The Research For MBS Development In China

The assets securities was recommended to our country in the middle 1990s, The study on it once became the focus of academia, we basically have reached consensus on takeing MBS as the breach of asset securities. The focus transfer from whether MBS should be carried out to how to carry out it facing China's national conditions, which patterns, and how to circumvent the existing systemobstacles. Mortgage-backed-securities will not only solve dislocation of our financial system functions , promote capital markets function better, resolve commercial bank liquidity problems, but also can bring many benefits to the commercial banks, Meanwhile open an indirect channel.for folk organization fund and each kind of insurance fund to enter the bank credit domain.This article bases on the national condition, unifies the overseas theory achievement, implemented MBS to our country to make the preliminary exploration. The first chapter briefly introduce the MBS concept and principle of MBS and carry on the comparative analysis to the overseas each kind of pattern of MBS. The second chapter propose temporarily the feasible fixed price model after introduce comparative analysis on overseas existing fixed price theory, the union national condition. The third chapter analyze the MBS risk and propose the corresponding risk management measure based on unioning real estate market and housing mortgage loan level of markets situations. The fourth chapter makes the preliminary study on negative exterior nature and the transferation of MBS creditor's rights. The fifth chapter analyzes several essential laws and the system barrier which MBS maybe face, meanwhile unifies our country national condition, research on some key questions on SPV pattern and desigtation of securities, proposed suggestion pattern of MBS in our country.