| Housing industry is a new point of economic growth, and housing finance, as impetus to development of housing industry and burgeoning capital business of finance industry, is the link between housing industry and housing finance. The flourishing growth of housing finance will drive the development of housing industry and finance industry, and indirectly promote the economic growth in China. Currently the neonatal housing finance in China has many problems, which restrict the growth of housing and finance industry. Especially when commercial real estate mortgage loan doesn't witness a large-scaled and benign development, ineffective demand of housing consumption is a big problem. This dissertation focuses on the relationship between housing industry and housing finance and tries to resolve some outstanding issues in housing finance. Specifically speaking, the author begins with the status of housing industry in national economy, introduces housing finance, then discloses some existing problems in current commercial housing finance, and finally process the solution to the problems, which is securitization of real estate mortgage loan, and explains its concept, operation method and the solution plan applicable in our country.Part one: housing industry and housing financeIn this part, through description of relationship between housing industry, finance industry and national economy, the focus of this dissertation, housing finance, is introduced. Firstly, housing industry and finance industry are supplementary to each other. Secondly, housing industry tremendously promotes national economy, the importance of which is irreplaceable. Housing industry has become a new point of economic growth in our country, for which this dissertation advances several reasons. At the same time, the author brings forth that the main problem faced by China's housing industry is ineffective demand. Finally, looking back on the history of China's housing finance, we can see that housing finance problem is produced in development, while it is also solved in development. So China's housing finance should be innovated, and then existing problems can be solved. Part two: Status quo and main problems of China's commercial housing financeThis part is the keystone of the dissertation: investigation into commercial housing finance. Growth of commercial housing finance cannot do without financial institution that handles housing finance business and financing system for housing finance. Then it analyzes the actuality of real estate finance mortgage loan, which is a principal part of Chinese housing finance. Real estate mortgage loan is a special case that has different operational method from other capital business. Also, it has many problems, among which are dominantly problems in housing credit consuming. Several cases are taken as example for the loss caused by the lack of experience in real estate mortgage loan.Part three: thought on securitization of housing financeThis part deals with one solution to the problems mentioned in the previous part, i.e., a solution for securitization of real estate mortgage loan that is applicable in the situation of China. The solution is advanced after a thorough survey on the necessity and feasibility of securitization of real estate mortgage loan in China, and a review of securitization of real estate mortgage loan in the United States of America and Hong Kong. Banks can use real estate mortgage loan to expand its capital business, but it can also bring prodigious side effect. Dissolving the side effect depends on securitization. Necessity of securitization includes the following two aspects: one is improving liquidity of bank capital, and making the bank implement practical risk diversification and diversion mechanism; the second is achieving join of real estate market and capital market, and providing new capital resource for real estate market. Feasibility is represented in the following aspects: housing mortgage loan begins to have scale effect; hardware environment for securit... |
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