Housing Mortgage Loans Securitization Research

How to establish a marketalizational housing financial system isa major problem that theorists and officials are facing. In recent years, afervent discussion has been arisen between scholars on the feasibility ofsecuritization of mortgage loan, after some attempts in the Germanmodel of Housing-saving and the Singaporean model of Housing PublicFunds. Government is actively launching a pilot to settle this discussion in some particular cities. The present thesis attempts to conduct some theoretical exploration in the field of mortgage loan.This thesis consists of 4 sections. Section 1: General introduction of securitisation about mortgageI loan. This section firstly elaborates the concept and the nature of MBS,I Through the classification of securitisation about real estate, the subjectof the present study becomes prominent; then this paper introduces therising, development and management of this kind of securitisation in the United State. In the meantime, securitisation in other states is also briefly introduced and then characteristics are compared. Section II: Economic analyses on securitisation of mortgage loan.This section is the key part of this paper which provides a framework for the following analyses. Firstly, from the perspective of financial economy, this section introduces the model of sustainable growth, the model of gap-management and the analysis of value-creation on the securitisation of housing mortgage loan, it also explains the motives of the initiatives of savings-loan-intermediary. Secondly, this section meticulously analyzes the effect of capital distribution, the renovation of financial mechanism and the influences of increase of financial efficiency in the securitization of housing mortgage loan.Section III : Some judgements and analyses on Chinesesecuritisation of housing mortgage loan. In the framework of economic analyses provided by section II ,the analyses of the management methods of the loan production and the originality of value indicate that Chinese banking industry lacks of initiatives to promote the seuuritisation about housing mortgage loan. The analysis also show its system obstruct in Chinese present situation.Section IV: The prospect and policy arrangement of the promotion of securitisation of housing mortgage loan in China. The author believes that securitisation of housing mortgage loan is inevitable in the process of Chinese housing finance development. Nevertheless, it is not feasible that the large-scale promotion of it in Chinese present situation, analyzed in Section 3.This section designs the initial model of it in the respects such as the arrangement of organization, the choice of tools, the methods of credit rating and steps of promotion. Finally, this thesis submits some policy suggestions to the urgent problem in the promotion of the securitisation of housing mortgage loan.