Analysis Of Housing Mortgage Loans Securitization

The securitization of the home mortgage is a kind of form of the securitization of assets, appear on the American home mortgage market at the beginning of the seventies at first. Had a great deal of advantages because of the mortgage loan certificate of the house (MBS, Mortgage Backed Securities), after the eighties, this new-type securitization tool sweeps the capital market of other western developed countries, such as Canada , Australia , Britain ,etc, the improvement of the great these national own proportions of house of push, have a far-reaching impact on development of the industry of the house.MBS can reach the organic integration of financing indirectly and direct financing , improves the mobility , security and profitability of the home mortgage, to bringing about an advance in industry of the house , dissolve financial risks and perfect the financial market to have obvious function, our country should create the condition of starting actively too. A question that the commercial bank must be faced of the securitization of home mortgage while striving to develop, worth paying attention to very much and the discussion.Home mortgage securitization of our country started in by that insurance company is put forward Shenzhen Ping1 an, the domestic scholar just began to study the securitization of the home mortgage from then on. They introduce the concept of the securitization of the assets into our country, and has carried on research to the successful experience of foreign countries. Play a very important role to the thing that our country pursues the securitization of the home mortgage, but theory circle necessary to go on securitization of the home mortgage debate endlessly to bank in right the present stage still now, agree in scholar to implement securitization among them, launch home mortgage securitization should adopt as to our country what kind of mode have unified understanding. This text adopts comparison and the studying of the national conditions of our country of the home mortgage securitization mode in foreign countries, combine some own securitization theories and concrete conditions of our country, look for thehome mortgage securitization operational mode suitable for the China's actual conditions, and how to bring about an advance in securitization of our country correctly.There are five parts in this paperChapter one, mainly to introduce three backgrounds of proposition of the question briefly: First, developing the industry of the house becomes new growth engines of our country; Second, the choice that the house financial circles of our country develops and innovates; Third, the choice that the financial investment tool of capital market of our country innovates. Stated the meaning in which this text studies finally.Chapter two has introduced the basic principle of the securitization of the home mortgage at first, include mainly: The basic conception analysis of the mortgage securitization of the house, the characteristics of home mortgage, main variety and home mortgage securitization are analysed. Then has analysed the structure system of the securitization of the home mortgage: First, the financing structure of the securitization of the home mortgage; Second, the operation procedure of the securitization of the home mortgage; Third, the main type of the home mortgage. Introduced the function and function of the securitization of the home mortgage finally.Chapter three passes introduction U.S.A., Canada, Hong Kong and Europe ,etc. the developed country or the ground mode of the regional securitization, summarize and go abroad the other enlightenment of our country of experience: The support of calling the secondary market and government of development of the primary market of the secured loan is essential, and has drawn the conclusion of choosing the suitable development model according to the national conditions.Chapter four, have described securitization development of home mortgage of our country and case study mainly. First of all, have introduced the development of the home mortgage market of our country briefly. Then, have recommended our country to launch the necessity of the securitization of the home mortgage and feasibility analysis. The necessity includes the contents of three respects: First, it is a need of economic development of our country to develop home mortgage; Two increase mobility of assets, raise bank risk take precautions against ability; Third, develop the new financing tool of capital market. Feasibility includes the contents of four respects below mainly: First, the macroeconomy environment is feasible; Second, the demand of the security market issquare- the capital source is feasible; Third, the supply of the securitization market is square- the volume of credit of the house mortgage is feasible; Fourth, the legal environment of the securitization possesses tentatively. After introduction feasibility and necessity , have functioned as and discussed the difficulty and obstacle of the securitization of the home mortgage again: First, the development of primary market is not perfect; Second, set up the legal obstacle of the special organization; Third, technology restricts the factor; Fourth, the external environment is not perfect; Fifth, the motive force of the commercial bank is insufficient.Chapter five, have explained the development idea of the secured loan securitization of our country mainly. First of all, mode produce our country should mode stage by stage arrange for compared with mode of " securitization outside the form " through " securitization in the form ". Then has analysed procedure arranging and basic trade frame of the securitization of the home mortgage: First, the overall procedure is arranged; Second, choose the suitable housing loan to make up the assets pool; Third, the establishment of SPV; Four, credit rating and increasing one grade of course (risk factor analysis , housing loan pool risk that home mortgage faces are estimated, credit increases the choice of one grade of ways and credit rating); Fifth, the home mortgage supports the design of the products of the securitization. Expounded the fact finally that pursues the policy recommendations of the home mortgage securitization of our country: First, perfect the legal environment of outside; Second, expand the scale of the primary market of the home mortgage , perfect the operating mechanism of the home mortgage; Third, perfect and perfect the house mortgage and assure the system; Fourth, relax the market to limit, foster the investment subject; Fifth, standardize credit rating and credit assurance system.