| Real estate mortgage securitization of the 20 century has been the most important financial innovations, it refers primarily to the poor mobility of the person housing mortgage loans through credit enhancement can be converted into the secondary market in the free movement of securities process. From the late 1970s and early 1980s, real estate industry in the United States has experienced more than 20 years of prosperity. Mortgage Backed Securities is already a very common bond investment in the United States. The house sales volume sets the record of the new record unceasingly, the house prices also grow up at the speed of 10% plus year by year. As of May 2004, more than half of the mortgage backed securities has realized securitization in U.S. At the end of 2003, the balance of the mortgage backed securities even reached 5.3 trillion USD, which is about 24.2% of the entire bond market. and it's becoming the largest part of US bond market. Securitization is becoming more prosperous not only in America, but also the Europe and Asian countries have also set off a tide of securitization.However, any financial innovation is inevitably accompanied by corresponding financial risks. According to international experience, personal mortgage backed security reaches or closes to the proportion of 18% -20%, the overall liquidity of commercial banks and the proportion of medium and long-term loans will be the very prominent problem. In April 2007, New Century Financial Corporation, the second largest sub-prime loan organization in U.S, announced that the fourth quarter performance will be at a loss in 2006, and then the sub-loan crisis in U.S was begun. In the following year, the risk of the sub-prime loan got fully emerged. Housing mortgage companies were on the verge of bankruptcy, forced liquidation of hedge funds. Investment banks announced in debt, commercial banks and insurance companies also suffered heavy losses, even the global stock markets dropped sharply accordingly. The sub-prime loan crisis in addition to the loss of the U.S. economy, the global economy has also had an impact.U.S. sub-prime loan crisis has signed the danger information to Chinese housing market. At present time, China's economy is facing the same problem of liquidity crunch. So we have to rise to a high degree of vigilance. To successfully launch securitization of credit assets, the commercial banks need to know how to choose the basic assets, how to select the release and service organization and series of activities, which all contain a variety of risk. So, it becomes very important for Chinese banks and government to learn some experiences from the sub-prime loan crisis of U.S. and manage these risks. and it is also the original intention to write this thesis.This thesis is divided into six Parts:Part 1, Introduction. It's divided into four specific sections: the basis of the selected subject, the definition of the concept, the theory frame and the innovation and insufficiency. The basis of the selected subject is mainly the summary of the sub-prime loan crisis which lasting for over one year in U.S. And then ir extends the enlightenment meaning to Chinese housing mortgage market by their problems and comes the purpose of writing this thesis. The definition part mainly classifies and analysis all the relevant concepts and theories relating to the U.S. sub-prime mortgage so that we can understand the true meaning of the sub-prime loan better. Then the theory makes a compare between Chinese and American house mortgage' market.Part 2, the evolution of the sub-prime loan crisis in U.S. The article uses qualitative analysis to introduce the evolution and the development of the crisis. Firstly it explained how to define the sub-prime loan and how it occurs, and then get the conduction system of it. The second section uses a detailed graph to analysis the generation, development and the current status of the U.S sub-prime loan crisis, from the housing market to the financial market, then to the government and the society.Part 3, the causes of the U.S sub-prime loan crisis. Firstly, this article analyze the sub-prime loan from several aspects, such as the classification of the sub-crisis loan, the division standard of the loan lending objects, the development stage of the sub-prime loan, the specialty of the U.S sub-prime loan. Then, we have a deep-depth analysis from the micro-level. The causes included over-heated real estate lack of government supervision etc. Finally, through thinking about the results from the macroeconomic level,we analyze the nature of the loan crisis of internal factors and external factors.Part 4, the influence of United States sub-loan crisis. This article analysis 3 influences for American domestic economy, Euro and Chinese economy,Which will let us know more clearly about the crisis.Part 5, the apocalypseto China. First of all, we described the current status of the mortgage market. China's real estate market of recent 5 or 6 years is the fastest growing period. As the price rose too fast, there are a large number of real estate speculation. China's real estate bubble has been produced. China is also facing the problem of excess liquidity. Moreover, the People's Bank of China raised the deposit ratio, which also highlighting the risk of our mortgage. Then, through the perspective of the U.S, Crisis to explore the causes of sub-loan crisis and get lessons.Part 6, Conclusion. We can get lessons from the crisis through analysis, which will enable us to look at our country's real estate market and the housing mortgage business actively and carefully. We need to prove the actives in the development of real estate and financial markets. At the same time, we also need to improve the rational and prudent approach to development in the process of accumulation of risks to enhance risk awareness so that we can ensure that China's real estate and financial markets are stable and healthy. |
PDF Full Text Request