Personal Housing Mortgage Loans Securitization In The Study

Being a finance innovation in the world since 1970s, Asset-backed securizationhave effectively eliminated financial risk and consummated financial market' Callingoff walfare house and executing merchandise home was suggested at the first sessionof the 9th National peoples congress. They hope that house consumption become anew economy rise point. Bu if the for between supply and demand is not beensoled, it will cumber national ecnomical development.This paper combine our country's fact with foreign advanced experience andsuggest starting from individual house mortgage securization, then expaned it to thewhole house securization. This paper also demonstrate the feasibility and explaine se-curhation can reduce invest rjsk and increase invest income via compartw profit andloss with return. Subsequently discuss and study the mortgnge securization's opera-tional mode from operational elements, operational too and operational mode1 etc.Tthe paper introduce mortgage securization's diversified operational tools andanalyze concretely its cash flow, indicate our country should choose pass-through se-curity at present, After condition mature, we can issue collateralized mortgnge obli-gations and stripped mortgage-backed security in succession. This paper suggests theprepayment model and estimate coupon tate of interst with Black-Sholes option mod-el.This papet analyze the securization actuality of the United stues, England andHongKong, We get the inspiration for our country by comparing and analyzing.Meanwhile the paper try to rende two securization model fitting our fact. One modelis centered on invest fund, the other is centered on bank. At last point out the barrierof develop our securhation market and solving measure.