| In the past few years,China’s real estate industry has continued to develop,and China’s banking industry and the real estate industry are highly tied.The supply-side real estate developers need a large amount of funds from the banks in the early stage of development loans.Many buyers on the demand side also need commercial mortgage loans from commercial banks.Get a commercial house.Considering that China’s real estate market has been declining in the current cycle,housing prices in many cities have shown a downward trend,and the nonperforming rate of such assets of commercial banks may rise.Through asset securitization,RMBS can help banks to generate risk assets and release risks.At the same time,under the control of bank credit scale and other regulatory conditions,it can revitalize housing mortgage loans and free up credit lines to issue higher-yield loans.Improve asset efficiency.However,the transaction structure design of the RMBS product is a key link that needs to be carefully designed before operation.This paper adopts literature review method,comparative analysis method and case analysis method.Taking Jianxin Phase II personal housing mortgage loan-backed securities as an example,it studies its four aspects: asset restructuring,credit enhancement,asset cash flow analysis and risk isolation.The transaction structure design summarizes the problems of the incomplete trading liquidity arrangement,the limitation of basic assets,the unclear legal status of SPV and the imperfect external credit enhancement measures in the design of domestic RMBBS transaction structure,and puts forward targeted suggestions: strengthen The institutionalization of external credit enhancement,standardizing the legal status of SPV,and expanding the scope of screening of basic assets. |
