Research On U.S. Asset Securitization

The American subprime mortgage crisis broke out in 2007. This crisis led to a deep recession in the U nited States. Due to the connection between the financial market is very tight, has also had a volatility in global stock markets, many countries are subject to the spread and influence of different level. But it is also because of the crisis, to get people to stop the pace of innovation and reviewing asset securitization is a financial innovation. Asse t securitization originated in the 1970 s. As a financial innovation, its em ergence on to the vast number of investors of new financing channels at the sam e time, also h elp Banks such as the originator to solve the liquidity, capital utilization, st ability, risk, active real es tate market downturn, more promoted the econom ic growth. Although the advantage of asset securitization is obviously, it brought serious impact to the U.S. economy. What caused the subprime crisis? Asset securitization is the main reason is th e root cause? How China should use the financial instruments and rejecting the bad take its essence? This article will start from these problems, from the generation of asset securitization began to study in the United States, pay attention to the development of it in every course and detail, analyze the main body of the operation mechanism of the whole, have been traced to the outbreak of the crisis. By m eans of asset securitization and the study of the relationship between the subprime crisis, reveal the asset securitization in the role of the subprime mortgage crisis. This paper argues that securitised products although there are some defects in itself in the de sign and pricing, but the rating agencies and regulators of the moral hazard problem is more serious. Trace their root causes, and the economic cycle and loose monetary policy in the United States.The thesis is divided in to five chapters. The f irst chapter mainly discusses the domestic and foreign scholars on Am erican asset s ecuritization and the understanding of the us subprim e crisis; The second chapter is the asset securitization of comprehe nsive study, analyzed the developm ent of asset securitization and operation mechanism; The third chapter, based on the perspective of the subprime crisis analysis the cause of the us subprime crisis, distinguished from the main reason to the root cause; The fourth chapter is the understanding of the features of the asset se curitization, analyzes its positive inf luence and negativ e influence, the fifth chapter is about the summary of the full text.