贷款证券化

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 .

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 .

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

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

在初步阶段，先采用不动产投资信托方式来试行证券化，随着环境的成熟，到最终的阶段，则可以通过SPV来实现住宅抵押贷款证券化。

It is proper to adopt real estate invest trust way in SPV at first .

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 ;

本文在借鉴国外经验的基础上，具体分析了我国住房抵押贷款证券化的风险，提出了立足于我国现实国情的MBS定价方法。

Based on overseas ' experience , Risk Assessment and the dissertation proposes an approach to MBS valuation applied to China .

因此，法律关系清晰、风险隔离效果良好的真实出售模式是今后AMC开展不良贷款证券化的最佳选择。

Therefore , the authors point out that true sale is the best pattern for AMC 's NPLS in the future .

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 .

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 .

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 .

从SPV在住房贷款证券化中的作用入手，阐明其核心是隔离破产风险。

This paper explains the core of SPV ( Special Purpose Vehicle ) is the segregation of bankrupting risks from the function of SPV in the mortgaged-backed securitization .

住房抵押贷款证券化（Mortgage-backedSecuritization，MBS）自美国悄然兴起后成为二十世纪八十年代以来金融发展的三大趋势之一。

After the rising of the securitization of residential mortgage loan in the United States , the Residential Mortgage - Backed Securitization ( MBS ) has become one of the three major financial development trends .

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 .

毕马威（kpmg）最近一份报告指出，从事贷款证券化、受监管较松的信托公司发展要迅猛得多，其资产管理规模可能很快就将超过保险公司。

Trust companies , loosely regulated groups that securitise loans , have grown much more quickly and could soon surpass insurers in terms of asset size , according to a recent report by KPMG .

住房抵押贷款证券化（以下简称MBS）是近年来我国房地产金融界最关注的热点，国家为了扩大内需，拉动经济增长，必须改革传统房地产金融体制。

Mortgage-backed Securitization ( MBS for short ) is the focus of real estate finance field in recent years . In order to enlarge effective demands and boom national economy , our country must innovate the traditional real estate finance system .

虽然尽管有受到信贷危机的动荡剧痛，但杠杆贷款证券化的前景很稳靠坚实，他们一直这样告诉客户，以促使投资者将这些CLO产品视为值得买进。

Despite the throes of the ' credit crunch ' , the future of leveraged loan securitisation is solid , it has been telling clients , urging investors to view these CLO products as a buy .

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 .

本文通过案例分析发现，我国AMC不良贷款证券化选择参与模式有其现实的必然性，政府隐性担保与融资结构的改善是这一选择的出发点。

Based on cases analyses , the authors conclude that in China AMC 's choice of participation for non-performing loans securitization ( NPLS ) is inevitable , which government 's latent assurance and improvement on AMC 's financing structure are the springboard for the choice .

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

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

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

抵押贷款证券化市场成为一潭死水。

The market for securitised mortgages is dead in the water .