Research on the Legal Regulation of Mortgage-backed Securitization in Our Country
|School||Hunan Normal University|
|Course||Civil and Commercial Law|
|Keywords||home mortgage loan securitization subprime mortgage crisis credit rating information revealing|
Mortgage-backed Securitization is composed of a series of behaviors, mainly includes Mortgage-backed Securitization’ loan origination, loan transfer, credit rating, credit enhancement and securities issue five behaviors. Research on the legal regulation of Mortgage-backed securitization in our country takes Mortgage-backed Securitization’ main behavior as a clue, elaborates the necessity of law regulation for Mortgage-backed Securitization. Besides, it also analyzes the defects of relevant legal norm and proposes Mortgage-backed Securitization’ legal rules and regulations in our country by learning from Mortgage-backed Securitization’ advanced foreign law institution and summarizing the lessons of US subprime mortgage crisis.The main conclusions of studying Mortgage-backed Securitization’ legal regulation in our country are: firstly, to regulate two main parts of Mortgage-backed Securitization (lender and borrower) to guarantee high quality of Mortgage-backed Securitization’ fundamental assets; secondly, to build special purpose vehicle named "Bankruptcy Remoteness" and transfer purpose known as "true sale" and improving both parts’ obligations of disclosing information to regulate Mortgage-backed Securitization’ transfer behavior. thirdly, in the light of intensifying internal control and external supervision to regulate credit rating to advocate Mortgage-backed Securitization’ credit rating regulator acted by Stock Supervisory Committee. fourthly, to formulate specific legislation of credit enhancement to improve the security and insurance law regulations for secondary market and standardize the application of Credit Default Swap and therefore to achieve the purpose of regulating Mortgage-backed Securitization’ credit enhancement. fifthly, to define Residential Mortgage-backed Securities’ securitization properly, to improve the regulation of Residential Mortgage-backed Securities’ issuing, to formulate laws and regulations to protect the rights of investors, and therefore to regulate the issue behavior of Residential Mortgage-backed Securities.