China Has Implemented The Residential Mortgage-backed Securities Research

With the housing monetary policies practicing, the housing finance system becomes the focus of the reforms. But the development of primary market of housing mortgage restricted by the mortgage financial organizations' rules of security, the mobility and the profitability. In order to resolve this problem, develop the finance of housing mortgage of our country, construct the secondary market of housing mortgage, we have analyzed the developed countries' ,especialiy U.S.A. operation mechanism of the housing mortgage .We give a research on this topic through analyzing development of housing mortgage in America, with the reference of development of financial market in our country. This article includes five parts.The first part introduces the relevant theory of the MBS (Mortgage-Backed Securities), including assets security and the market of housing mortgage. For its close connections with this two concepts and it's stable income and low risk, housing mortgage becomes the best candidates for the assets security than any other assets. The second part give a brief introduction of foreign countries practice in housing mortgage, especially America's operation mechanism of the housing mortgage. In this part ,the author also analyses the common characters of that in USA HK& Canada in developing secondary market of housing mortgage. The third part, by using" the substantial evidence analysis method", we not only introduce the fiist step fulfillment in our country in the field of housing mortgage loan security, but also give a detailed introduction of its process, merit and shortcoming of" step by step" mode. The fourth part of this article argues the obstacles, restrictions and problem by promoting housing mortgage loan security in our country. Finally, by our study, we give some advices on how to push forward housing mortgage loan security in our country.The investigative contents in this text focus on the first step in the housing mortgage loan security in our country, through the practice by the Construction Bank of China in the housing mortgage loan security, the author introduce the "step by step" policy, expatiating the existent problem in promoting housing mortgage loan security in our country. Based on the above analysis, the author give some advice on how to promoting housing mortgage loan security in our country, such as: put forward the construction of housing mortgage loan security market, construct positive market environment, make a point of the related talented persons' training. The author make a great attention and also give some original views in the development of housing mortgage loan security in our country such as: the governmental support is of great importance in developing housing mortgage loan security market; we must establish loan insurance system, reputation grade system and guarantee system of exceeded loan in order develop our housing mortgage loan security positively & rapidly.