Research Of Mortgage Backed Securitization In China

Mortgage backed securitization began in America at the end of the 60's the twentieth century, since the maturation of the mortgage backed securitization technique, other kinds of securitization developed quickly, give birth to the quick development of all kinds of securitization in America, Europe ,Japan and the emerging market. Securitization enhanced the dept of the financial market and improved the efficiency of the financial market in different countries.The research of securitization began at the end of the twentieth century, but there are still a lot of difficulties, such as the try in mortgage backed securitization of China Construction Bank. In this paper, we analyzed the economic effect of mortgage backed securitization and introduced the problems in mortgage backed securitization of china and its reason, and then we introduced the mortgage backed securitization experience in America, ultimately came up with the mortgage backed securitization strategy of China, which is mutual fund loan securitization.The goal of our research is to find out the best choice of mortgage backed securitization in China. According to our goal, we take the comparative analysis method, by compare the basic conditions and arrangements of mortgage backed securitization both in China and in America, we find the best way China should pass through in mortgage backed securitization. In accordance with the idea and method we take, the paper can be divided into four chapters, fifteen sections. In the first chapter, our main task is to analyze the economic effect of mortgage backed securitization, so we introduced the arrangement of mortgage backed securitization at first, then we explain the effect of mortgage backed securitization on the seller, investor and on the efficiency of the operation of the financial market, from what we concluded that the mortgage backed securitization is very urgent and necessary in China. The main task in the second chapter is to study the condition and status of mortgage backed securitization in China, firstly, we analyzed the law and implementation condition of mortgage backed securitization in China, secondly we introduced the early development of mortgage backed securitization in China briefly, then we introduced the try of mortgage backed securitization of China Construction Bank and problems it exposed, so it is necessary to learn from countries in which the mortgage backed securitization technique is developed, such as America. In the third chapter, our main task is to introduce the mortgage backed securitization experience in foreign countries, according to the need of Mortgage backed securitization in China, we introduce American experience on first claim registration system, the government back up on mortgage backed securitization, the types of the mortgage backed securities, how to improve the liquidity of the mortgage backed securities and the information disclosing system. In the last chapter, chapter four, we get the strategy that we should take in the mortgage backed securitization according to the problems in mortgage backed securitization in China and the experience in America, in which we got the conclusion that china should securitize its home mutual fund load, besides, we also give our advice on how to solve the interest problem, what kind of securities we should issue, credit enhancement and information disclosing.The innovation of this paper lies in that we introduced the try in mortgage backed securitization of China Construction Bank and the problems it exposed and its reason, on the basis of this introduction, we studied American experience on these problems, then we came to the conclusion that China should take home mutual fund load securitization as the best choice and gave some suggestions on how to do home mutual fund load securitization in China.