Research On The Development Of China 's Housing Mortgage Loan Securitization And Its

During the 1960s, Mortgage-Back Securitization (MBS for short) originated in the United States. After going through an extraordinary experience with the passage of time, it has become one of the business creativities in the international finance field. It is the act of issuing securities backed by independent mortgage assets using the future stable cash flow generated from those assets as the source of security payment. It can achieve risk remoteness from the original creditors through the redistribution of risk and revenue using certain transaction techniques, and convert to beneficiary interest or bond basing on the future cash flow of assets pool.MBS with the function of structural fund can perform a unique effectiveness of strengthening the assets’liquidity of commercial banks. Relying on MBS, banks have more operation and pattern choices during optimizing assets structure, reducing business risks and alleviating liquidity shortage. What’s more, MBS enriches product structure of capital market, enlarges invest choices of diverse investment funds. It can give full play to macroscopic and microscopic layers with market vigor and investment profit. Therefore, research topics related to MBS have been hot spots of financial research all the time. Particularly, with the coming out of program of reforms, it has important realistic significance to strengthen the research of MBS.In research methods, this study uses cost-profit analysis, case analysis, comparative analysis, historical analysis, and standard analysis to analysis data.The main conclusions of this study are as follows:1. The study demonstrates the feasibility analysis. On account of capital market structure and legal system perfection, the chapter arrives at the conclusion that the basic conditions of MBS development in our country.2. The study sums up the distinguishing features in contrast to different patterns of some counties and prefectures. The patterns can be classified into the governmental leading model and the market leading model. On account of analysis above-mentioned, the author summaries the distinguishing features of two patterns, the merits and flaws of them.3. The study presents the status of the MBS in China and figures out some problems of the development of Chinese MBS. Some defects have been pointed out, i.e. the vacancy of governmental assurance, the supervisor of assets’pool construction and the upper cost of MBS in the trusted pattern.4. The study concludes the operation pattern choices and policy proposals of Chinese MBS. Firstly, the author puts forward a securitization pattern. Under this pattern, we should carry out the work step by step in a well-planned way which contains expanding experimental scale period, optimizing technological process period and cooperating development period. Then, the process and the main body of MBS are also been designed. Then, a series of policy suggestions have been brought out. For the primary market of mortgage, first, we should perfect the housing funds which contain public reserve fund and commercial fund, especially the public reserve fund. Second, we need to deepen the commercial banks’ revolution and exchange the financial break, i.e. standardizing the approval process of mortgage loan to prevent the credit risk of underlying assets. Third, a comprehensive insurance system concluding government trust and commercial insurance company should be established. Fourth, we should improve the personal credit system. For the superordinate market of mortgage, first, capital market should be perfected and the scope of investment organization should be expanded. Second, complete legal system and supporting accounting regulation are necessary. Third, to prevent from systematic risks and blank space of supervision, it is needed to build a supervision system and harmonious mechanism in during organizations. Fourth, a reasonable creditable evaluation system should be established.