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Personal Housing Mortgage Loans Securitiza ???

Author : tjguakao2 tjguakao2

Submitted : 2012-02-10 00:00:00    Word Count : 814    Popularity:   Not Rated

Tags:   ??, ??????, SCI????

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Carry out feasibility analysis of the personal housing mortgage loans securitization in China ????

China Construction Bank ?????, "Jianyuan 2005-1 personal housing mortgage loans securitization trust the priority of asset-backed securities and public offering ei sci, did not reach the market optimistic people expect the" hot "state ????, but with the understanding of mortgage securitization the objective conditions to deepen and mature sci????, I believe China will increasingly shown its value ????????, and will have broad application prospects.

(A) personal housing mortgage loans to meet the requirements of the securitized assets

Not all assets are suitable for securitization ????, including the most basic requirement is that the securitized assets in the future to produce a predictable and stable cash flow EI????, that is securitized assets must be attractive to investors. Investors in deciding whether to purchase mortgage-backed securities sci??, mainly based on the quality of these assets sci ????, the reliability and stability of future cash revenue stream. Relatively small risk of residential loans sci????, the income is relatively stable and predictable higher ????, so a breakthrough in personal housing mortgage loans securitization is very appropriate.

(B) residents' personal income levels and the enhancement of financial sense to create material conditions for the housing mortgage loan securitization

On the one hand ei??, the total household savings business is considerable ????, and large household savings funds for the implementation of individual housing mortgage-backed securities to provide adequate sources of funding. In addition ????, mortgage-backed securities ????, credit rating (usually AAA or AA level) sci????, with less risk ????, the yield was slightly higher than government bonds ei compendex, so the residents willing to buy. On the other hand ??????, the financial sense of the residents in continuously enhance consumer psychology increasingly healthy sci????, this new investment vehicle will soon be accepted.

(C) China's securities market has begun to take shape

China has been the formation of many securities companies to participate in support of the issuance of securities markets ????, as well as Shanghai sci??, Shenzhen Stock Exchange ????, STAQ system and NET systems ????, etc. ???, represented by the OTC. The varieties of the Shanghai and Shenzhen Stock Exchange trading ???????, including stocks ??????, bonds sci????, fund certificates ????, convertible bonds. Mortgage-backed after the issuance of securities can be traded in the two securities market.

(4) China has a considerable number of institutional investors

With the commencement of the depth of the pension ei sci, health care and social security fund system ??????, there will be more and more of the ceremony will guarantee fund. The Social Security Fund has accumulated a lot of money SCI????, is bound to find a way out to the stock market sci????, the essential characteristics of the Social Security Fund decided it can not pursue short-term high-risk investment opportunities ????, and only put money into low-risk ????, income stability sci??, for a period of long investment products. Mortgage-backed securities are decades of securities ????, and government credit guarantees sci??, less risky and more stable income EI??, just to meet the investment needs of institutional investors also backed securities issued to provide a stable and long-term sources of funding.

(E) of individual housing mortgage situation to the size of the asset securitization

The data show that the initiation ?????, packaging and underwriting of mortgage-backed securities must reach a certain size in order to achieve its economic interests ????, the initial issue of mortgage-backed securities must be in the range of 2-3 billion. In 1992 ei????, the Construction Bank of China issued China's first personal housing mortgage loans. From the individual housing mortgage loans has gradually become the main way people purchase financing ????, the rapid expansion of its size. According to the statistics of the People's Bank ????, to the end of June 2007 ??????????, the country's commercial individual housing loans reached 2.572 trillion yuan ????, to the asset securitization on the scale of individual housing mortgage.


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