Legal Analysis On The System Of Real Estate Securitization

Securitization is popular in the current international financial market, it is not only a sophisticated financing instruments, but also a financial risk diversification tool. How the legal system to respond to real estate securitization in China, the article is divided into four sections to explore that question.The first part on the principle of real estate securities. First of all the principle of real estate securitization is property rights claims, the exchange value of real estate to creditors in the form of circulation can be performed. Real estate securitization and then put the object to the value of real estate, which is called value of the exchange by philosophy, and is called security interest within the context of law. The article maintains that the value of real estate in the circulation field is the realization of the real estate mortgage breakthrough in the preservation of their own role, accompanying the claims from the shackles of independence to achieve the exchange value of that mortgage independence. Finally in front on the basis of the analysis of the real estate securitization is the definition of that real estate collateral value of the realization of the right portfolio.The second part on achieving the specific of the real estate securities according the different level of the independent mortgage right. One is, as the center of the atypical for real estate securitization, mortgage-backed securities; the other is, as the center of the pledge for real estate securitization, pledge securities and debt securities of the land. The article maintains that mortgage securitization of mortgage securities with access to broad sense, indirect circulation; it should be targeted in the initial flow of mortgage forms, real estate securities included in the system.The third part on the design elements of real estate securitization system. The article maintains that in the process of real estate securitization the design of the system to follow such a principle, to facilitate transactions and protect the security of transactions. In order to facilitate transactions, right is deputized by the form of securities. However, real estate securitization transaction security is realized by such means which are real estate values through the assessment and security loan-to-ratio of the securities registration system gives credibility and securities holders the right to appeal against and the principle of fixed-an essential element to achieve.Part fourth is the construction manner of real estate securitization in China. On mortgage-backed securitizations, the article proposed by the Government wholly-owned or controlled to establish a government-led model of market-based securities, trust the way to the establishment of an independent SPV, through the government's "implied guarantee" and trust the system to achieve their own characteristics high credit rating and the proposed securitization of the assets of the bankrupt isolation. And the right to security as the center of the real estate securitization, the article " Property Rights Law" after the enactment, although not expressly breakthrough in the accompanying mortgages, but mortgages elements of the registration of the establishment of the establishment of unified real estate registration system has appeared, can not play that secured the right to the monetary value of the favorable signal. However, to implement a wide range of real estate securitization, the law still needs to make corresponding adjustments.