Study On The Model Of Credit Rating Of MBS

With the increasing of the residential mortgage loan, the banks face the problem that the bank asset does not match the bank liabilities in the way of structure term and the bank does not have an ample liquidity. But MBS is the best financial instruments to deal with the problem.In the process of implementation of housing mortgage-backed securitization, the credit rating is a very important part. And it doesn't only directly determine the financing costs, but also it is of great signification in the overall business of housing mortgage-backed securitization. But the rating business has a lot of problems:rating institutions are lack of independence, rating system is distempered and the rating function is not comprehensive. So I study the fundamental asset, the participator and the trade structure in the process of implementation of housing mortgage-backed securitization to obtain the functions that affect the cash flow of the securitization. And I design the credit rating index system of housing mortgage-backed securitization. At the same time, compared with the foreign asset securitization of credit rating model and combined with the actual conditions of our country, I choose the credit rating model of housing mortgage-backed securitization based on Fuzzy-AHP, which has an important meaning to the credit rating of housing mortgage-backed securitization.