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The Evolution of U.S. Housing Loans Securitization Market and the Research on the Role of Market Interest Rate

Author: ZouChunLai
Tutor: ChenQuanGong
School: Central South University for Nationalities
Course: Western Economics
Keywords: Asset Securitization Housing Loans Market Evolution Market Interest Rate The United States
CLC: F837.12
Type: Master's thesis
Year: 2011
Downloads: 47
Quote: 0
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Abstract


While the "subprime crisis" eruption and it gradually evolved into a global financial crisis, then an economic crisis. Asset securitization, as an important financial innovation known worldwide, has been placed into a dilemma. From the historical perspective, the emergence of U.S. housing loans securitization is the symbol of asset securitization. In the "subprime crisis" conduction mechanism, Securitization of housing loans plays a role which diffuses, amplifies, and returns the credit risk of mortgage. At the same time, there is a phenomenon, which is the dramatic adjustment of U.S. market interest rate, between 2001 and 2007.Because of the asset securitization technology achievements in the U.S. housing finance system, China has conducted related experiment and many scholars have also made some researches. However, most of these studies focus on the following problem, such as the process of asset securitization, its functions and effects, and so on. Of course, there are many recommendations for the securitization of housing loans in china. In fact, the necessity making housing loans securitization deal for our banking sector is an open question, before the experiment in 2005.After "Subprime crisis" , there is a deep reflection about housing loans securitization technology in U.S. Our China’s commercial banks also prudently stop it. With the circumstance and the series of advances, the evolution of U.S. housing loans securitization and the power of the evolution need to be re-examined.The structure of this paper is as follow. Firstly, there is a detailed review about the U.S. housing loans securitization market evolution. Secondly, this paper analyzes the market operation mechanism on the current. Thirdly, according to the credit enhancement, this paper introduces the mainstream financial products of the market. In this sector, paper focuses on the product structure design, because the structure design depends on the forecast for market interest rate. Then, this paper shows the market interest rate role in the evolution of the U.S. housing loans securitization market, applying the fixed-income securities pricing methods. Finally, this paper draws conclusions and enlightenments from the research, and accounts for the further study.The conclusions and the enlightenments of the paper lie in: First, the market interest rate fluctuation doesn’t only trigger the emergence for U.S. housing loans securitization market in an extant housing finance system, which has been established since the Great Depression, but also promote its evolution more advanced, more complex. Second, we should pay more attention to the relationship between the fluctuation of market interest rate and financial market, particularly, to the financial market impact when relatively dramatic market interest rate change occurs. So, the“Price type”monetary policy tools should be applied prudently. Third, the fundamental purpose of Chinese experiment is for the technology.The innovations of the paper lie in: First, there is a beneficial micro-complement of the role, which the securitization of housing loans plays in the "subprime crisis" transmission. Second, with the perspective of market interest rate, this paper researches the Evolution of the U.S. housing loans securitization market.

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