Research On The Risk Of Personal Housing Mortgage Loan Securitization In China

The so-called personal housing mortgage securitization refers to the financing of financial institutions that integrate their own personal housing mortgage loans with poor liquidity but future cash income stream and rearrange them into mortgage loan groups,and resell them to securitization institutions by means of real sale.The latter has been sold to investors in the form of securities after guaranteeing or credit enhancement.Cheng.As an important type of asset securitization,in recent years,the rapid development of personal housing mortgage loan securitization in China has great significance to the financial market.It not only improves the liquidity of assets of financial institutions,but also effectively resolves the adverse consequences of asset maturity mismatch.At the same time,it also plays a positive role in the primary market of subprime mortgage loan and broadens the funds.Source,the spread of loan risk,expand the scope of loans,to a greater extent to meet the needs of housing buyers financing funds.As an important financial innovation tool,the securitization of personal housing mortgage loan is also a "double-edged sword",bringing many benefits to China’s financial market,but also many risks.The main problems studied in this paper are three prominent risks in the securitization of personal housing mortgage loan in China,namely,prepayment risk,interest rate risk and credit risk.This paper first introduces the operation mechanism,participants and risk categories of personal housing mortgage securitization.Then,through a comprehensive analysis of the successful experience of domestic products issued,the concept,causes and impact of the three major risk issues are analyzed.In the follow-up,combined with the operation of"Jianyuan 2018-14 Personal Housing Mortgage Securitization",the investigation method and case are used.In the case analysis method,the three major risks of effective data matching in each period are analyzed,and the impact of each risk on investors,securitized products,financial institutions and financial markets is explained.Finally,the paper puts forward preventive measures against the three main risk problems,and provides optimization suggestions for financial institutions to issue personal housing mortgage securitization products in the follow-up.