China's housing mortgage loan securitization research
|School||Kunming University of Science and Technology|
|Keywords||Asset securitization Mortgage-backed securitization Model Securitization tools Model of price fixing|
Asset securitization was born in1970’s in America. But it was in fact popularly known after30years. From subprime crisis in2008, Asset securitization has been thought naturally that it is connected with the risk of financial market and financial crisis.In china the practice of Asset securitization has exist10years ago. But because of subprime crisis, it stopped in2008. After2008, with the economic and interest rate liberalization developing, the liability of bank decreases, the problems of maturity mismatch between asset and liability coming up. As one method to make room for capital, the Asset securitization has ever been noticed。In this year, China Banking Regulatory Commission stated that, the Asset securitization will step to normalization, which means that china will be on the new journey.In our country there are many motive powers for the securitization.from the present circumstance, the asset of mortgage-backed loan, as one kind of the safest asset, should be the entrance of asset securitization, no matter on the circumstance or on the point of view of asset management. The development of Mortgage-Backed Securitization, as a key link, produces the positive reactions to the whole housing industry and securities trade, if it can develop smoothly.The article bases the Mortgage-Backed Securitization and studies the market of asset securitization, analyzes the models and tools of Mortgage-Backed Securitization outside our country, especially introduces the models from America and Germany. At the same time, the article discusses about the models of mortgage-backed securitization that suits for the timely situations in our country, uniting with the market situations. It thinks that in our country no-spv model make it easy to accumulate the experience because of simply process. But this model runs counter on the truly intention of asset securitization.Then it should adopt the outside-form model. The article analyzes some kinds of implement tools, and draw a conclusion that the Mortgage-transfer securities is the best choice.Three kinds of price-fixing models are discussed about in the article. Based on the models, the discuss help to establish the theory base of our country’s mortgage-backed securitization. In the end, united with the Jian Yuan mortgage-backed securitization case,from the market subjects to the work procedure and tools chosen, the article put forward the tentative plan about our country’s mortgage-backed securitization. May the study be helpful to put forward the mortgage-backed securitization in our country.