China Housing Mortgage-backed Securities Research

Historically speaking, the real estate industry is always the most important component in the state's economy and plays a fundamental and pioneering role in the economic system. As China's economy enters into a new phase, the real estate industry will become more and more critical in function and status.As the scale of personal residential mortgage is expanding, the risks faced by the banks are enlarged and accumulated in different levels and the main systematic risks are more likely to outbreak. In the second half of 2007, the sub-prime mortgage loan crisis in America has sounded the alarm for us. We must speed up the securitization process of China's housing mortgage.On December 15, 2005, China Construction Bank screened more than 15000 pens, a total of about 3 billion Yuan in personal housing mortgage from three branches in Shanghai, Jiangsu and Fujian province to build a assets pool, and commissioned the CITIC Trust and Investment Limited Liability company to issue the first phase"Jianyuan personal housing mortgage asset-backed securities"in 2005. This is the unprecedented securitized products in domestic personal housing mortgage. However, being compared with the mature issue model overseas, China's first mortgage securities are far less-than-perfect.Based on the comparison of housing mortgage securities in different countries, the study of necessity in implementation of such issues and the model of CCB first housing mortgage securities, this dissertation discusses the existing problems and solutions in China's mortgage securities financing development.