The Research On Operations Pattern Of Housing Mortgage-Backed Securitization In China

Mortgage-backed securitization (MBS for short), as a financial innovation that came into being in the end of 1970's in USA, presents itself to us as a new solution with its unique financing structure design and extraordinary managing function of assets and liabilities. Till the end of the 20th century, the total balance of the MBS in America is about 700 billion dollars. The negotiable securities only issued by GNMA,FNMA and FHLMC even high up to 2000 billion dollars. Not only in America, it also expanded to the other developed countries and areas in Euro, Canada, Australia and Japan. With the development strategy put forward by Chinese government has been acknowledged by all circles of the society that the housing industry is going to be developed into the pillar of the national economy, and the personal housing consumption is going to be cultivated as a new consumption hot spot as well as a new increase element for the national economy. According to the statistics of central bank, the personal housing mortgage loan balance is about 934.6 billion yuan which plays 8.9% of the total bank's loan. As a result, the market of housing mortgage loan, as a key link, will play an important role in the development of the housing industry and the national economy. With the rapid development of the real estate, many experts have done much research on it in our country during the recent years.This article will make a systematic exposition about the fundamental of the MBS. The first chapter of article main introduces paper selected topic background and the significance. Present paper main research in current our country real estate money market rapid development situation vivid housing mortgage loan securitization operation. The second chapter of this article introduces the housing mortgage loan securitization theory introduction. In detail introduced the housing mortgage loan securitization production and the development, the housing mortgage loan securitization definition and the basic connotation, the housing mortgage loan securitization basic principle, basic construction and flow as well as to real estate finance development function. The third chapter of this article is the overseas MBS movement comparison and the enlightenment. Mainly introduced the overseas MBS market development condition, emphatically introduced the American MBS product type and the operation procedure as well as to the overseas MBS operation pattern analysis and the enlightenment. The last chapter of this article is our country's MBS development situation and the enlightenment. Mainly introduced our country securitization development course, the existing MBS pattern and the skeleton, key establishes a reign title Jianyuan 2005-1 individual housing mortgage the cross securitization trust priority property support negotiable securities issued by The China Construction bank development to carry on the multi-analysis; system analysis its product skeleton, the trust asset...