| 1. IntroductionAccording to the macroeconomic policy of China, the government has definitely regarded the real estate industry as the main industry, especially regarded the development of housing as a new economic increasing point. Financial crisis of Asia indicates that the government must enhance the financial management of real estate. Promoting the Mortgage-Backed Securitization of real estate (MBS) is a feasible solution to dissolve the financial risks. MBS can impel the domestic requirement and the firm development of real estate finance. It can then push the real estate industry into a healthy orbit as soon as possible. So MBS should be one of the most imperative financial projects in China. Combining with the present situation of China, this paper analyzes the feasibility of MBS in China and then puts forward the operating mechanism that is adjustable for China.2. Theory analysis of MBSThe so called Mortgage-Backed of real estate, is a loan action that take the real estate as the assurance for return money to get the loan. The Mortgage-Backed system is the basic system arrangement that applied in the real estate field to avoid credit risk.MBS is a special form of real estate securitization, it is based on Mortgage-Backed of real estate and the initial credit side take their owned real estate or through special medium organization, by the assurance of certain credit organization, issue certain valued stocks, to be purchased by investor. MBS enlarge the second class market of Mortgage-Backed of real estate, lower the flow risk of investment on the Mortgage-Backed loan, Mortgage-Backed loan of real estate is the first class market of real estate finical market, MBS is the second class market.3. Feasibility analysis of MBSThe paper introduces and explains the theory of MBS and analysis the feasibility of MBS in China from many aspects, such as system, laws, financial environment, the situation of housing markets, macroeconomic effect, etc. The reform of land-using system provides MBS system pre-requisite; the interrelated laws offer the law guarantee for MBS; the issue of "Security act" indicates that the security market of China is being normalized, and the developing prospect offinance in China brings MBS effective support; the dilemma between the surplus and the shortage of commercial housing gives MBS an important turning point; the macroeconomic effect of MBS is that it accelerates the economy, reduces the pressure of currency inflation, dissolves the operating risks of finance organs and makes the finance system operate steadily.4. Research on operating mechanism of MBSWe should select the model of financial mechanism that is suitable for China. The industry of banking, security and insurance should involve in deeply. The main problem in the procedure of carrying out MBS is how to define the function of the mechanisms involved rationally, which can insure the credit and the operatable of MBS. During the period of the creation and marketing, the main mechanisms connected with MBS include: the creator, the medium mechanism established for issuing security, the mechanism strengthening the credit of security, the mechanism rating the credit of security, the mechanism taking charge of MBS, the investing mechanism.(1) Several national owned or non-national owned commercial banks are the generator of Mortgage-Backed loan of real estate in the first class market. (2) Securitized organization has a great effect in the process of MBS, the main functions of securitized organization include: Establish the Mortgage-Backed loan group; Design Mortgage-Backed loan stocks and strengthen the internal credit of the stocks. (3) The credit strengthen by credit strengthen organization belongs to external credit strengthen. The credit strengthen functions of domestic MBS may be carried out by special government organization, and the credit of government will be the assurance for money return. (4) The credit classification organization will give credit classification on Mortgage-Backed stocks of... |
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