Barriers To China's Housing Mortgage Loans Securitization And Countermeasures

Since 1970s, the securitization of housing mortgage loan has become a new light point of world financial innovation as an important financial innovation. It has not only changed profoundly the society and economy life of many countries such as the United States etc, but also created a series of system innovation, market innovation and technology innovation. With the robust development of our country's economy, people's life has improved continuously, the demand of advanced commodity especially housing has become greater than before. The real estate industry has become a backbone industry for a long time in our country, in response to this, the housing financial in the field of financial also appear and develop. According to the international experience, when the housing financial develop to a certainty degree, the contradiction of long and short term not matching of fund will appear because of the quantity rising of making housing mortgage loan in commercial bank. The securitization of housing mortgage loan presents a right and effective approach to solve this contradiction. It will take on quite positive significance for improving the property liquidity of commercial bank, reducing the risk of bank, impelling the development of real estate industry, increasing the effective demand, promoting the rising of economy. So we can predict that with the further development of housing industry, the securitization of housingmortgage loan will have a quite great and long time development in the coming future in our country. With reference to the United States, this paper analyzes the obstacle factors, which are still available for the moment in the process of the securitization of housing mortgage loan in our country, and then raise some relevant measures to it.First part of this paper is about the fundamental theory research of the securitization of housing mortgage loan. In this part, a special emphasis was placed on the basic meaning, trade structure, economic efficiency, and then from the microscopic view, we analyze the basic cost-earnings of the securitization of housing mortgage loan.In the second part, we introduce mostly that the birth and progress of the securitization of housing mortgage loan in the United States, and conclude that the successful experience of the securitization of housing mortgage loan in this country.In the third part, we analyze the actual necessity of the securitization of housing mortgage loan mainly in our nation, furthermore, we analyze the rudimentary practicability of the securitization of housing mortgage loan from the perspective of price (interest rate), market.In the fourth part, on the bases of concerning about China's actual condition, we analyze the main obstacle factor and cause of popularizing the securitization of housing mortgage loan at present stage from four aspects of supply, demand, system and market intermediary, whichmainly manifests that the inadequate of primary market's scale is the supply obstacle of the securitization, the lack of mature institution investor is the demand obstacle of the securitization, the lack of relevant criteria in the aspects such as law, taxation, accounting etc, is the system obstacle of the securitization, the deficiency of codes in evaluation industry of capital and credit is the main market intermediary obstacle of the securitization.In the fifth part, on the bases of the in-depth exploration of the fourth part, we present some relevant policy measures and ideas to the securitization.In the sixth part, we design a simple project for our nation's securitization of housing mortgage loan.