| As an important innovation, mortgage-backed securitization can provide commercial banks new assets and risk- management method and new profit mode to gear to the intense market competition. The mortgage-backed securities of "Jian Yuan " 2005—1 has achieved great success, but there are some problems. How to solve these problems, modulate the operation mode of mortgage-backed securitization and to inaugurate securitization product is an exigent task of developing mortgage-backed securitization in China.Based on the analysis of necessity and feasibility of mortgage-backed securitization, some representative modes of developed countries are compared in this paper. Mode of mortgage-backed securitization is inaugurated in part after considering the practice in China. On this mode, sorts of securitization tool and prepayment are studied. Given a prepayment rate, the cash flow of securities and the different effects for cash flow under different prepayment rates are forecasted to help to inaugurate the securitization products.With the research approach of collecting literature, analyzing theory, selecting model and processing data, the PSA model is adopted to analyze the cash flow in the case of prepayment aiming at the ineluctable prepayment in this paper. Skipping Z Securities is brought forward because it can attract more investors and it is competitive in the market. The operation mechanism is given in this paper too. At last, the foreground and difficulty of Skipping Z Securities in our country are forecasted, providing reference for mortgage-backed securities in China. |
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