| Mortgage-Backed Securitization is a significant financial technology which is propitious to improve the liquidity of financial assets, consummate the real estate financial system of China and drive the innovation of Chinese housing system and finance system. But every form of financial innovation exist finance risk. Although Mortgage-Backed Securitization is useful to disperse risk to investors, the risk still exists. This dissertation made a profound analysis on the credit risk of Mortgage-Backed Securitization under the background of Subprime Loan Crisis. And the aim of building the Mortgage-Backed Securitization Credit System was proposed.Firstly, this dissertation explained the basic concept of Mortgage-Backed Securitization, such as the origin and development, the meanings, subject and operation process of Mortgage-Backed Securitization. Furthermore, this dissertation analyzed some obstacles that exist in the development of Mortgage-Backed Securitization.Secondly, this dissertation made a comparative analysis on the current status and problems of Chinese and American Mortgage-Backed Securitization under the background of Subprime Loan Crisis. It included the comparison of Chinese and American real estate market, basic assets, credit enhancing and the method of credit appraisal. The credit risk both China and America face during the process of Mortgage-Backed Securitization was derived.Thirdly, this dissertation explained the concept of credit and the character of the credit risk, and made a further explanation on the credit risk according to the theory of Information Asymmetry, Moral Risk, Principal-agent and Rent-Seeking. The necessity and urgency of the building of the Mortgage-Backed Securitization Credit System was derived.Finally, the basic frame of credit system of Mortgage-Backed Securitization was proposed through using American experience for reference which include the composing, the management and the mechanism of Mortgage-Backed Securitization... |
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