| Mortgage-backed Securitization is a major innovation in the financial sector.It first appears in the United States,which is the most perfect type of asset securitization.Financial institutions transfer the poor mobility of the housing mortgage loan portfolio to special-purpose institutions,which will enhance the credit,and mortgage-backed securities will be sold to investors if special-purpose institutions will be issuers.For financial markets,using the way of securitization can transfer the risk of dispersion, not only solve the stagnation problem in liquidity of financial institutions,but also supply funds to the real estate market the in a more effective cost.For real estate consumers,we can use the long-term,low-interest loans,and compared to the general mortgage,the loan can ease the restraints use,then more easily achieve owned residence.For the national economy,this system can improve the living conditions, expand the secondary mortgage market,and develop the domestic industries.In 2005,China formally entered the stage of the pilot phase of asset securitization, from China Construction Bank as a pilot unit,now we has issued two individual mortgage-backed securities,Although the new attempt of Mortgage-backed Securitization obtains the desired results in the initial,but it doesn't achieve rapid development,and a lot of issues are appeared.The Products are as follows,asset securitization poor mobility,the quality of information disclosure,the uncertainty of development direction resulted from the loss of laws and regulations.In 1997,after the Asian financial crisis,Korea adopted the system of asset securitization and effectively solved the plight of a shortage of funds that the domestic capital markets faced.The new attempt of Mortgage-backed Securitization is an important content of its asset securitization.I believe that the set of South Korea's mortgage securitization system is very perfect,to our country,which is beginning to imply the mortgage-backed securities, the practical experience are very good reference.This article is divided into four parts. The main contents are as follows:Firstly,this part mainly overviews the basic content of the Mortgage-backed Securitization.Describes the meaning of mortgage securitization and type of its main products,from the meaning of asset securitization,clear that the Mortgage-backed Securitization is an important type of asset securitization;Discusses the reasons of the implementation of Mortgage-backed Securitization,and its practical significance; introduces he basic structure of Mortgage-backed Securitization,including its participation of the main and the operation process;Introduces the generation of the Mortgage-backed Securitization,then research its development in the major countries, from the macro level,understands the emergence and development of the system.Secondly,mainly analyzes the legal system of Mortgage-backed Securitization of South Korea.Through studies the Basic Law which implies the system should comply with,and then we can understand the legal environment of the system and related system in a macro level.At first,studies the background of South Korea introduce this system;and then discusses the Basic Law of Mortgage-backed Securitization in South Korea.Asset Securitization Act and Residential mortgage debt flow of the Company Law of South Korea are the main supports in order to imply the residential mortgage loan securitization system,and now China does not have a special legislation of securitization of residential mortgage.This is the main experience that our country can reference to South Korea,now China regulates the mortgage securitization pilot by The Pilot Securitization of Credit Assets Management.Thirdly,analyses the development of the Mortgage-backed Securitization in South Korea.Mainly through a series of data and charts,studies the status quo situation and the development of the South Korean Mortgage-backed Securitization,and then Come to a result that South Korea's Mortgage-backed Securitization does not conform with the development of the world's securities markets,then based on this conclusion analyses the reasons for the slow development.To promote South Korea's Mortgage-backed Securitization in the further development,from the practical and fundamental points of view,puts forward a series of recommendations to improvement.At last,mainly analyses the pilot of China's Mortage-backed Securitization.First,introduces the two single individual housing mortgage-backed securities situation of China and compared to each others.Then,we can see that although the pilot of China's housing mortgage loan securitization is basic success,but to be perfect in many aspects.Pointes out that a series of problems remain to be improved in the pilot process,and then this part combines with the United States sub-loan crisis and South Korea's successful experience,makes improvement suggestions that will help the development of China Mortgage-backed Securitization. |
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