| As a kind of important financial innovation, the asset-backed securitization (ABS for short) which originated in American in 1970s has got a great development in American market, European market, Asia market and become one of the most popular financing implement. Its outstanding efficacies embodies in strengthening asset's fluidness, enlarging channels of financing and investments and dispersing risks are beneficial to solving such realistic problems widely existed in commercial banks of our country. While housing mortgage loan has a asset scale and good quality, which suits to be the point of tangency into asset securitization of our country. By expounding the legal doctrine of the securitization of housing mortgage loan, reasoning its feasibility and necessity, analyzing a lot of legal barriers that our country shall face under current social environments, the author for brings up the legislative suggestions of securitization of housing mortgage loan which conform to national conditions of our country.The thesis covers five sections with 35000 words.The first section set about the theory of ABS, then analyze the concept, the operating procedure, characteristic and economic function from legal angle and economic angle. At the last part the author brings up the feasibility and necessity of MBS in our country. The 2 to 4 section discuss the legal problems and obstacles of securitization of housing mortgage loan under our country, including the creditor's rights transfer regulation and guarantee regulation; "true sale"; the special purpose vehicle (SPV). The fifth section propose alone legislation pattern of securitization in our country on basis of American and Japanese mature legislation system.There are several creative ideas in this thesis: the writer make a systematic and deep study on MBS from legal point; and select special aspects to analyze the legal obstacles; and give some suggestions to the alone legislation pattern of securitization of housing mortgage loan. |
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