The Risk Analysis And Management Of The MBS In China

Mortgage-backed securitizations( MBS) has been one of the most significant financial innovations in the late thirty years. Mortgage-backed securitization is the result of the large-scale mortgage-backed loans and the appearance of the liquidity risk. On one hand, mortgage-backed securitization supplies the high-income, good-quality and high-quality securities to the investors. On the other hand, the process of the mortgage-backed securitization is full of risks. So it is very essential to study this topic.The dissertation classifies the mortgage-backed securitization's risks in a new way. The risks include the internal risks (non-systemic risk or diversifiable risk) and the external risks (systemic risk or undiversifiable risk). The dissertation analyzes the risks' sources and sort. It studies every risk's definition, character, source and factor. In different with the western country, the risk of the MBS is result in the economic system in china, mainly include: primary market is developing, operating risk of the intermediary, risk of the system, prepayment risk and the default risk. This dissertation supplies the internal control and the extra control for the risks. Internal control protects the interest of the participants, and extra control could construct a complete financial supervision system.