| The development strategy put forward by Chinese government has been acknowledged by all circles of the society that the housing industry is going to be developed into the pillar of the national economy, and the personal housing consumption is going to be cultivated as a new consumption hot spot as well as anew increase element for the national economy. As a result, the market of housing mortgage loan, as a key link, will play an important role in the development of the housing industry and the national economy. Referring to the experiences of developed countries, it is very possible that commercial banks will get themselves into trouble with floating risks alongside the rapid development of real estate industry, which will result in the weakening strength of the banking to support the development of the housing market.Mortgage-backed securitization (MBS for short), a financial innovation that came into being in the end of 1970's, presents itself to us as a new solution with its unique financing structure design and extraordinary managing function of assets and liabilities. However, it's not an easy job to realize MBS in our country. Surely, the underlying reasons for that include those restricting elements concerning the perfection degree, system of the loan market, laws, accounting, and taxation as is know to all. But in the final analysis, the main reason is that we haven't yet found an operation pattern to start the market of MBS in our country that suits the situation of China. The theorists have been making plenty of research on the feasibility, necessity, countermeasures and advices on implementing our MBS, while the research on the operation patterns and specific operation projects is still inadequate. Currently, the projects for the patterns of MBS put forward by some cities and banks in our country are not standardized at all, and most of them, proceeding from the consideration of personal angles only, don't take the overall situation into consideration. Therefore, with such a background, taking the situation of our country into consideration, this article focuses on a research on the specific operation patterns, implementing projects, and existent restricting elements of MBS in our country on the basis of referring to the main operation patterns, which are internationally popular. This article will try to make a systematic exposition in the following 4 parts:The first section is the fundamental part. First there is the conception of MBS. Then it introduces seven fundamental workflows and some types of MBS. There are two types of MBS in the world, the one is pass-through Security, and the other is Pay-through Security. And the latter can also be divided into collateralized Mortgage Obligation Security, Interest Only and Principal Only Security. The second section is with a comparison among different operation patterns of MBS all over the world. First, the paper introduces the patterns of USA, Germany, Australia and their characteristics, these patterns' influence to Chinese MBS. And then it designs the suitable pattern of Chinese MBS. Specially, the paper studies some important respects such as the assets pool, the SPV, and so on. As to the SPV, the paper suggests is must be policy-based, independent and bankrupt-segregated. And also, it can be credit enhancement with over-collateralized or with senior/subordinated structure, etc. As for which type should China select in MBS, the paper gets the conclusion--the pass-through Security and the reasons.Section three is the necessarily and feasibility analysis. First, from the part of macro-economy, not only the theory, the practice of the finance reform, but also the Chinese security market all has gotten much development. Secondly, the market of Chinese mortgage loan of housing has been grate scale.Section four analyzes the barriers in the road of developing MBS and how to develop MBS in China. The paper gets its conclusion, which is MBS is an inevitable tendency in China. And now China has been provided with the fu... |
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