Research On Legal Issues Of Securitization Of Mortgage Rights In German

German real estate mortgage warrant securitization system perfectly combines real estate mortgage and securities technology,realizes the circulation of real estate mortgage,and meets the demand of investment and financing in the market.Moreover,German legislation has successfully guaranteed the circulation safety of real estate mortgage with a complete set of risk prevention and control mechanism of securitization,which can be described as a model in the securitization system of real estate mortgage.In contrast,the practice of real estate mortgage securitization in China is later than that in Germany,and the relevant system is not perfect.It is necessary to learn from other countries’ excellent systems to achieve self-development.Based on this,the author makes a systematic study on the securitization system of real estate mortgage in Germany from the aspects of right change,securities issuance and risk prevention and control,so as to put forward legal countermeasures for the problems existing in the securitization of real estate mortgage in China.Specifically,this paper is divided into four parts:The first part is an overview of real estate mortgage securitization in Germany.This chapter contains two sections: the first section is the analysis of the securitization mode of real estate mortgage warrants in Germany,which is divided into direct securitization and indirect securitization.The second section introduces the basic principles of real estate mortgage securitization in Germany.The second part is the investigation of the specific system of real estate mortgage securitization in Germany.This chapter consists of three sections: the first section is about the system design of German real estate mortgage direct securitization model,which is divided into circulation mortgage,real estate mortgage securities and real estate registration system.The second section introduces the system design of indirect securitization of real estate mortgage in Germany,which is divided into mortgage bank and bankruptcy isolation system.The third section introduces the German land debt system,analyzes the particularity of the land debt system.The third part is about the legislative status and problems of real estate mortgage securitization in China.The first section introduces the legislative status of our country,which is divided into the relevant legal provisions of real estate mortgage and the legal provisions of real estate mortgage securitization.The second section introduces the legal problems faced by the securitization of real estate mortgage in China.Firstly,the change of rights lacks institutional guarantee,and the transfer procedure of creditor’s rights and mortgage cannot meet the needs of securitization;Secondly,there is a lack of specialized institutions for securities issuance,and there is a lack of specialized real estate mortgage securitization registration center and securities trading institutions in China;Finally,there is a lack of systematic mechanism for risk prevention and control,the form of real estate registration review is unclear,bankruptcy isolation can not be sold truly,and the financial regulatory system is not clear.The fourth part is to construct the Legal Countermeasures of real estate mortgage securitization in China.The first section points out that it is necessary to clarify the basic principles of real estate mortgage securitization,that is,the principle of attachment,the principle of publicity and public trust,and the principle of ascending in order.The second section is the suggestions on the change of rights,pointing out the establishment of the announcement system and the establishment of a unified registration and publicity system.The third section is the proposal of securities issuance,pointing out the establishment of real estate mortgage securitization registration and management center and the establishment of special real estate mortgage securities trading institutions.The fourth section is the suggestions of risk prevention and control,pointing out that clear real estate registration review form,regulate the legal standard of real sale and improve the financial supervision system.