Our Country Credit Property Securitization Risk Guard Law Mechanism

The property securitization first originates in the 20th century 70's in US and obtains the vigorous development, 1980s enter Europe, 1990s spread to Asia, gradually become the new financing tool which the people understood.The property securitization took one kind to the financing way financial innovation, its most major characteristic lay in causes direct financing and indirect financing has established the communication and the transformation channel, and has constructed in the financial system the bank and the market credit shifts to new management mechanisms mutually. It to enhances the financial profession efficiency, impels the capital market the deepening and mature, reduces the financing cost and the risk, got up the positive role. However, through property securitization release negotiable securities, although has the relative high security, the violation rate is low, but it takes one kind of financial innovation tool, inevitable and certain risk accompanying. Therefore, their effective movement needs to have the wrap system strict risk guard law mechanism to safeguard.In February, 2007 initiates the American secondary debt crisis, is huge to the American economy and the global economy influence. This mainly is because secondary debt environmental variation result, including credit condition relaxation, interest rate undulation, house price undulation and securitization market not standard and so on. Our country is being in the property securitization the experiment site stage, US's inferior debt crisis should become China's learning from another's mistakes, absorbs experiences and teaches, the enhancement risk guard legal mechanism, avoids US's -like inferior debt crisis the occurrence.Since in April, 2005, People's Bank of China, Chinese Banking industry has supervised the committee one after another to announce "Credit Property Securitization Experiment site Policing method" "Financial organ Credit Property Securitization Experiment site Management by supervision Means" to determine our country develops the property securitization experiment site the basic legal frame. But our country temporarily does not have the special law to carry on the standard and the inspector general at present to this domain, the present policing method involves the scope to be narrow, also cannot meet the needs which the property securitization comprehensively will launch in the future, will also have very many insufficiencies and the loophole in very many aspects, if not prompt will guard against, will be serious endangers the financial capital market the stability, even will be able to bring the disaster to the society .Therefore said, the credit property securitization risk guard law mechanism breaks in close, the present paper is precisely revolves the credit property securitization the legal matter and the risk guard legal mechanism, as well as how consummates our country's risk guard law mechanism to launch the elaboration.