On China's Mortgage-Backed Securitization

The main subject of this paper is on mortgage-backed securities (MBS). After analyzing the current situation of the mortgage market in china, the necessity and feasibility of the issuance of MBS in China will be studied and some policy implications will be listed according to the principles of running MBS.The paper contains the following five chapters:The first chapter introduces the history and characteristics of MBS. First we analyze the principles and functions of asset securitization. Secondly we analyze the structure and the feature of cash flows of MBS. The second chapter gives an introduction of MBS in other counties and how their experience will help us. The third chapter deals with the necessity and feasibility of MBS in China. The fourth chapter analyzes the driving forces of MBS in China. The fifth chapter analyzes the obstacles of issuing MBS in China and puts forward some policy suggestions. We hope that this paper will throw new light on the current research about housing finance and prompt the issuance of MBS in china.