A Study On The Legal Problems Of China 's Housing Mortgage Loan Securitization

Securitized mortgage credit asset securitization is one of due mortgages with low credit risk, interest rate stability, collateral as security features, plus all mortgage loans in the countries occupied by the issuance of commercial banks higher market share, mortgage credit asset securitization became the main object. Mortgage securitization of bank loans for the dispersion of credit risks and promote a virtuous cycle of financial market funds play an important role.Mortgage securitization refers to refers to commercial banks and other financial institutions debt held by mortgage loans transferred to specialized institutions securitized by the mortgage securities institutions will be by way of issuance of securities in the market behavior mortgage bonds are bonds issued by this. As a new financial products, mortgage securitization in Britain and other developed countries have been more fully developed country in2005is also approved by the People’s Bank of China, the China Construction Bank and China Development Bank were mortgage-backed securities were Meidianyouyun of loan securitization and the pilot, the same year the central bank and the CBRC promulgated the " credit asset securitization pilot management approach ", which means mortgage securitization as a part of the formal financial reform and innovation on the agenda.Since the analysis of mortgage securitization development started late, incomplete laws supporting measures, there has been a lot of legal issues in the course of the pilot, the paper through the securitization of mortgage loans in the country facing the development of special legal environment identify mortgage securitization hinder the development of the problem, through the successful experience of the U.S. mortgage securitization introduction, trying to find the useful experience to promote the development of mortgage securitization of housing.In addition to the introduction and conclusion thesis is divided into three chapters in totalThe first chapter of the first mortgage securitization basic issues were introduced to explain the mortgagesecuritization meaning, its economic function and practical significance to clarify the necessity of the development of mortgage securitization, and mortgage-backed securitization in practice operational processes introduced in the securitization process will involve a number of legal relations subjects including commercial banks, special-purpose institutions, securities underwriting agencies, and other auxiliary body, etc., they between the formation of the complex legal relationship on the part of these problems are described and briefly describes the mortgage securitization operation process.The second chapter analyzes the mortgage securitization in our development, legal issues through China Construction Bank and China Development Bank pilot securitization of credit assets, securitization of mortgage development exists apparent, due to the country specific market economic and legal environment, housing mortgage loan securitization development presents its own characteristics, the article that part of the above problems are described, and identify legal issues hinder the development of mortgage-backed securities where.The third chapter presents recommendations for the development of mortgage securitization of housing. This chapter first U.S. mortgage securitization development of a brief introduction, the U.S. government mortgage securitization development provides a complete legal system and supporting liberal legal environment, the development of China’s successful experience is worth learning, then on China’s housing mortgage loan securitization development put forward several proposals, suggestions of improvement and mortgage-related securities of financial legal system, the concept of special purpose and clear "true sale", the establishment of a unified credit rating agencies, sweep clear legal obstacles to the development of mortgage securitization exist.