| Due to Chinese housing reform and increasing house demand, these years have witnessed great development of residential mortgage since 1998. The data show that the average annual growth rate reaches 68% from 1998 to 2006, much higher than that of all RMB loan in financial institutions. Besides, up to 2006 the mortgage balance has attained as much as RMB 19736 billion. As a crucial part of banking transactions, residential mortgage assists in diversifying bank transactions, increasing bank profit and lowering bank risks. However, residential mortgage is vulnerable to the fluctuation of house price and finance market, which will induce risks to the whole banking. Therefore, in carrying on residential mortgage, how to guard against or reduce risks, especially the market risk, is of crucial significance to banks.Therefore, the text choose the research object as market risk of residential mortgage. Through study of the market risk connotation, characteristic and the formation mechanism, putting forward the speculation of strengthen the market risk management of the residential mortgage at new the stage.The paper can be divided into four parts:Part one: the paper analyzed the connotation and formation mechanism of market risks of residential mortgage. The paper explained its concept and differentiated the market risks from the credit risks of residential mortgage. Then, took LTV as research object, analyzed the influence that fluctuation of building price and interest rate impose on market risk.Part two: the paper analyzed the impact that fluctuation of the market house price impose on residential mortgage. The author through analysis of the real case, such a conclusion can be drawn as aiming at the risk of the building prince declination, by lowering the loan ratio, the risk term by default and by reasonable breaking contract can be shortened. Then analyzed the trend of market housing price of our country.Part three: the paper analyzed market risk raised from the fluctuation of interest. Under the condition that the market interest rates descend, the residential mortgage of a fixed rate may face these two occurrences. One is that the loanee refuses to return the money and breaks the contract because the LTV rise to a certain extent .The other is that the loanee return the money he loaned by the price on the account because the market loan price is higher than the price of the account, it's said to be a kind of afresh margin by returning the loan ahead of the appointed time and selling the loan at the raised market price. This thesis analyzes choice of the loanee's refusing to return the loan and returning the loan ahead of the appointed time and the loanees's loss suffered from the rise of interest rate through real cases. The loaner that operates at fixed rate may not be able to get the additional income from the decline of the market interest rate just because the loanee breaks the contract by returning his loan ahead of time or refusing to return his loan. While the market interest rate raise, the loan will still go at the fixed rate; and the inevitable rising of the margin cost make the income less, or even make the interest rate upside down, which cause the bank suffer a great deal. With the increasing of interest rate, the adjustable-rate loan's monthly returning has been raised, but the loanee's income hasn't been raised synchronously, As a result, it may make the debit's heavier, so that they can not pay the loan, and then they had no choice but to break the contact. Then, analyzed the trend of interest rate in the near future and condition of market risk.Part four: elaborated the management measure of the market risk of residential mortgage. Including guarding against and transferring of market risk. About Guarding against, the government and financing institution adopt various measures respectively to the risk. About the method of transferring the risk, mainly introduced the developing of second class of residential mortgage, perfecting insurance and guarantee system of residential mortgage. |
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