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The Research on the Risk-avoiding to the Mortgage-Backed Securitization

Author: WangXueFen
Tutor: LongHaiMing
School: Hunan University
Course: Finance
Keywords: Mortgage-Backed Securitization Prepayment risk Credit risk Risk-avoiding mechanism
CLC: F832.51
Type: Master's thesis
Year: 2008
Downloads: 134
Quote: 1
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Abstract


Mortgage–Backed Securitization (MBS) is a main style of Asset-Backed Securitization.It is a process that converts the mortgage backed loan which will produce cash flow at present and in future in to negotiable securities which can be sold in capital market. MBS is regarded as one of the most important and the fastest developed financial innovations in the world financial field in recent 30 years. It creates new debts relations, improves the liquidity, so it is a alternative funding source. But for Mortgage-Backed Securitization is still a complex financial process, and it needs many participations in the process, every participation faces the certain risks that not only comes from the primitive property quality and the securitization process, but also comes from Other links, the macroscopic risk can’t be ignored,too. In view of the fact that the disparity is still very big between the domestic financial market, the legal system environment and the social environment and the ones of the western developed country, the MBS risks in our country is possible higher than the risk in western developed country. Therefore, under the present condition, it has not only the important theory significance, but also the important practical significance to unify our country national condition thoroughly systematically to study MBS risks and their the control question.After depicting the traits of MBS, this paper advances that in order to develop MBS all-aroundly, we should enforce management of MBS process, MBS risks and MBS circumstance.Firstly, it emphasizes on the key factors of MBS process: formation of mortgage pool, choices SPV, addition of credit and designs of securities, analyzing these factors and then poses some reasonable advices. This essay analyzes the factors that influence the two kinds of risk, put forwards measures to prevent from and solve the risks in order to design a perfect risk management schema of Mortgage-Backed Securitization. In the end, it emphasizes on how to consummate our country’s MBS circumstance, pointing out that some internal and external factors restricted our MBS developing are the development levels of MBS market、laws and regulations,governments functions ,and so on.

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