Economic Development Of Housing Mortgage Loans Securitization Model Selection

In recent years China's economy maintained rapid growth, and the real estate industry is developing rapidly. However, there is a lack of effective risk prevention and decentralization mechanisms of China's financial system ,which increases the risk of commercial banks. How to avoid the the financial and economic crisis caused by real estate bubble, while perfecting the financial system, and promoting the development of the secondary market of the housing industry, and the primary market and secondary market linkages and intercommunion, have become an important subject. with the function of strengthening the liquidity of commercial banks and with and diversify the risk, improving China's housing and financial markets,Mortgage-backed securitization(MBS for briefly) can be used to solve the above problems our country is facing.the purpose of this thesis is to study the specific MBS pattern which is suitable to China, including the current pattern and long-term pattern.In order to come to specific What is the most appropriate pattern of MBS, the thesis combining the method of concluding with deduction ,combining theory with practice, as well as comparative studies, such as game theory and SWOT analysis.With the fundamental purpose of China's implementation of MBS, the combination of international and domestic Experience, and China's economic development conditions and MBS practice, it analysed the impact of MBS pattern selection, key and principles,then, it concluded.firstly, this thesis analysed the advantages and disadvantages of the main MBS pattern in the world by comparetion, as well as the relationship between economic development and the MBS pattern chosen.With the economic development of United States and its pattern of MBS, the study found that off-Balance-Sheet Securitization applicable to the conditions Demanding more, but to achieve bankruptcy isolation, risk prevention function better, this pattern is more standardized, and it will benefit long-term development of China's MBS and financial market regulation.At the same time,it may also bring the risk of the financial system, while the In-Balance-Sheet Securitization can not be effective insolvency isolation. this pattern of Securitization was often been used as a means of financing when the economic size was small or at Depression-era.For long-term view, this pattern is not conducive to the norms of China's financial market development. Under China's current economic and real estate development condition, with the game theory model and SWOT analysis, we found that Off-Balance-Sheet Securitization is more suitable for our country. Then, by analyzing the key points of Off-Balance-Sheet Securitization ,we found that the trust model of the SPV is the most suitable MBS pattern in the current period. This thesis presents a "limited flow of Off-Balance-Sheet Securitization".This is the conclusion innovation.Under this pattern,the Chinese government should play a leading role in the current economic situation.we should control its scope and the flow of liquidity and prevent system Risk. In the long term, only to establish a sound financial system, China must grasp the financial dominance of the time, China can be implemented similar pattern of the MBS to the U.S.