Study On The Housing Mortgage-backed Securitization And Its Mode In China

Housing Mortgage-backed Securitization (MBS) is one of financial innovations which have the practical significance in the United States since 1970s. The large-scale market of housing mortgage-backed securitization has already been shaped in many developed countries. The first asset securities products in China have been issued by the Chinese Construction Bank and the Country Development Bank respectively in December, 2005 and the Jianyuan 2005-1 of individual housing-backed mortgage securities is issued 3 billion Yuan approximately. The first issue of Kaiyuan credit asset support securities distributes to 4.26 billion Yuan by the Country Development Bank in 2005. Apparently, housing mortgage-backed securitization has been indispensable in our financial market gradually.The first chapter of the article states the study purpose, significance and introduces some researches in and outside our country. The second chapter summarizes the MBS basic theory, including its definition and procedure. The third chapter describes its development in some countries, such as the United States and concludes their successful experience. The fourth chapter analyses the development of housing-backed loan in China. The fifth chapter suggests that it should first set up a mode of outer-table based in Special Purpose Trust, select proper issue organization and then build independent Special Purpose Vehicle which is based in mature circumstance. The sixth chapter of the article analyses the circumstance of MBS and makes suggestion on its systems and financial basic establishment. The article makes some suggestions on how to improve the MBS circumstance, for instance, develop second-hand housing-baked loan market and enhance the rational competition between commercial banks in China.