| Mortgage-backed Securitization is one of the Structure Finance products, which refers to as the financial institutions (especially the commercial banks )issue the Mortgage-backed securities in Capital Market to finance the funds. All the mortgage loan assets are selected in accordance with some specific standards and the payment of securities will be guaranteed by the cash flow from the pool assets at the maturity. The emergence of securitization drives the financial and economic development in the past thirty years and is one of the most important creations in financial industry.Securitization is a new financial tool in China. The point is how to research their operations and process and customized to China's needs. The thesis focuses on the process and methodology of residential mortgage-backed securities credit rating. The whole article can be divided into the following six parts :The first part briefly introduces the background of securitization in China, the structure and research methods of this article.The second part brings the concept, development and process MBS.Then the author analyzes the relationship between credit rating and MBS and point out the characters of credit rating played in the RMBS.The fourth and fifth parts are the most import parts of the article. In the fourth part, the author proposes a new set of credit rating methods including pool quality analysis structure analysis and service quality assessment. In the fifth part, the author analyzes the CCB securitization project from the above-mentioned three perspectives.In the last part, the author point out the weakness of the credit rating industry and also the direction of development in the near future.Generally speaking, the thesis introduces a new residential mortgage-backed securitization credit rating methodology customized to China's needs. Then the author uses the research results to analyze the CCB Residential Mortgage-backed Securitization case to evaluate the reliability of this method. |
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