Study On Mortgage-backed Securitization Mode And Our Choice In China

Mortgage-backed securities(MBS) was one of the greatest financial innovation in United States since 1970s. And later rapidly extended to other developed countries and regions in just 40 years.The housing industry is going to be developed into the pillar of the national economy with the rapid economic development in China.In our country, the personal housing mortgage loan size is gradually expanded, which trigger the problems that the structure of assets and liabilities of commercial banks does not match, the liquidity risk becomes ever more important in commercial banks. MBS can solve liquidity shortage problem in financial institutions and more and more commercial banks of all ages use MBS to avoid the liquidity risk.There is a direct relationship between the MBS's birth and the U.S. savings and loan crisis in 70 years. At that time the United States faced a serious economic recession and inflation, in order to curb inflation, The United States Federal Reserve Board (Fed) had adopted a high interest rate policy in 1969, but at the same time financial institutions were subject to "Q Ordinance" deposit interest rate ceiling. So savings and loan institutions were facing the problem that increasingly serious asset-liability structure did not match. In order to get rid of the plight of the lack of liquidity, so MBS was born.In the United States, the Government promoted the rapid development of MBS. The U.S. government had set up FNMA,FHLMC and GNMA. The Three institutions bought home loans from a large number of banks and savings and loan institutions. As the Government provided a complete government credit to mortgage-backed securities which issued by these three agencies, these measures made MBS rapidly develop in the United States.In Germany, the early purpose of the implementation of MBS was to broad the sources of funds for banks and enhance the capital adequacy ratio. Germany MBS development had been relatively stablebecause of its state policy. German savings based on financial operations with the housing model, which made mortgages more stable sources of funding, Combined with a low deposit housing loans with low credit policy, the housing mortgage loan market demand was small.In Australia, MBS was to solve matching and liquidity problems in commercial banks with the government's vigorous promotion. Through the sale of commercial bank loans, which not only addressed the asset liquidity problems, but also accessed middle income, therefore, Australia's commercial banks had very high enthusiasm to develop MBS.Overseas, MBS studies have fairly mature, but in China, MBS is at an early stage of study limited to the legal, market conditions, etc. imperfect. Therefore, the study of foreign MBS model has important theoretical significance.This paper first analyzes the basic principles of MBS, and then do a detailed analysis of three kinds of MBS operation mode in the United States, Germany and Australia from the development process and characteristics of MBS abord. At last, proposed the specific MBS mode according to chinese conditions.