Enlightenment Of Mortgage-Backed Securitization In The US To China

Asset securitization is the most important financial innovation in the international financial market in the past 30 years,simple operation and low risk way are the features of the housing mortgage loan securitization(MBS).These two features can not only effectively solve the liquidity problems,but also can be used as an important way to reduce financial risks.The MBS came from the US.It has been considered applicable and developing in the field of commercial banks.With the outbreak of the subprime mortgage crisis,it has exposed some problems that could not be ignored.But it still has great application values for our country.The MBS developed late in China.China Construction Bank issued the earliest MBS in December 2005.Recently,although the scale of China's housing loans continues to expand,the MBS is still in the exploratory stage in China.Especially,there is still a great distance compared to MBS's development in European and American countries.So far,China's financial environment is becoming more and more mature,the MBS still has a very broad prospect for development.China's financial institutions,such as banks,can expand the number of the financing channels,improve the ratio of capital adequacy,and change the mode which relies solely on loan earning management by using it.It also can promote a healthy development of real market and the efficiency of China's financial market.Therefore,the MBS has a very important significance and research value for us to develop it and learn from the US further.Based on relevant theories of the MBS,and in light of the basic development of the MBS,the reason of success and lessons of the outbreak of the subprime crisis were analyzed,in contrast to our country actual situation.It is concluded that draw lessons from the American model is feasible.Additionally,based on the data analysis,we found the opportunity to develop the MBS further in China,from the system construction,banking institutions'promotion and market regulation,summed up the measures to develop the MBS further in China.Then with CBC,taking the latest issue of personal housing mortgage loan asset-backed securities "Jianyuan 2016-1" as an example,this essay analyzed in detail of the MBS in our country,such as its trade structure,basic property,main risk,credit promotion measures,and the rating situation systematically and comprehensively.Through the "Jianyuan 2016-1",we found in the product structure,the functions of government involvement are not obvious in China's MBS,and the pool of assets are high-quality assets for the banking system,thus the power to issue MBS is not enough for banks.At the same time,the products circulate between banking institutions mostly,the liquidity is not enough.To solve these problems,this paper argued that the government should participate in the MBS guarantee process actively,reduce the issuer's credit cost;banks should be laid on the cultivation of the professional,value the design of asset securitization products,expand the size of the MBS on the basis of the effective prevention of risks,and draw lessons from the US,using transaction settlement mode to improve the liquidity of products further.