The Study Of Mortgage-backed Securitization In China

Mortgage-backed securitization (MBS), as one of the most important innovations in financial fields for recently 40 years originated from 1970s. China Construction Bank issued the first MBS -"Jianyuan 2005-1 MBS" on December 15, 2005, which made the theory study into practice. The paper chooses the subject and conceives under the background and starts with the theory knowledge, then neatens the domestic and overseas study of theory and practice. After that, it introduces the concept and principles of MBS, along with the primary participants and their functions. Afterwards, the paper emphasizes the MBS pattern of USA, Australia and HongKong, and goes deep into their background, mechanism and characteristics, gets hold of the correlative revelation from among them. The fourth part analyses the localization of "Jianyuan MBS" in details, and then demonstrates the necessity and feasibility of our country's MBS. On the base of it, the fifth part consults the experiences of overseas MBS, combines our country's facts, then points out the pattern of MBS which we should choose. In succession, it studies the instauration of SPV, and advances the products of securitization. At the' same time, it summarizes the obstacles combining with the complexion of "Jianyuan MBS". At last, the paper puts forward the recommendations which can promote the development of MBS in China.