China's Housing Mortgage Loans Securitization Development Problems

Mortgage-Backed Securitization (MBS) is a main style of Asset-Backed Securitization. It is a process that converts the mortgage backed loan which will produce cash flow at present and in future into negotiable securities which can be sold in capital marked. MBS is regarded as one of the most important and the fastest developed financial innovations in the world financial field in recent 30 years.On the basis of positive finding of MBS studies by foreigner researchers and under the present circumstance of China, this paper put forwards some problems and countermeasures we should pay attention on during the process of MBS, expecting to have some values to our MBS experimental units.After depicting the traits of MBS, this paper advances that in order to develop MBS ail-roundly, we should enforce management of MBS process, MBS risks and MBS circumstance according to USA's experiences.In chapter 3, it emphasizes on the key factors of MBS process: formation of mortgage pool, choices SPV, addition of credit and designs of securities, analyzing these factors and then poses some reasonable advices. In chapter 4, It studies mainly on MBS management of possible risks, including risks of credit, risks of early repayments, risks of operation an risks of market. This essay analyzes the factors that influence the three kinds of risk, put forwards measures to prevent from and solve the risks in order to design a perfect risk management schema of Mortgage-Backed Securitization. In chapter 5, it emphasizes on how to consummate our country's MBS circumstance, pointing out that some internal and external factors restricted our MBS developing are the development levels of MBS market ,laws and regulations , governments functions ,and so on. On the analysis of these factors, it put forwards some measures and advices in details.