Study On China's Commercial Bank Mortgage-backed Securitization Scheme

Being a financial innovation, the mortgage-backed securitization dated back to the end of 1960s in the United States, and expanded to the other developed countries and areas in 1980s and 1990s. With the rapid development of the real estate, many experts have done much research on it in our country during the recent years.At present, necessity, feasibility and obstacle of MBS that might run into own to is it study in a large amount to make, but the studying of concrete operation scheme are fewer. This thesis in the model overseas correlation research results foundation, the angle which unifies from the theory and the solid service, has analyzed the housing mortgage loan negotiable securities in the our country utilization basic situation, has made the choice to the present stage our country state-owned commercial bank housing bill of sale scheme, the discussion has suited our country national condition the housing mortgage loan negotiable securities scheme.First of all, the thesis mainly introduces the basic theory of securitization of MBS which including concept and background of MBS, characteristics of MBS, and systematic explanation of operation mechanism of MBS, and analyzes Significances for China's Commercial bank to implement MBS at current stage. After introduces the development and current status of MBS in China, briefly introduces MBS in developed nations, the thesis analyzes the reasons of their success and finds some points which can help the development of China's MBS. The research of China's MBS scheme essential link design is the central content and emphases of this thesis. On the basis of close theoretical analysis and data-processing, considering these factors such as system environment and technique condition, the thesis has presented a framework model with the design of the transaction entity, the transaction structure, the transaction flow, the asset pool the credit, rating and its enhancement, the pricing of MBS etc, and then poses some reasonable advices. Next, the thesis analyzes CCB MBS pilot project cases, and analyzes the problems and obstacles MBS has faced. Finally, taking into account of China's actual situation, as for the problems and obstacles MBS has faced in theory and practice, the author brings out strategy suggestions of MBS development in China based on current situation.