Housing Mortgage-backed Securities, The Legal Analysis

Mortage-Backed Securitization( MBS )is one of the most important financial innovations of the 20th century. This innovition initiated by the United States brings a wave tide in whole worldside scope. In China, MBS will contribute to the development of house finance, the revolving of house capital and the development of house market. MBS accords with our choice of the economic development point.MBS influenced by American law, economic and society for it develops in America. This influence includes why use and hou to realize MBS. In this point, as financing technology, MBS is regional knowledge. So, this paper not only articulated this technology, but also want to find the systematic issues. This paper will explain why MBS developed so quickly and its negative influence through legal analysis. As a thesis of LD, author pay attention to legal analysis. For, in a legal state, the innovition and development of any financing technology can not be apart with legal institution, it will always be the application of some legal institutions and the avoidance of others. This is a legal institution. In ture, MBS is combined of series of contracts, including the institution of SPV, asset transfer, reputation enhancement and security issue. All these contracts involve in different norm. So, the paper pay attention to legal analysis should not have many loopholes. As banking law system emphasize both efficiency and fair,author have to analyze by both economic means and legal means.This thesis totally is divided into four parts. Part one defines MBS's concept, background, procedure and subjects. Part two analyze MBS by economic means,including MBS's value,catogory and frofit-cost nanlyses. Part three and Part four are the center of this paper. Part three is MBS's legal analysis,including subject analysis,procedure analysis and negative influence analysis.In this part,the institution of SPV and asset transfer analyses are the base of this thesis, In part four,with the analysis of the legal environment for MBS in China,author put forward some proposals for the solution of the legal obstacles our country should meet with and the legislation of MBS in China.