| Mortgage-backed securitization is a new financing means designed for residential mortgagewhichhas future earnings. Through a series of institutional design, commercial bank owing basic assets will liquidate the future earnings immediately. So it accelerates the efficiency of cash recovery and reducesthe business risk.Mortgage-backed securitization becomes one of the most important financial innovations in the international financial field since the1970s.Under the excellent legislative and policy environment supporting,it hasbeen widely applied and developed in the regions of Europe.Later,many countries in Asian alsotake this way.Mortgage-backed securitization not only deeply changed the financing model of housingfinance,but alsotriggered a series of institutionalinnovation.Mortgage-backed securitization has become thefastest growing and most popular financial product in the capital market. Like other financial derivatives, mortgage-backed securitization has both advantages and disadvantages. Mortgage-backed securitization has changed the survival condition of risk form static state to dynamic state, and this changes is an important development of finance from traditional to modern. But this progress also initiate new risks, under some circumstances, it will magnified the risk through its leverage. In view of this, the outbreak of the Subprime Mortgage Crisis caused such a serious impact on the global economy. After the outbreak of the Subprime Crisis, mortgage-backed securitization was once considered as the chief offender and had been questioned and denied, but as some scholars pointed, asset securitization is nothing but a financial instrument, itself is neither good nor bad. If the U.S. Subprime Mortgage Crisis is excessive abuse of asset securitization, then the status quo of asset securitization in China is seriously inadequate in innovation and development.Mortgage-backed securitization is in the preliminary stage in our country, though the Subprime Mortgage Crisis was erupted in America, it should be pursued continuously for its benefits to America. On the basis of the studies of the theory of mortgage-backed securitization, reference from foreign advanced system combined with the actual situation in China, this paper aims at formulate a suitable development strategy for mortgage-backed securitization in our country.This paper contains four parts:the first part, this paper introduces some relevant theory of mortgage-backed securitization, those theory concludes the concepts and basic characteristics, a detailed analysis of mortgage-backed securitization operation process, and the significance of carrying out mortgage-backed securitization, this makes a further identified of the necessity of developing mortgage-backed securitization. The second part, the paper analyzes the relevant law and practical operation in well developed countries of America, Britain and Japan. It is helpful for our country to develop mortgage-backed securitization no matter its advanced system or its failing. The third part introduces the status quo of mortgage-backed securitization in China. Including current legislation and development course. Especially those problems existing in experimental unit, legislation vacancy and conflict of laws of mortgage-backed securitization. This paper analysis the process of mortgage-backed securitization step by step, only recognizing problems immediately can we find apt and specific ways to solve those problems. The forth part is the keystoneof this paper, It puts great emphasis on the counterplan research. After analyzing the relevant problems existing in mortgage-backed securitization in third part, this paper makes some constructive comments from operation and legal supervision parts for all-direction construction of mortgage-backed securitization. |
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