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Housing Mortgage-backed Securities Risk Of Isolated Legal Problem

Posted on:2009-11-07Degree:MasterType:Thesis
Country:ChinaCandidate:M L YiFull Text:PDF
GTID:2206360272984203Subject:Economic Law
Abstract/Summary:PDF Full Text Request
Mortgage-backed Securitization(hereinafter called as MBS) is an important financing tool in the international financing market.It's function focuses on the possible reduction of risk,for the purpose of risk-remote, which is the most special legal creation.This effectiveness of mechanism is necessary for attracting investors,and also is the premise on financial feature of asset securitization.This thesis plans to undertake a legal analysis on the mechanism of removal of risk,and introduces the legal systems of typical countries with the emphasis on different systematic backgrounds,so as to seek the appropriate way for system transplant in China.This research paper is organized as follows:The first part is a brief introduction on basic issues concerning mortgage-based securitization.It firstly defines the MBS from the deduction of asset securitization,and then basically analyzes the risk structure of MBS for the purpose of regarding risk-remote as system risk, possibly regulated by the law.Finally,it puts forward the system of risk-remote of MBS,and analyzes the necessity of risk-remote macroscopically and microcosmically,laying the foundation for further discussion on value-choice for different countries' system design.The second part focuses on the main structure of risk-remote of MBS. It revolves around the SPV,the center of risk-remote.It firstly introduces SPV from two perspectives as a whole:the one establishes factors to be considered;the other introduces three legal organization forms of SPV, coupled with analysis of their pros and cons,and then it discusses how to effectively function risk-remote from two aspects of the bankruptcy-remote of SPV itself and that of initiator.This part mainly discusses basic situation of risk-remote based on abstract summary on different countries' systems.The third part undertakes a comparative analysis of systematic environments of different countries' risk-remote of MBS.On the basis of abstract summary made in the second part,targeting US,UK,and Japan,it emphatically analyzes their systematic environments where risk-remote root,and discusses forming reasons of different models of risk-remote.It provides consideration factors for system transplant in China.The purpose of discussing foreign countries' situations is to provide the guidance and the reference for China.Based on consideration factors of systematic environment summarized in the former part,the fourth part firstly analyzes the external environment of housing mortgage in China, and therefore confirms a cautious and "top to down" style of risk-remote mechanism.Based on these and the main structure discussed in Part 2,it discusses obstacles of Chinese relevant legal systems and makes some fundamental suggestions for revision.
Keywords/Search Tags:Mortgage-backed securitization, Risk-remote, SPV
PDF Full Text Request
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