Research Of Innovator And Path Selection Of Mortgage Securitization In China

As an innovation of housing finance institution, mortgage securitization was firstly originated in the United States, which communicated the capital market and the real estate market, and made the housing finance evolve from the structure of deposit-lend to mortgage backed securities. The variety and technique of the mortgage-backed securities is being perfected continuously, and has the trend of globalization. China has become a member of WTO, and the finance industry will be more and more internationalized, which make it necessary for us to use the experience of the developed countries for reference. The success of mortgage securitization in developed countries is of important significance for the finance reform in China. From the oversea experience and the condition of our housing finance, it's necessary to introduce mortgage securitization into China.From the view of institutional economics, this paper pays attention to the originator and the path of the financial innovation. The structure of the paper is as follows:The basic contents about mortgage securitization are introduced at the beginning, then is it's development in the seven seas, especially in the United States, and the theoretical and practical evolvement in China.In the 3rd part, the circumstance of market and institution for the creation of mortgage securitization in America is analyzed.In the 4th part, the article turns to the benefits and risk of commercial bank in China, both in qualitative and quantitative analysis. And the relative parts are analyzed as follows.On the base of these analysis, the path of mortgage securitization innovation in China is brought forward.