Analysis of Barriers in Housing Mortgage Loans Securitization and Research on the Countermeasures in China

摘要

As mature financial product, mortgage-backed securitization (MBS) has been carried out for several decades and was proved to be an effective financial tool in developed country. MBS has been hotly debated recently in China. People's Bank of China authorized China Construction Bank to make experiment on MBS in March 2005. The paper deeply analyses the characteristics of MBS in terms of external environment and internal factors, then points out some barriers in the application of MBS in China, for instance, ambiguous property right of real estate, limited market scale of housing mortgage loans and lack of support by law and policy, etc. Based on AHP model, the paper aims to ascertain the weight of barriers according to their influence and then divides the barriers into 3 different grades, finally makes suggestion about what is urgent problem. In addition, some countermeasures were proposed in order to make sure that MBS will be helpful for both finance and real estate. Hopefully, the paper is able to benefit the MBS experiment and the following study.