Housing Mortgage Loan Securitization Legal Problem Research

Third Plenary Session of eighteen pointed out that in our country, to comprehensively deepen the reform. The economic system reform is the key of the comprehensively deepen reform, this requires our country must speed up the perfect modern market system, accelerate the transformation of economic development. While financial innovation is the key of the economic reform. Asset securitization is the world financial field in the 20 th century’s most meaningful a great system innovation, it is enhancing the capital liquidity, solve the financing pressure of lenders, for cash-rich investors to provide more financial investment products, promote the economic development is of great significance in such aspects.Asset securitization products are divided into two kinds: one kind is the housing mortgage-backed securities, one kind is asset-backed securities. Asset securitization appeared in the 1970 s, the United States. The asset securitization practice first begins from the securitization of housing mortgage loan. Housing mortgage-backed securities is the most mature, the most complete development of a kind of asset securitization products. In the 1990 s, in view of the increase of housing commercialization and the broad market prospect, in order to reduce the risk of commercial Banks, optimize the assets structure of commercial Banks, expanding funding sources in the real estate industry, further push forward the real estate market, also started the practice of asset securitization in our country. However, throughout the practice of the securitization of housing mortgage loan in our country, and compared to the practical experience of developed country maturity, there exist many problems to be solved in our country at present.This paper will be divided into five parts:The first part is about the basic principles of securitization of housing mortgage loan. Mainly expounds the concept and classification of the asset securitization; The practical significance of the introduction of asset securitization in our country; The connotation of the securitization of housing mortgage loan, including the concept of housing mortgage loan securitization, characteristic and our country introduced the necessity and feasibility of securitization of housing mortgage loan system; Housing mortgage loan securitization is mainly responsible for the main body, mainly discusses the promoter, SPV, credit rating and credit enhancement institution.The second part of the system of housing mortgage loan securitization and its development situation. First outlined the securitization of housing mortgage loan, including the background of the securitization of housing mortgage loan, the formation process, and works in the United States; Second, respectively,I introduced the development of housing mortgage loan securitization in Japan and China.The third part is the securitization of housing mortgage loan basic legal problem analysis. First of all, this paper discussed the legal problems of assets transfer. Mainly includes the current of the world’s major underlying asset transfer mode in China and their respective advantages and disadvantages analysis, adopted by the way; "True sale" of assets transferred, the standard of the judgment and some problems that should be paid attention to; The effectiveness of the bonds transfer problem analysis, effectiveness of creditor’s rights transfer law of our country. Secondly analyzes the legal structure of SPV. Mainly include the nature of the special purpose vehicle and the main form.The fourth part analyzes the main problems of housing mortgage loan securitization in China. Mainly include: the legislative level is low, the legal effect is limited; The originator scope too narrow, not conducive to the further development of securitization in our country; Single investment subject, is not conducive to spread risk; Personal housing mortgage loan securitization mortgage registration of change in the existing problems; Problems of China’s regulations on special purpose vehicle; The problems existing in the mechanism of credit enhancement and credit rating; The defect of information disclosure; Supporting system is not perfect.The fifth part according to the problems existing in the current system to put forward the corresponding countermeasures. Make special method of asset securitization, including: Expanding the scope of the investment subject; Perfect the creditor’s rights in the securitization of housing mortgage loan transfer rules; Perfecting the regulations on special purpose vehicle; Improve the information disclosure mechanism; We will improve the mechanism of credit rating.