The Studies On Housing Mortgage Loan Securitization

Essentially, Housing mortgage loan securitization diverts money from capital market. Its function focuses on: promoting the scale and adjusting the structure of housing mortgage loan market, furthermore, promoting the economy growth; increasing bank's asset liquidity and diversifying bank's risk. The purpose of this thesis is to study housing mortgage loan securitization of China commercial banks, by the way of quantitative and qualitative analysis.This paper presents some pricing models suitable to our country's MBS, and then makes some advice for the securitization of the housing mortgage of our country from perspective of pricing.This paper comprises four chapters. Chapter one gives a brief discussion of housing mortgage loan securitization operation system . Chapter two makes the pricing analysis of MBS, including the analysis of cash flow of MBS, the research on the prepayment behavior in the housing mortgage and the pricing model of MBS. Chapter three analyses legal system and legal barriers of housing mortgage loan securitization in China, including establishment of SPV, true sale, housing mortgage, exchanging assets. Chapter four puts forward the policy suggestion in terms of problems perplexing the pricing of our country's MBS and legal system.