The Construction Of China's Housing Mortgage-backed Securities System

As the reforms of housing system and the fast speed of real estate construction, the real estate and finances are going ahead fast. With the advanced experience from foreign countries, the Mortgage Backed Securitization has come into being, which motivates the development of real estate in China. But there exist the development limits in this field because of the imperfect regulations. With the experience of foreign countries and basing Chinese condition in fact, this paper mainly discusses some problems of Mortgage Backed Securitization from the view of law.The first part is the brief of Mortgage Backed Securitization. First, the concept, participators and the legal relation of participators of Mortgage Backed Securitization are introduced. Contrasting to international three kinds of loan modes of Mortgage Backed Securitization, the loan-outside-form is the best loan mode in China is drawn up. This paper discusses Mortgage Backed Securitization on the premise of loan-outside-form.The second part is the analysis of advancing Mortgage Backed Securitization in China. The necessity of practicing Mortgage Backed Securitization is argued. Practicing Mortgage Backed Securitization in China can bring about benefit to the loaner and loanee of mortgage loan, and promote the development of real estate industry and the capital market. Analysing from the present condition of Chinese mortgage loan market and security market, the requirement and legal guaranty of Mortgage Backed Securitization, practicing Mortgage Backed Securitization in China is practicable.The third part is the choice of operation mode and related legal questions. The legal obstacles about SPC and SPT under the current legal frame are emphatically studied. The author thinks the SPT is the actual choice at present. Because there is not special legislation about Mortgage Backed Securitization and the clash between the development of Mortgage Backed Securitization and some current law in China, there are many legal questions in the aspect ofsponsor qualification, credit rating, revenue handle, etc. The paper draws lessons from foreign advanced legislation, puts forward some constructive opinions.The fourth part is foreign general legislative situation and Chinese legislative suggestions of Mortgage Backed Securitization. The author puts forward to adopt the single legislative way to establish a compare systematic legal document of Mortgage Backed Securitization by the Standing Committee of the People's National Congress, combining Chinese actual circumstance on the foundation of introducing foreign legislation modes of Mortgage Backed Securitization.