Purchase Mortgage-backed Securities Of Legal Research

As a kind of important financial innovation, mortgage-backed securities (MBS for short) originated in American in 1970s. It has been introduced into many countries for it's good effect and mature development in American. Since the innovation was introduced into China in 1990s, economist and financial circles have taken vigorous actions, now they reach a conclusion that carrying out the innovation in China is necessary and feasible from their enormous comparative research, logical inference and analyze. But the study from angle of law is little although it is very necessary. The thesis make a systematic study on MBS from legal angle by the way of comparison and logic as to introduce MBS into our country smoothly.This thesis consists of five sections besides preface and postscript.The first section is the operation of MBS. This section initially set forth the conception of MBS, then analyze it's operating procedure: from stripping and composing mortgageloan to setting up special purpose vehicle (SPV for short) to selling the loan to rating credit to enhancing credit to issuing and selling the securities to paying back the principal and interest. This section is the foundation of the whole thesis.The second section is the legal analyze of MBS. In this section, the writer analyze the subject, object and content of the legal nexus of MBS and it's legal character.The third section is the comparison between the implement of MBS and Chinese law in force. It is one of the emphasis of the thesis. The writer discuss the legal problems in sequence of the operation and compare them with Chinese law in force, then find the commons and conflicts, as to provide basis for the implement of MBS in China.The fourth section is the necessity and feasibility of the implement of MBS in our country. The function and significance of MBS prove it's necessity, then analyze the feasibility and introduce the development of MBS in China.The fifth section is the principle and legal framework on law of the implement of MBS in China. This section is the conclusion another emphasis of the thesis. In the writer's view, the principle is leading by government, making experiments and putting into effect step by step. As for legal framework, throughimproving the relative law as to simplify the legal formalities of selling the mortgage, clear away obstacles of setting up SPV, standardize the issue and trade of MBS, realize the shifting of the monetary system, develop organization investor and establish credit system.There are two creative ideas in this thesis: the first one is that the writer make a systematic and deep study on MBS from legal point, and put forward a rational feasible proposal about implement of MBS in our country. The second original idea is introducing credit system into the legal study on MBS.