Housing Mortgage Loans Securitization Research

Mortgage-backed securitization is a process and technology of financing at capital market by issuing securities on the basis of mortgage-backed. At the first section, the author expatiates its benefits to initiators, investors and macroscopical economy and its ventures.At the second section, the author reviews four developed mortgage-backed securitization market countries and regions and concludes that: firstly, developed mortgage-backed securitization market is mainly at Anglo-American law system. Secondly, government plays important role at the course of mortgage-backed securitization. Thirdly, the first market of mortgage-backed securitization can effect with its second market each other.At the third section, the author analyses the course of mortgage-backed securitization which includes classifying creditor's right, establishing special purpose vehicle, true sale, credit enhancing, credit rating, issuing security, paying to initiators, managing asset pool, discharging security. Many roles ,including initiators, servicer, issuer, credit enhancing organization, credit rating organization, manager, underwriter and investor will participate in this process.At the fourth section, the author analyses the legal problem of mortgage-backed securitization. Firstly, the main legal problems include true sale and establishing special purpose vehicle at the course of asset transferring. Secondly, this article analyses inside credit enhancing and outside credit enhancing. Thirdly, the items of credit rating include the quality of credit's right, SPV how to isolate initiators' bankruptcy risk, whether the measures of credit enhancing include all risks. Fourthly, the classes of mortgage-backed securities include pass-through securities, collateral mortgage obligations and stripped mortgage-backed security, its manners includes public and private issuing.At the last section, the author studies the problem which is China how to develop mortgage-backed securitization. After discussing the legal circumstance of asset transferring, credit enhancing , credit rating and security issuing and bargaining, the author conclude that: Firstly, we must perfect the law system of our country. Secondly, the pattern of legislation should be unification pattern. Thirdly, the legal designs include that: Firstly, we should perfectthe credit's right releasing, the qualification of credit's right releasing and its effectiveness. The pattern must be limited liability company. Secondly, our law must regulate the legal position of inside credit enhancing and outside credit enhancing respectively. Thirdly, the author suggests our law regulate compulsion credit rating. Fourthly, the character and issuing qualification of mortgage-backed securities should be regulated bylaw.