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The Research of the Housing Mortagate-Backed Securitization Legal System

Author: XuanWenXiao
Tutor: ZuoLiHong
School: Shanxi University of Finance
Course: Economic Law
Keywords: Financial crisis Asset Securitization Mortgage-backed securities Financial regulatory system
CLC: F832.51
Type: Master's thesis
Year: 2010
Downloads: 58
Quote: 0
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Abstract


Asset Securitization (Asset-Backed Securitization, ABS) is the product of the combination of derivative securities and financial engineering, began to rise in the United States in the 1970s and 1990s, showing a trend of rapid development. Asset securitization is a financial innovation, the lack of liquidity but able to generate a steady cash flow and assets foreseeable risk and return elements of assets by certain structural arrangements, separation and recombination, and thus transformed into financial the process of the sale and circulation of securities in the market. To some extent, the securitization of assets is the securitization parties in order to achieve the goal of maximizing benefits to find the gaps in the legal result of financial innovation. The most important asset securitization is the most basic form of securitization of housing mortgage loans (Mortgage Backed Securitization, MBS), commercial banks and other financial institutions to transfer its holdings of mortgage debt to a special professional institutions (securities of institutions), the agency based its acquisition of housing mortgage loans and issue securities in the capital markets (principally housing mortgage bonds) behavior. Asset securitization is a financial innovation, many aspects of its operations related to securities, guarantees, non-bank financial services, the operation of the process is extremely complex, if there is no legal system to adjust the the intertwined legal relationship between the related parties to protect benign aspects of the operation, it is possible there is a huge financial risk. In April 2007, New Century Financial Corporation filed for bankruptcy, officially marking the U.S. subprime mortgage crisis outbreak, in September 2008, Lehman Brothers filed for bankruptcy protection subsequently announced, marking the onset of the global financial crisis. The financial crisis, to the global economy are not severely affected. The financial crisis directly incentives to U.S. subprime loans that financial institutions in the United States paid a lot of housing loans no credit or no fixed source of income, and then in turn produced such loans into bonds for sale to investors, and finally This bond is made into the financial derivatives hedging transactions. Access to financial markets transactions in the secondary bond derivatives contracts market size is enlarged to nearly 400 trillion U.S. dollars, equivalent to a high of seven times the global GDP. The actual housing needs of the American people and the real purchasing power has been unable to support such high prices, so prices are falling, hundreds of thousands of low-income groups to stop paying their mortgages. This affects only a small number of investors bought subprime mortgage bonds have been off the supply, but due to speculative trading in \Speculative derivatives on subprime mortgage bonds and investors suffered heavy losses trying to reap huge profits, has a 156-year-old Lehman Brothers is a typical representative. Housing mortgage loan securitization vehicles this used to disperse and manage risk, and improve the efficiency of the operation of the market, has become the fuse of the global financial crisis. Why is there such a role in converting? Current global financial crisis resulted in a greater impact on China's economy, China's financial system hurt the little, one of the reasons is China's capital project is not completely open, but isolated risk . But in today's context of economic globalization, the opening up trend get those revelation, securitization is the mainstream of development, from the financial crisis and how to develop the legal system of China's housing mortgage-backed securities, and how to improve. This article discusses the housing mortgage loan securitization in China's development and improvement of the legal system problem, the securitization of home mortgages in the development of our country, the legal system exploration. The article first 'first explain some background in asset securitization and housing mortgage loan securitization, basic concepts, characteristics, and economic functions. The second part of the operating mode of the asset securitization to introduce Western countries (U.S. and Europe) and housing mortgage securitization business, legal norms and legal systems based on analysis of the global financial crisis on China's housing mortgage loan securitization revelation. The third part concentrates on the Current Situation and Countermeasures securitization of home mortgages in the development of our country, and put forward the corresponding solutions. Finally, the article's conclusion, the review from the full text content conceived of our mortgage-backed securities legal system of housing mortgage loan securitization operations carried out can be carried out by state-owned companies or trusts two forms.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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