| Housing issue is not only an economic problem but also a problem of people’s livelihood. Since the marketization of Chinese real estate, especially with the rise in house prices, housing became the power of pulling China’s economy. However, at the same time housing issue is covered of the real estate economics. The rising prices block dreams of many citizens to buy houses, which relate the social harmony and political stable, so housing issue must be solved.How to solve the difficulties to buy houses, especially those lots of people who do not accord with residents’standard of the housing loan purchase. Once it was also a issue of the U.S. government.To realize the dreams that every America can have own house, the government as early as one hundred years ago began to promote the development of the housing finance system. Although the system and the spread of securitization eventually led to the global economic crisis in2007, but it doesn’t cancel out the success of the system. This paper will regard representative mortgage Banks in the system as the core. It will discuss the operation mechanism of the mortgage bank, combining with market environment and theoretical basis of development of the Banks. And expounds the status and the role of the Banks. Based on this, the expectations of the construction of the mortgage banks will be put forward.Foreword summarizes the significance, methods and some innovations of researching the mortgage bank, and sums up the present situation and achievement at home and abroad.Chapter two sets about the outsource theory, and in proper order explain the outsource, financial service outsource and bank service outsourcing, from the value chain, transaction cost, comparative advantage and new barrel to analysis the necessity of mortgage Banks. And combining with the theory basis and mortgage market this paper will indicate the basic functions of the banks, that the outsource of the bank, regardless of whether the contract, or docking bag, both can achieve the purpose of cost reduction, concentrate on core competitiveness.Chapter three first describes the historical background of the emergence of the bank, confesses how to acquire the rights of mortgage business, and then briefly expresses how the changes of American market affect the bank development. Then the article chooses three aspects of market changes as analysis points. Acquisition is the first. Merger in90s created a group of large financial institutions. The vast business and the tight capital adjust the company resources allocation. And the mortgage business became the object of the outsourcing. Next is the marketization of interest. For thrift institutions, it means that the traditional rate spread is no longer there, looking for new business profit source become urgent, the outsource and the suppress of the mortgage business not only can transfer funds to the core business to improve profitability, but also can reduce the cost of credit generated. Finally is the securitization. It can be said that the rise of mortgage securitization makes the market enter into the new era, the rise of the secondary market has brought the bank more flexibility and vitality. This chapter describes some external promote factors in the development process of the bank. And the next chapter will involve in internal conditions.Chapter four,the key of the text, tells the body of the text content, that is the mortgage bank and its operation and management. From outside to inside, from point to line, this article first tells the mortgage bank external organization structure, here choose the standard of whether to be the affiliated institutions for large company, distinguish the difference between independent agencies form and independent agencies. Then, the focus of the text comes, the text tells the internal operation of the mortgage banks. As the business of the mortgage bank are mortgage loan creation, financing divided and service and so on, however, not all mortgage bank will do the above business, more of the mortgage choose one or several business to develop. So, it’s not suitable to describe the operation from signal mortgage bank’s business process. Thus, this paragraph will describe the management of the mortgage from four business modules, the four business modules are the loan creation, pipeline and warehouse management, the secondary market business and mortgage loan service. Last but not least, as one point, the mortgage loan bank reflects the whole mortgage loan market, it reflects the structure of the whole mortgage loan first market and secondary market from the view of the relationship between mortgage loan bank and other market participants.Chapter five mainly tells the management and supervision of the mortgage band. From the above state step by step, we can see, the mortgage loan bank flow between the first market and secondary market throughout the loan business, the mortgage loan bank is not only creator and processor, but also server and seller, sometimes even buyer. The mortgage loan bank becomes the agent intermediaries of the participants in the mortgage loan market framework. The mortgage loan bank stays in the key position. And according to eh actual American market, the main creator of the housing loan comes from mortgage loan bank, this more explains the necessity of the management and supervision. So, America has formulated the regulations for the mortgage loan business, and have set up the supervision institutes to regulate.Chapter six reveals the current problems from agencies and regulatory. Agent makes the brilliant mortgage bank today, but it also brings the moral hazard and adverse selection. Especially in the mortgage market, several market participants keep the agent relationship with mortgage banks. Besides, supervision is another big problem, American government first is advocates the market freedom, suggest to reduce supervise, to prevent losing the flexibility of financing innovation. In addition, the separated and mixed legal supervision cannot keep up with financing institutes, the imperfection of the supervision lead to the mortgage loan scale continuous ego inflation, the risks accumulate gradually, plus the secondary covered the risks, resulting the subprime mortgage crisis.Chapter seven is based on the full text analysis of the American mortgage loan bank, it contract analysis the mortgage loan market in our country, it put forwards problems of the mortgage loan market in our country. This chapter arouses the establishment of the mortgage loan bank in our country. First, choose the subject to set up mortgage loan bank. Second, develop the first market of the mortgage loan bank. Third, develop the second market of mortgage loan bank. Fourth, follow up related management and supervision.Currently there are many researches about housing finance system and mortgage securitization in our country. Especially about the subprime crisis happened, there is further research on mortgage loan secondary market, more fully thoroughly. However, this text take mortgage bank as the analysis of the main body, it’s rare in the many research. The author thinks, the mortgage loan bank in American can be understood by two scales, the first is just the narrow sense of mortgage loan bank, is just the loan creation institution in mortgage loan market. As the mortgage market participate between two of the other two entrusted agent, from the beginning to the end of the loan in the primary market through the first and second market, so the mortgage loan bank is the core of the American mortgage loan market. The second is generalized mortgage bank, it’s not the namely mortgage loan bank, but is the sole of the innovation and flexibility of the loan business in the mortgage loan market. The mortgage loan bank symbolized the advantages of loan business, and stands for the non-stop development of the mortgage loan bank, it’s the power lead American housing financial system to success. So, this text separates the mortgage loan bank, in order to do detailed analysis. With this point, it can reflect the whole development and constitute of American mortgage loan system, it also reflects flow process of mortgage loan business in the two markets.Except for the housing business in American mortgage loan bank, there is industry and commerce type of loan business. But here will not describe it in this text. |
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