The Research Of Mortgage-backed Securitization In China

Nearly half a century, the global financial market reform and innovation were continuing without the end. Asset securitization, a new financing structure was emerged. The emergence of Mortgage Backed Securities(MBS) help the commercial bank to reduce liquidity risk due to the mismatch of assets and liabilities, to promote the funds of the housing mortgage loan under benign circulation, and to produce profit for stakeholders. So the research on how to carry on the housing mortgage loan securitization in China is very important. In view of asset securitization in China is just in the initial phase of operation, the practice of MBS case is the emphasis on the study of housing mortgage loan securitization.This paper provides a basic introduction of housing mortgage loan securitization including its background and significance, and describes the research framework and research methods used in this paper. Through a lot of literature read and review, the pricing model and domestic mainstream research points of MBS are summed up. Through the analysis of the current situation of China’s housing mortgage loan securitization、legal environment and market environment, identifying obstacles to the development of MBS in China. After that, a study of the latest issue of the MBS 2014 is provided including the issuance of the background, basic features, pricing and risk. According to the chart formulated by financial data and statistic results of recent operation, the defects are summed up, and make the prospects for prospective market. According to the research results of scholars and this paper, the innovative conclusion are provided to resolve the key problem of the current China’s housing mortgage loan securitization, which is useful for future MBS products distribution.