Mortgage Securitization Issues Information Disclosure

Securitization of mortgage loans as the main form of asset securitization, with its superior mobility and security respected by the people. Mortgage securities information disclosure system as mortgage securitization and effective regulatory system for mortgage-backed securities of the healthy operation of the very important significance. But in practice exposes many problems, such as disclosure of information distortion, delay, one-sided, fuzzy; incomplete information disclosure law, the lack of specific disclosure, the disclosure of irrational allocation of responsibilities. Adequate information disclosure flaw can lead to failure of mortgage securitization.Securitization of mortgage loans in the disclosure of information appearing in adverse selection, moral hazard, insider trading and market manipulation and so study its origin, in fact, the securitization of mortgage loans out of control a manifestation of the organic system. This point of view in accordance with the system of mortgage securitization we get: real, complete, timely and clear information disclosure is to defend the health of mortgage securitization operation of the important conditions. So as to mortgage-backed securities provide the theoretical basis of information disclosure.China's current mortgage securitization legal status of information disclosure, the main laws and regulations is the lag in legislation, targeted the disclosure of risk information is not strong, the disclosure obligation unreasonable distribution of the principal obligation of such disclosure. Therefore, from the perspective of the system detailed analysis of mortgage securities the key elements of information disclosure requirements and points, and the scale of departure from the definition of a fair and reasonable and clear disclosure of the various disclosure obligations of the main content is very important.U.S. mortgage securitization is the birthplace of its mortgage-backed securities related to the information disclosure of the legal system more complete. Through comparative analysis of U.S. mortgage securities information disclosure system of law, regulatory system, and the disclosure of the contents of the Civil compensation mechanism can achieve "Stones from other hills may serve to polish jade" purposes.To better promote China's housing mortgage loan securitization information disclosure practices, should foster an open culture of integrity, improve the information disclosure system, strengthen information disclosure regulation, the establishment of the Civil liability regime, the establishment of concise information disclosure rules of the language and the expansion of disclosure channels, improve the technological level and establish an information sharing mechanism and other aspects. Only by grasping the nature of the problem, multi-pronged approach to promote the securitization of mortgage information disclosure practices carried out smoothly.