Research On Mortgage Backed Securities In China

In the process of the mortgages securitization, the mortgages securitizaties products are the very important carriers. Mortgage Backed Securitization is a main style of Asset Securitization. It is a process that converts the mortgage backed loan which will produce cash flow at present and in future into negotiable securities which can be sold in capital market. Being a financial innovation, the mortgage-backed securitization dated back to the end of 1960s and the early 1970s in the United States, and expanded to the other developed countries and areas in 1980s and1990s. With the rapid development of the real estate, many experts have done much research on it in our country during the recent years.There are three principal Mortgage Backed Securitization: mortgage pass through security, collateralized mortgage obligations,stripped mortgage-backed securities. Carrying out personal housing mortgage loans securitization is very meaningful to the following aspects: speeding the development of capital market; strengthening the competing power of commercial bank; accelerating the step of real estate; expanding the channel for investors.This thesis includes preface and the text. The first chapter, the preface, mainly introduces the significance of this paper and the relevant studies on it. The thesis consists of five chapters besides the preface while the details are as following.The second chapter goes to the introduction of basic theory of securitization of the housing mortgage loan which including the contents, characteristics of the securitization of the housing mortgage loan, and further systematic explanation of the main participators of the housing mortgage loan securitization and operation mechanism.The third chapter mainly discusses three types products of home mortgage loan, then points out the definition and the characteristic, compares there products with others financial products.The fourth chapter introduces the current situation the securitization of home mortgage in china, put forward those problems, and gives the general analysis on the risk faced by securitization of home mortgage, such as the risk of payment in advance.The fifth chapter introduces the main methods, which is the securitization of home mortgage, to solve those problems, and imposes on the key technique.At last, The sixth chapter introduces to sum up the thesis.