Study On The Pricing Of China’s Personal Housing Mortgage Loan Securitization

After Chinese reform and opening-up, the economy gradually showing a thriving face,at the same time, grow with each passing day and the Chinese housing mortgage loan market and commercial banks in the housing mortgage loan pressure. At the same time, due to the birth and the development of the existence of bank liquidity risk, the length of the deposit period in the short term loans that assets do not match, social capital supply and demand imbalance problems, in the domestic claims and the implementation of asset securitization becomes brook no delay. Beginning in1970, America began to rise in the domestic large-scale asset securitization, until today, the approach has been widely recognized for nearly half a century, for the development of international financial market plays a key role in financial instruments. This method and its essence is a commercial bank housing loans to individuals for the two mortgage, which can make the commercial bank withdrawal from circulation of funds quickly in securitization transactions, and provides an effective solution for exists in many of the financial industry "short on long-".Since1990, China has gradually carried out a series of theoretical research and practical investigation on related work of asset securitization. At the end of2005, the China Co truction Bank Corp and the State Development Bank issued "Jianyuan2005-1personal housing mortgage loan securitization" and "Kaiyuan credit asset backed securities", two years later, the China Co truction Bank Corp issued "Jianyuan2007-1". This two individual housing loan portfolio of the issuance of work for the relevant work carried out in China and played an important role in implementation: solve the major problems of China’s securities market varieties of a single, for enterprise and individual investment and financing, broaden the market. Development in the real estate and financial industry mature also plays a role of catalyst. In conclusion, although to a certain extent, China has made certain achievements, but compared with the American, Britain, Germany and other western developed countries, and practice still needs further development and improvement of asset securitization. Therefore, the further research on individual housing loan portfolio, to discuss the risk and the pricing, the pricing problem and will as the primary issue, explore and the relevant influencing factors, and puts forward the solution, for the current domestic asset securitization has important theory significance and display.This paper on the current domestic and foreign research results of personal housing mortgage loan securitization is summarized, on the basis of this, further expounded according to the characteristics of our country factors, on the domestic housing mortgage loan securitization of the deposit and its influence. Thirdly, relevant characteristics unifies our country has now issued mortgage-backed securities, as well as the basic national conditions, the current mainstream pricing method on housing mortgage loans to carry on the summary and evaluation. Finally, the full text and reality based, on the implementation of individual housing loan mortgage securitization feasibility proposals in China.