Risk Analysis On Real Estate Mortgage Loans Securitization

The real estate mortgage securitization is a kind of new financal tool, which has obtained the widespread application on the international financial market. The securitization has occupied the giant market, and the development prospects have been broaded. But our country has initially established the housing financial system, in which the policy finance and the commercial finance have coexisted. Looking our country capital market condition of development and the development capital demand, it can be known that our country has had the certain development of Mortgage-backed securitization foundation.On Dec. 15th, 2005, China Construction bank has succeeded in distributing "Jianyuan 2005-1 Mortgage-backed securitization" which was 30 hundred million Yuan. It has provided a good investment channel for the investor, because the securitization of high quality also has certain risk. The securitization investors have dodged these risks that they need confront. This paper elaborated from four aspects.In the first part, firstly the correlation theories of Mortgage-backed securitization and the Commercial Mortgage-backed securitization have carried on the brief introduction, following Mortgage-backed securitization compares with Commercial Mortgage-backed securitization. In the second part, investment market and the demand condition of the real estate mortgage negotiable securities have carried on a more detailed discussion. Firstly, the overseas Mortgage-backed securitization market condition such as release condition, investment condition has elaborated, which has provided the model for our country Mortgage-backed securitization of future development condition. Then, it has been carried on the detailed analysis that our country present stage housing bill of sale investment demand. Finally, the paper analyzes the feasibility of investing Mortgage-backed securitization, pointing out that it can be obtained high the security, the income considerable, the strong fluidity by investing Mortgage-backed securitization, furthermore, the multiplicity of Mortgage-backed securitization suits the different fund investment. The third part is a...