The Research Of Mortgage-Backed Securitization Mode On Abroad

With the large-scale of mortgage-backed loans, the pressure of commercial banks in mortgage-backed loans gradually increases, the contradiction of fund in supply and need comes into being, the contradiction from short-term liabilities to long-term assets is becoming serious gradually, the liquidity risk of commercial banks increases. As a result, solving the trouble of short-term capital for long-term loan that commercial banks faced and raising the liquidity of asset by implementing mortgage-backed securities, is a necessary choice. Abroad the technology of mortgage-backed securities has matured however in our country, because of system, laws etc., mortgage-backed securitization haven't yet implemented. So research on the mode of mortgage-backed securitization on abroad has important theoretical significance and actual value.On the foundation of the basic theory of asset securitization and mortgage-backed securitization, article adopts the comparative analysis and combination of theory and practice, proceeding with the developing course and mode design of mortgage-backed securitization on abroad, analyses the merits, demerits and environment of off-balance-sheet securitization in America, in-balance-sheet securitization in Canada and quasi-off-balance-sheet securitization in Australia, basing the real condition in china, proposes the mode design of mortgage-backed securitization in China, including the design of circuit, SPV and the choice of assortment on mortgage-backed securitization. Finally article puts forward that in the initial stage of securitization, our country can not go ahead firstly with the establishment of SPV, commercial banks directly issued bonds to a group of mortgage loans, establishing the mode of quasi-off-balance-sheet securitization by the establishment of wholly-owned or subsidiaries; In the mature stage of mortgage-backed securitization, the government established specialized securitization companies, the mode of off-balance-sheet securitization is the best choice.