抵押贷款证券

住宅抵押贷款证券化实施背景及其模式设计

The background and design on the development of MBS in China

我国商业银行住房抵押贷款证券化定价分析

Analysis of the Pricing of MBS for Commercial Bank in China

美国司法部（TheDepartmentofJustice）正在对该公司就其在次级抵押贷款证券崩盘前仍给予这些证券最高评级一事展开调查。

The Department of justice is investigating the company for giving subprime mortgage securities top ratings just before they imploded .

美联储（fed）可以通过再次扩大抵押贷款证券购买，来支持需求和住房市场。

The Federal Reserve could support demand and the housing market by again expanding purchases of mortgage-backed securities .

基于中国住房抵押贷款证券化实践的MBS定价研究

Study on MBS Pricing Based on China 's MBS Practice

我国住房抵押贷款证券（MBS）的定价研究

Research on Pricing Mortgage-backed Securities ( MBS ) in China

基于提前偿付风险的住房抵押贷款证券化（MBS）产品定价探讨

The Pricing of Mortgage - Backed Securitilization ( MBS ) Based on Prepayment risk

由于预期美联储（fed）将出台更多宽松政策，中国在去年12月大举减持美国国债，同时买进了收益率较高的抵押贷款证券。

China was a large seller of US Treasuries in December but sought higher-yielding mortgage securities amid expectations of more policy easing by the Federal Reserve .

我国推行住房抵押贷款证券化（MBS）具有一系列的现实意义：发展住宅金融体系，实现公共政策目标；

The implementation of MBS has many practical meanings : to innovate residential mortgage financing and to achieve public policy goal ;

住房抵押贷款证券化（Mortage-backedSecuritization，MBS）二十世纪后期最重要的金融创新之一。

Mortage-Backed Securitization ( MBS ) is one of the most important financial innovations of the 20th century .

论述了建立符合我国国情和国际惯例的特设机构SPV，是推行住房抵押贷款证券化的核心设计。

The Special Purpose Vehicle ( SPV ) according with China situation and the international common practice is the core in implementing MBS .

高盛于2006年末创设并出售了hudsonmezzanine，其中包含了来自其自身资产负债表的住房抵押贷款证券。

The bank created and sold Hudson mezzanine , which contained residential mortgage-backed securities from its own balance sheet , in late 2006 .

第二章通过对住房抵押贷款证券化过程的描述，以及对住房抵押贷款证券化运行机理的分析，阐述了MBS的创新原理。

The second chapter describes the process of the mortgage securitization , analyzes the operating mechanism of it , and explains the innovate theory of the MBS .

着重研究了SPC和SPT模式在我国现行法律框架下的法律障碍，认为采用信托模式运行住房抵押贷款证券化是当前我国的现实选择。

The legal obstacles about SPC and SPT under the current legal frame are emphatically studied . The author thinks the SPT is the actual choice at present .

瑞士再保险（swissre）昨日公布，该集团在以波动性著称的再保险行业中取得更可持续和可预测利润的努力取得了进展，并表示自己没有受到次级抵押贷款证券危机的影响。

Swiss Re yesterday reported progress in moving to more sustainable and predictable profits in its notoriously volatile industry , and said it had been unaffected by the crisis in the subprime mortgage securities .

所谓住房抵押贷款证券化，指把单个或多个抵押贷款组合在一起，并以此为担保品发行证券（即抵押支持证券，MBS），出售给投资者的过程。

House mortgage loan securitization is a process in which MBS are issued to investors on basis of collateral , which was composed of one or more mortgage loans .

从住房抵押贷款证券化的概念和基本运作流程入手，说明信用对基础资产池的供给和MBS的运作的重要性。

This essay illustrates the importance of credit to the supply of asset pool and the operation of MBS from the accept and the basic operation process of MBS .

今年初，imf提出了以抵押贷款证券与政府债券更长期互换为基础的解决方案这样做可以清理银行的资产负债表，但将长期风险留给银行，而不是纳税人。

Early this year , the IMF proposed a solution based on longer-term swaps of mortgage securities for government bonds which cleans up bank balance sheets but leaves the long-term risk with banks , not the taxpayer .

住房抵押贷款证券（Mortgage-backedSecurities）是近三十年来国际金融领域最重要的金融创新工具之一，中国自2005年底也开始了对个人住房抵押贷款证券的试点发行工作。

Mortgage-Backed Securities ( MBS ) are one of the most important financial innovations for the pass three decades . Since the end of 2005 , China has embarked on a personal housing mortgage loan securitization pilot issuance .

本文的研究范围仅限于MBS投资者利益立法保护，在内容上首先从MBS的概念入手，剖析了MBS的特点和法律关系，指出MBS出现的必然性和我国住房抵押贷款证券化立法的现实意义。

Firstly , this thesis studies the concept , characters and the legal relationship of MBS , pointing out the inevitability of MBS and the practical significance of Mortgage-backed Securitization Legislate in our country .

住房抵押贷款证券化（Mortgage-backedSecuritization，MBS）是资产证券化的一种重要形式，经过世界各国几十年的实践已被证实是二十世纪最重大的金融创新之一。

As an important form of the securitization of assets , Mortgage-Backed Securities ( MBS ) has been proven to be one of the greatest financial innovations in the 20th century after decades of practice in many countries .

通过比较国外各种MBS定价的方法，根据我国的具体情况，运用蒙特卡罗模拟法，对我国的住房抵押贷款证券化产品进行实证分析，建立自己的测算模型。

This paper compares various foreign MBS pricing method . Based on the specific conditions in China , the Monte Carlo simulation method is employed for studying the housing mortgage loan securitization products and establishing its own model .

美国第四大银行Wachovia正面临股东和债权人的压力，他们对其1200亿美元抵押贷款证券投资组合的担心与日俱增。

Wachovia , the fourth largest bank in the US , was under pressure from equity investors and bondholders on growing fears over its $ 120bn portfolio of mortgage securities .

近几周来，评级最高的次级抵押贷款证券和债务担保债券（CDO）价格进一步大幅下挫，华尔街银行的亏损主要源自于这两类证券。

In recent weeks there have been further large price declines for the most highly rated subprime mortgage securities and collateralised debt obligations , which account for the bulk of the losses sustained by Wall Street banks .

第四部分是在前文分析的基础上，考察适合我国的住房抵押贷款证券化的运作模式及证券结构设计，并提出我国应该发展表外模式的CMO结构的运作模式。

The fourth part , basing on such analysis , discusses the operation models and stock design suitable for our country , and put forward a proposal that we should adopt off-balance sheet model and CMO structure .

住房抵押贷款证券化（MBS），自70年代在美国出现后，在欧洲、日本、东南亚国家发展非常迅速，对提高银行资产的流动性，防范金融风险，化解不良贷款有突出功效。

Housing Mortgage Backed Security , which emerged in the United States in 1970s , develops rapidly in Europe , Japan and the countries of Southeast Asia . MBS contributes greatly to improve the mobility of bank fund , guard against the financial risk and relieve the unhealthy loan .

住房抵押贷款证券化的国际经验与借鉴

Overseas Experience of Making Housing Mortgage Loans Securities and its Indication

美国房地产抵押贷款证券化及其启示

Real Estate Mortgage-backed Securities in US and Its Inspiration to China

违约风险对住房抵押贷款证券化定价的影响研究

The Study of Default Risk 's Impact on Mortgage-Baeked Security Pricing

住房抵押贷款证券化中投资者的收益分析

Analysis of the income of the investor in the mortgage-backed securitization