Dissertation > Political, legal > Legal > Chinese law > Financial Law > Securities and Management Act

Several Legal Issues about the Securitization of the Personal Housing Mortgage Loans

Author YanLingYun
Tutor DengHui
School Jiangxi University of Finance
Course Economic Law
Keywords asset securitization risk separation special purpose vehicle true sales housing-mortgage-loan-backed securities
CLC D922.287
Type Master's thesis
Year 2006
Downloads 216
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Housing mortgage loan securitization is a financial innovation with sophisticated structure and complicated operations, because of its different form from the credit assets financing structured financing and sheet financing of the traditional mode of financing, since it appeared in the late 1960s of the 20th century it has been rapidly spread over the globe, and is a new financing tool in the world capital markets. Since 1996, a number of enterprises of our country have successful implementation of asset securitization operation abroad, but assets securitization in our country "first emerged" until the end of 2005.Securitization is not only an economic phenomenon, but also a legal process, both common law, the United States and Britain, and the continent law, France, Italy and Japan, all set through the legal system the operational standards, standardize all participants in the rights and obligations, make clear attribution of income and lock risk, to provide the necessary security and mobility support. It can be said that the legal system plays in a decisive position in securitization operation. Every asset securitization process is not free from legal recognition and protection, perfect legal system for asset securitization will guarantee a healthy and orderly way. Considering China’s legal environment, it is not difficult to see that there are some Securitization regulations in the laws of our country, but there are many obstacles against the development of securitization, and some gaps in the law. Without a good legal environment, Securitization implementation in our country will be difficult to achieve our desired results.China’s asset securitization is the beginning of the housing mortgage loan securitization, as a starting point, the China Construction Bank Mortgage-Backed Securities (MBS) and the National Development Bank’s credit asset-backed securities (ABS) as experiment gradually push forward the process of securitization of assets. This paper, taking the first domestic support housing Mortgage-Backed Securities (Jianyuan 2005-1 Mortgage-Backed Securities) issued by the China Construction Bank as the target, in the legal perspective, analyzes the three key areas of asset securitization: construction of special purpose vehicle (SPV), transfer of assets and issuance of asset-backed securities. On base of introducing mature theoretical and successful securitization experience abroad, this paper points out the legal obstacles against asset

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