Research On Legal Risk Prevention And Control Mechanism Of Housing Rental Assets Securitization

At present,the direction of housing system reform is the coalition of housing lease and purchase and the vigorous development of the leasing market as well.The development of traditional real estate industry and housing leasing market has great financial demands.Facing the international and domestic situation,it is necessary and feasible to carry out the securitization of housing rental assets to solve the financing problems.In the process of securitization,there are many links,many subjects,complicated structures and complex risks,among which the legal risks can not be ignored.This thesis starts from the broad understanding of housing rental assets securitization,and introduces its basic models including ABS,CMBS,REITS,ABN,REITs and their corresponding products.Subsequently,this thesis tries to analyze the risks in the operation process of housing assets securitization: the solvency risk caused by inferior quality of basic assets;the risk of increasing transaction costs and regulatory difficulties caused by complicated transaction structure;the risk of ineffective leasing system and other related systems to protect the lessee and the high risk of breach of contract;the risk of increasing the real estate tax burden and reducing the profit margin of products resulted from property tax collection and any other risk point.Meanwhile,this thesis also makes a preliminary analysis and evaluation of the current regulatory system and legislation of housing rental assets securitization and points out that bankruptcy segregation,product classification and redemption,credit enhancement and other existing risk prevention and control system have corresponding problems.Finally,in terms of supplementation and coordination of the risk system,this thesis suggests that people should jointly prevent and control the legal risks starting from designing the securitization product design,specially legislating securitization,improving the asset securitization itself and its supporting system and any other aspect.