Study On The Risk Management Of The Mortgage-backed Securities Of China

As a new financing technique,Mortgage-backed securitization(MBS),one of the most important international financial innovations in the past 20 years,MBS can directly turn the real estate investments that lack liquidity but can produce steady income into securities investments that can circulate extensively in the financial market.Not only can MBS vitalize financial assets,improve the quality of assets,raise the utilization ratio of the fund and the bank anti-risk ability,moreover provided the new investment variety,expanded the housing credit fund origin,the plate has lived the developer backlog housing commodity.Individual housing mortgage loan gradually becomes the people "the round housing dream" the main financing way is accepted by the general inhabitants.To 2002 year's end,individual housing mortgage loan remaining sum which our country commercial bank provides has surpassed 820 billion Yuan,moreover still by yearly rate 40～50% speed fast growth.Specially "2005-1" the construction bank MBS release,enabled to the MBS also to have a more thorough exploration.The Asset-backed Security this finance innovation tool application,has the positive significance to our country economy development.But,followed the financial innovation risk to occur also had the possibility.Will become an important topic to Asset-backed Security at present and the future risk research,this article mainly ahead of time reimburses the risk,the interest rate risk,the credit risk on this process in and so on several main risks questions carries on the analysis explanation.This article mainly constitutes by the below several parts:The first part of introduction,mainly will solve our country future accommodation from the Asset-backed Security to embark,proposed the MBS in our country national development and the significance.Unified the domestic and foreign research present situation,this article proposed own mentality frame as well as own research technique,mainly adopts the way which the theory and the real diagnosis unified,came to launch to the paper.The second part,first introduced the MBS rest on theory,whether this is the Asset-backed Security carries on as well as whether succeeds the development prerequisite;After that separately from the asset securitization the risk income which for the commercial bank,the investor,the facilitating agency,the loan person and so on several Participant brings is obtaining,explained our country at present develops in the asset securitization process,various Participant enthusiasm as well as other aspect conditions maturation.The third part,also is the article core partial,separately carries on the analysis from the MBS development process three big risks,specially ahead of time reimburses the risk to take the risk heavy center is heavy. Because the loan person reimburses the behavior ahead of time the existence,from this reimburses the risk which comes to be able ahead of time to cause the cash current capacity not to be unstable,brings the enormous difficulty and the complexity for the MBS appraisal process.Therefore the discussion reimburses the behavior ahead of time,forecast ahead of time reimbursing rate,the structure ahead of time reimburses the behavior the forecast model studies the MBS focal point. After that also was elaborating the interest rate risk forecast model as well as the credit risk classification as well as the influence primary factor.The fourth part,namely article real diagnosis analysis part,also is article apply theory to reality are partial,the main union constructs the"Jian Yuan 2005-1"the release situation and the related data,separately carry on the analysis from the MBS three main risks questions,separately had pointed out constructs the"Jian Yuan 2005-1"in release process success place and the disadvantageous three big risks aspect problem analysis.The fifth part,namely the article last the part,front the main union proposed the question as well as China at present develop three big risks questions which in the MBS process meets,proposed own in view of the measure and the suggestion,And has carried on the forecast to our country MBS big area development.In summary,the article mainly was has carried on the analysis to in the MBS process three big risks,and used the real diagnosis analysis the method,had pointed out in the MBS process three big risks,as well as proposed how dodged with to flushes the risk the strategy.