A Legal Study On The Housing Mortgage Insurance

As the deepen of the public residential information,thereal estate now becomes the new economic gain point,andthe purchase of houses is the focus of the public。In May,1998 , the Management Law of Credit Loan of Housesprescribe that personal loan by the mortgage of houses musthave a transaction of housing insurance 。 In 1999 ,consumption credit was just coming out in some megalopolissuch as Beijing ,Shanghai and Guangzhou, and topurchase houses with bank loans are becoming commonamong the citizens,the allies between banks and insurancecompanies are providing new chances for the developmentof the personal credit in our country。 But there are many problems。Now ,the developmentof insurance is just at the beginning ,and the whole moneymarket and legislation condition are far from mature, theinsurance companies have specified knowledge about theirjobs ,but the common policy holders almost know nothingabout the whole thing ,so there are heavy informationinequality between the insurance companies and the policyholders , so there are all kinds of problems in thecontemporary launch of insurance for personal credit。 A lawsuit in Chongqing made many eyes turnedtowards the compulsive insurance for the mortgage system,extensive attention of all circles also drew by the articlespublished in the Southward Weekend about the system。But -53-there is no systematically study about the housing mortgageinsurance , especially jurisprudential study about theproblem。This essay is attempting to analysis the problemwith the study of insurance laws。 To have a fine study on the housing mortgageinsurance ,we need to have a study of the history of thesystem。Mortgage comes from England Law,it means a kindof remise or a transact of one's own belongings to mortgagein order to assure a certain payment or a carry out of a debt。HongKong received the England Law tradition , andintroduced the mortgage system into our country。 But there different understandings of "mortgage"between HongKong and China mainland,it has form veryspecial meanings under the present Chinese law system,andis now accepted as a law term by the unwritten law。In Chinamainland,mortgage is a kind of action ,that is , ifsomeone does not want or cannot pay the price of the houseat one time,he can mortgage all his rights and interestsunder the real estate compact to the mortgage bank,and thebank will loan a certain amount money to the buyer,but themoney is just pay to the real estate company directly by thebank by the name of the buyer。It has some speciality: 1 Three main body ,that is ,house buyer ,real estatecompany and the mortgage bank； 2 It includes three basic law relationships ,that is,firstly,the trade compact relationship between the housebuyer and the real estate company,secondly,the loan -54-compact relationship between the house buyer and themortgage bank,and thirdly,the mortgage assurance compactrelationship between the house buyer and the mortgagebank。 3 The aim is to purchase real estate or to get the fund toconstruct buildings。 4 The target of the real estate compact and the target ofthe assurance compact is the same one。 5 In most cases,it requires the buyer to hand over theprofit certificate to the bank as a necessary approach to makethe mortgage compact become effective,and does not meansto bring the commodity house rights into effect,especiallythe proprietorship of the house。 6 If the mortgager cannot pay the debts in time ,mostly,there are two adoptions for the mortgagee to put thehupothec into realization :firstly ,covert into money ,auction or set off the target in order to get the moneypriority；secondly,make a prior agreement about re-purchasearticles,which allows the consumer,namely,the real estatecompany to re-purchase the target,and u...