A Tentative Study On Lawful Regulation On Risk Isolation Mechanism Of Mortgage-backed Securitization

As one of the most popular financing methods in capital market over 21 st century, the rapid growth of the real-estate asset securitization has been concerned by all walks of life and trigger Chinese counterparts to actively explore this innovative financial tool. Therefore, this dissertation adopt risk isolation mechanism, which is considered as the nature and the advantage of asset securitization, as the study subject, so as to promote the better and faster growth of the real-estate asset securitization in China.The first part introduces the basic theory of the risk isolation mechanism of real-estate asset securitization. First, the definition of the asset securitization elicits the implication of the mortgage-backed securitization; second, the forms, relations, lawful features, and real significance of the mortgage-backed securitization are analyzed; last, the risk isolation mechanism of mortgage-backed securitization is put forward, which has analyzed the origin of asset securitization and shed light on the target and key procedures of the risk isolation.The second part discusses the nature of the risk isolation mechanism of mortgage-backed securitization. On the one hand, on the basis of the lawful feature and forms of SPV and the lawful regulations of SPV as the risk isolation vehicle, this dissertation sheds light on the lawful issues in SPV bankruptcy isolation in risk isolation mechanism; on the other hand, on the basis of asset transfer methods and the lawful benchmark of real selling, this dissertation demonstrates the lawful issues of asset transfer in risk isolation mechanism.The third part explores the examples of legislation and relevant theories in the risk isolation mechanism of real-estate asset securitization in major countries such as US, UK, and Japan, taking real-estate mortgage securities as an example and on the basis of securitization operation and risk isolation mechanism.The fourth part summarizes the practices of the mortgage-backed securitization in China. This dissertation analyzes the disadvantages of the existing laws in China, referring to mortgage-backed securitization.The fifth part comes up with the constructive suggestions on improving the lawful regulations on the risk isolation mechanism of mortgage-backed securitization, so as to intensify the practical significance of the present study.