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Hong Kong develop MBS began in 1994, and that year, by merrill lynch participation in the MBS, is one of Asia's most MBS try one. In March 1997, the SAR government capital injection hk $2 billion, the Hong Kong mortgage securities was established (HongKongMortgageCorporati. N, HKMC). The HKMC wholly owned "male Compose ", but its business operation in full accordance with the principle of marketization. HKMC through the issue unsecured debt Buy Hong Kong commercial bank mortgage loans as investment in the company, get the loan interest rate and bond interest rate The forehead returns. Then, the HKMC will hold their loan portfolios and purchase of the loan combination for securitization, MBSS, the HKMC guarantee securities principal and interest. In October 1999, the HKMC successfully implement two pen value is 16 Yuan MBS, open up a new era of Hong Kong MBS. The securities issuance to take back way, namely sell To the bank and the HKMC Ss buying back together. In December 2001, the HKMC MBS released a new plan Many currency Bauhinia together (1) s, this is Hong Kong mortgage secondary market is the significant breakthrough. After back-to-back Bauhi (1). The meaning is Chinese redbud ia, Hong Kong SAR of the area of flowers Chapter 5 other country (region) MBS experience The main issue an object is the commercial Banks, and BauhiniaMBSS will face the investors. In 2003, the special To solve the district government budget deficit, announced in full swing, including MBS asset securitization operation, further To promote the development of Hong Kong MBS. Hong Kong MBs an important characteristic is, MBs outside the watch of operation, and HKM To provide credit guarantee MBSS, eliminating expensive credit enhancement measures. British (a) development and market structure MBS in Britain in the 1980 s to produce British social housing mortgage loans to push demand Growth. Early British housing mortgages by building club (Buildingsociety) (1) monopoly. As the Governments implement housing system reform, commercial Banks and other financial institutions was introduced to the market. In 1985 and 1986, Britain has established three large professional mortgage agencies: national housing loan association (Nat1onalHolne Loan, NHL), UK mortgage company (TheMortgageCorporati. N, TMC) and home mortgage company (HouseholdMortgageeorporati. N, HMe), the three institutions to become a mortgage of the Lord To the originator. In 1987, Britain in Europe spearheaded MBS, but then MBS development experience ups and downs all around. The first 90 s, because the macro economic recession housing mortgage loans to growth is slowing, MBS bottomed. In this period, England to securitization system reform adjustment, revised some laws and regulations, formulate the loan Money transfer and securitization regulations. Since 1996, Britain began to recover the MBS, again for business development The fast lane, product innovation constantly emerging, the size of the market steady growth. British MBS in table mainly adopts the operation mode, namely the housing mortgage loans, man is also MBSS The issuer, housing mortgage loans are the assets, issued by the securities become sponsors' debt, to both There are the balance sheet. MBSS in stock exchange to public offering and listing issued by all, With mortgage loan time limit time limit is changed, general with 5 一10 years to give priority to, but if the original mortgage loans Shifts to an earlier date reimbursement, the corresponding MBSS also must pay in advance of. MBSS investors the commercial Banks to give priority to, insurance The company, pension funds and other investors are also involved in the investment.
A, China's housing mortgage-backed securitization barriers At present our country of housing mortgage-backed securitization (MBS), the condition is comparatively mature, but also exists many obstacles, main show is: 1. At present, China's housing mortgage primary market growth is not mature (1) level 1 market scale is too small. By the end of 2005, China's four state-owned commercial Banks to issue a personal housing loan balance, personal housing loan balance of the loan balance and the proportion of GDP of relatively low, less than 10%. While developed countries and regions in the mortgage balance of GDP is high. Such as Britain is 56%, the United States is 54%, Japan is 33%, Hong Kong area is 31%. Visible, our country at present the housing mortgage loans were still small scale. MS market created, mortgage claims to construct the asset pool into standardization, if not quite the size of the loan is accumulated, not in the reimbursement deadline, interest rate standard, house property property, default rate have the same claim, and of course cannot implement "pack", "restructuring" standardized operation, the issue of the asset pool also MBS can not be established. (2) level 1 market loan conditions are not unified. Housing mortgage loans in the national just started, though in 1997, introduced a "personal housing loan guarantees management try out method", but it does not explicitly the detailed rules for the implementation of the specific provisions, have not form a unified national housing mortgage loan system. All over, Banks of between different, in lending standards, loan format, extend procedures, information management have very big difference, loan conditions inconsistent and also makes constructing standardized MBS plodder asset pool. 2. Commercial bank pressure and underpowered. (1) at present, China's housing mortgage loans in the bank assets in the share is low, no bank liquidity of asset threats. Foreign Banks have a mortgage securitization, mainly in order to solve the shortage of capital flows to bring capital structure does not match against capital and liquidity risk. According to international experience, housing loans accounted for all loan ratio reached about 30%, is likely to bring capital bank liquidity threat, commercial Banks will put forward the requirements of housing mortgage-backed securitization. But, Our country at present the housing mortgage the size of loans and little, accounted for only about 2% of the total loan balances. From the whole terms, our country commercial bank deposit more than the total amount of loan, a large number of idle capital, and the total amount of the residents of our country reached record high savings, the commercial Banks extend housing mortgage money very enough. So although personal housing mortgage increase in the number of very fast, http://www.ukassignment.org/dxxgzy/2012/0208/19268.html but there is still no cause to the bank liquidity of the threat. 香港作业翻译 一、我国住房抵押贷款证券化存在的障碍
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