| The operation risk of commercial bank is always the focus of the public attention. It is known that the four state-owned commercial banks have many problems, such as: insufficient capital fund, low mobility and low quality assets. In order to solve the existing risks, the Central Government established four assets management companies. With the development of economy, commercial banks have developed their businesses in consuming areas: real estate, cars, electrical household appliances, consumer credit business, etc. At present, personal housing mortgage loan has been accepted by ordinary individual, and this kind of business bring the following risks: Fluidity risk, Interest rate risk, Inflation risk, Credit risk, Prepayment risk, Price of house , risk of house ,and so on.How to eliminate or transfer above risks is a very important question that we have to think it over. Above risks, some belong to non-transferable risks (or system risks), the others belong to transferable risks (or non-system risks). To transferable risks, we can use insurance to transfer or avoid risks. To non-transferable risks, we could use financial innovation —— assets securitization. If mortgage--backed security(MBS) wants to be sold, MBS must be guaranteed by the insurance companies. This is the important role of insurance company in the process of securitization. The core content of the dissertation is about how to solve risks when commercial banks provide personal housing mortgage loan. The dissertation is divided into five chapters:Chapter One: personal housing mortgage loan in markets and their risk analysis. Firstly it introduces briefly the housing mortgage loan in first rank and second rank markets. Then it analyses detailed the 7 risks existing in personal housing mortgage loans, and divides these risks into system risk and non-system risk. The system risk must be transferred by the financial creation and the non-system risk is transferred by insurance. This chapter is the beginning of the dissertation, and it is also the foundation of understanding assets securitization.Chapter Two: the evolution of assets securitization and the its significance for China. It's very necessary for China to draw lessons from western developed countries if we want to use Mortgage-backed Securities (MBS) in China. In this dissertation the author takes America as the researching case, which has the most developed mortgage loan market in the world. Assets securitization has become the popular financial innovation tool, which has several lessons for Chinese financial circles. Firstly, it has very import practical significance for guarding against financial risks, optimizing Chinese security market structure, being improvement to establish Chinese healthily banking system, combining the capital market to monetary market and buyers in real estate market to investors in capital markets through security financial broker. Secondly, it has important significance for commercial banks themselves, such as: increasing adequate capital fund of commercial bank, improving its gain profit ability, speeding up the mobility of banks' capital.Thirdly, it has also important significance for institute investors. Given that assets security has high credit rank, it is a new and high quality investment tool, which will provide higher investment profit rate and liquidity rate, decrease investment risk, increase assets quality, etc.Chapter Three: operation of assets securitization. This section is the core part of this dissertation. It first expounds the meaning of assets securitization and its theoretical foundation, then narrates detailed the operation procedure of assets securitization. This section is the center part for understanding the whole assets securitization and cash flow. Assets securitization relates many participators who have different function, so it is necessary to discuss every participator respectively. And assets securitization is a complicated process which has higher requirement in MBS credit grade, so credit grade ad... |
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