The Leagal Research On Mortgage Backed Securitization

The U.S. subprime mortgage crisis, asset securitization, especially mortgage securitization itis considered to be the market focus of criticism, how to further regulate the operation of themortgage securitization to reduce the risk of mortgage securities become the focus of scholars.Mortgage securitization, refers to the lower mobility form of real estate investments ofnon-securities into securities assets on financial transactions in capital market process, so that thematerial between the subject matter of investment and real estate investment the right relationshipinto securities in the form of equity or debt. Securitization of real estate can be divided into thehousing mortgage-backed securities and securitization of housing mortgage two, China as a realestate market, the rapid development of countries, the footsteps of the mortgage securitization isrelatively backward, China only a few the city conducted a pilot of mortgage-backed securities,housing mortgage securitization has not in practice. The reason why our country’s mortgagesecuritization difficult defects of the legal system is a major factor in China has not yet formed acomplete legal system of adjustment of mortgage securitization. In view of this, the articleattempts, through research, recommendations for the establishment of the legal system ofmortgage securitization.The article first pointed out that from the legislative level of mortgage securitization processfacing legal obstacles, including the securitization of standard uncertainty, lack of relevantlaws and regulations of the risk of isolation mechanism, legal obstacles, the assets of creditenhancement, mortgagesecuritization process is the lack of adequate supervision in four aspects.Then cited the legislative provisions of civil law and common law system a typical nationalmortgage securities, comparative analysis of the relevant legislation of developed countries,combined with China’s actual situation from the theoretical level, how to solve our housing loansmortgage securitization legal barriers: clear China’s securitization of standard assets, housingmortgages and home mortgage securitization established by law; clear the SPV (special purposeVehicle, SPV), forms of organization, established assets the real standard for sale; widening thechannels of the assets of credit enhancement; improve the legal regulation in the mortgagesecuritization process. Finally, to provide advice on the basis of theoretical analysis, from apractical level of mortgage securitization legislation.