Posted on:2008-02-10Degree:MasterType:Thesis
Country:ChinaCandidate:X H WuFull Text:PDF
GTID:2166360242957775Subject:Law
Abstract/Summary:PDF Full Text Request
The pilot work of asset securitization of credit is launched basing on our environment in our country. People's Bank of China and Bank Supervisory Committee have issued relevant financial rules together. This promotes the development of the Mortgage-backed Securitization (MBS) in our country. A series of pilot Measures for the Administration of Credit Asset Securitization removed obstacles for the work of MBS in the law. But it is not enough for the protection of MBS in the law now. For example, the trust as SPV need make clear location of the law still, and the position in our country's law is low .The MBS relates to a lot of laws and regulations. Sound legal environment and healthy financial mechanism are the bases of MBS. But there are not yet those bases in our country. Therefore, our country must find the way to develop MBS which suits our country's situation. In this thesis some deep research on the legal problems in the process of MBS will be done and these problems will be taken as the important issues to discuss.This paper discusses the legal problems in the three principal aspects including main risks and their legal guarding against, transferring of asset and managing of asset. The problem existed in our rules and regulations which will bring the negative affect are analyzed and the problem will be resolved in this paper. Who win the people's confidence who will win the world.It is necessary for the MBS which is accepted and supported by the investor if it is put into effect successfully. So the investor's benefits should be protected totally. Therefore, the problem involved in the working of MBS is discussed and analyzed basing on the side of protection investor's benefits. The second, in our MBS the Special Purpose Vehicle (SPV) adopt the form of trust. The trust principal is applied to expound the problem involved in MBS form the trust view. At last, some legislative suggestions are offered according to the problem in the Pilot Measures for the Administration of Credit Asset Securitization.This paper consists of five parts: Chapter one mainly involves the concept and the course of the MBS in our country.Chapter Two pays attention to analyze the general risks and legal domination, and mainly introduces the bankruptcy-remoteness, prepayment risk, mortgage risk and how to control the risks, and also undertaking risks and being on guard in the law are introduced.Chapter Three is about the legal problems of transferring the estate mortgage. In this chapter the transferability of the estate mortgage and the relationship between the transferors and the legal impact are discussed.Chapter Four expounds the asset-manager's legal problems of MBS. The special purpose vehicle (SPV) adopts the form of trust in our country, so in the chapter the legal relationship between the asset-manager and the investor is studied according to the trust principal, and something can be concluded that the investor have the directly right to supervise the asset-manager's action, and at the same time the asset- manager is supervised by the investor and SPV. When the asset-manager take the wrong action to handle the asset, they will be responsible for the investor's lost.The chapter Five compares our country's regulations with the Rule of Finance Asset Securitization in the Taiwan area. The shortage of pilot Measures for the Administration of Credit Asset Securitization is pointed out and some legislative suggestions are offered.
Keywords/Search Tags:Mortgage-backed Securitization, The Special Purpose Vehicle, Trust, Bankruptcy-remoteness, Prepayment, Asset-manager and Investor
PDF Full Text Request
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