On The Securitization Of Housing Credit Assets Under The Excess Liquidity

The securitization of the housing credit assets origins from America in 1970's , develops at a fast speed in 1980's and now becomes the major parts of developed countries'real estate finance such as the Europe, Japan and Canada. The concept of the securitization of China's housing credit assets starts in 1980's and was proposed and confirmed by the authorities in 1988, and gets down to test in 2005. It has the elementary conditions to promote at a large range after 20 years. The author analyzes the securitization of china's housing credit assets on the view of excess liquidity.First, this paper analyzes the formation and development of the securitization of China's housing credit assets on the basis of the securitization of housing credit assets, the reason and the measure criteria of the excess liquidity, and the relationship between the securitization of housing credit assets and the excess liquidity. It points out the ultimate reason of the excess liquidity is the underdeveloped capital market. Second, it studies the typical model, the characteristics, the inspiration and reference of the domestic and overseas securitization of housing credit assets. It points out that government-oriented semi- market securitization model should be an alternative model selected by the securitization of China's housing credit assets under excess liquidity. Third, it makes a systems analysis on the problems the securitization of China's housing credit assets faced ,for instance, the lack of effective demand, the set-up of special organization, the build-up and perfection of legal system, the promotion of media agency, the program of the accountancy and customs system. And either does it on the counterparts, such as to develop and standard the primary market, to foster the vantage market, to cultivate the group of investor and organization, to set up the perfect credit system and the relevant legal and policy system, to bring up professionals . At last, on the studies, it makes the conclusions and proposes several suggestions.