Housing Mortgage Loans Securitization Research

AbstractHousing Mortgage Loan Securitization derived from the finance innovation in 70s Housing Mortgage Loan Securitization is the course in which borrowers are financed by issuing bonds backed by housing mortgage loan pool.Essentially, Housing Mortgage Loan Securitization divert money from capital market to housing mortgage loan market . It's function focuses on : promoting the scale and adjusting the structure of housing mortgage loan market , furthermore , promoting the economy growthincreasing banks asset liquidity and diversifying banks risk ; enhancing the management department's ability of adjusting economic cycle via housing market ; enriching transaction tools ~n capital market Meanwhile Housing Mortgage Loan Securitization has the defect of diversifying single risk to system risk.Housing Mortgage Loan Securitization has well developed in North America and Europe Now, it is undergonging rapid development progress in some areas and countries in Asia, such as Japan , HongKong , Thailand , Malaysia , Korea In China , Housing Mortgage Loan Securitization has become one of the heated topics . Promoting domestic demand is one of the basic economy policies in a certain period Housing market will play an important role in the course of realizing this policy goal . Housing Mortgage Loan Securitization could promote the scale of housing mortgage loan market, furthermore , promote the housing market. So founding and developing Housing Mortgage Loan Securitization will guarantee the realization of the policy goal of promoting domestic demand.Some authors have given some good discussions about the benefit and application of Housing Mortgage Loan Securitization and come up with some practical proposals . But the discussions mostly focused on financial market environment , not having concerned the securitization operation system . This paper means to do some research work in this field basing on the practical condition of our country.This paper comprises three chapters . Chapter 1 gives a brief disscussion of Housing Mortgage Loan Securitization Operation System , pointing out it includes 6 procedures , 5 concerned units and 1 transaction vehicle . Chapter 1 also points out that the Special Purpose Vehicle, which is the transaction organisor and the operation stability assurer , is the core of this course Chapter 2 focuses on the benefit and defect that Housing Mortgage Loan Securitization would bring on economy operation , meanwhile refering to the obstacles in securitization course . Chapter 3 discusses the policies on developing Housing Mortgage Loan Securitization , pointing out securitization course should be divided into two steps . First , consummate the necessary environment and promote the scale of housing mortgage loan market . Second , scrutinize the details of securitization operation technology.