The Legal Research Of Mortgage-backed Securitization In China

Mortgage-backed securitization(MBS) is an important innovation in the field of international finance,and it has injected new energy into the world's economic development. With the competitive advantage of being able to increase assets mobility,reduce funds-raising costs and disperse risks,MBS has developed very fast and to be the most vigorous and advanced financial instrument in the international capital market. Under the domestic and sub-prime crisis,this thesis analyzed these problems and put forward some own ideas on how to Perfect legal system on MBS in China. This structure is divided into three chapters,as follows:Chapter 1 firstly researches on the general theory,mainly for the theoretical analysis of MBS. First it introduces the asset securitization,MBS and its characteristics. Then it describes the basic principles of MBS and emphasizes on the transaction of MBS. This chapter gives a brief introduction of MBS in order to make a better understanding of next chapters.Chapter 2 is the legislation status and the problem of the MBS in China. First it analyzes the special purpose vehicle related legal issues. Second,it analyzes the isolating mechanisms of risk related to legal issues. At last,through the introduction of the U.S. credit rating agency it analyzes the problems of credit rating and credit enhancement in China. The goal of this chapter is to discuss the elements which have great influences on the development of MBS.In chapter 3,Under the U.S. sub-prime crisis, it analyzes the current supervision problems in China,which sum up the useful recommendations on the legal supervision and risk prevention. We could avoid the financial risks, only when we have enhanced the conscious of risk management,established an effective information disclosure system and the financial regulatory system,and regulated the conduct of credit rating agencies.