文档介绍：我国住房抵押贷款证券化的风险及防范
摘要:住房抵押贷款为中国经济的持续增长提供了动力,然而随着规模的扩大,次级抵押贷款通过住房抵押贷款证券化被打包成各种证券化衍生产品出售,导致了信用风险由房地产金融机构向资本市场传递并放大了风险,从而引发全球性的金融危机,经营次级贷款的各种金融机构纷纷破产,而购买次级抵押债券及其衍生产品的金融机构也遭到重创,对冲基金停止赎回,投资银行面临倒闭,商业银行、保险公司和养老基金等遭到巨额亏损,其信用风险问题也越来越引起金融机构、政府部门及学者的关注。在了解和剖析中国房地产市场的现状及特点的基础上研究影响住房抵押贷款违约的因素,并结合我国实际情况对我国开展住房抵押贷款证券化合规避风险提出相关建议和策略。
关键词:住房抵押贷款、信用风险、策略
The discussion of China’ housing mortgage-backed securitization
Abstract: Housing mortgage loans provides power for China’s sustained economic growth, however, with the scale enlargement, subprime mortgage through housing mortgage-backed securitization is packaged in various securitization derivatives for sale, led to the credit risk in estate financial institutions is transferred to the capital market, causing global financial crisis. The financial institutions which have business in subprime loans are bankrupt, and the financial institutions which have bought subprime mortgages and its derivatives also suffered a crushing defeat. Hedge funds stop redemption. Investment banks are facing collapse. commercial banks, panies and pension funds suffered huge losses. The credit risk is more and more attracting financial institutions, government and scholar’s attention. In the premise of understanding and analyzing China’s real estate market situation and characteristics, we can study the factors of influence mortgage defaults. bine with the actual situation in our country, we can find related suggestions and strategies on China’s conduct of housing mortgage-backed securities and avoid risk.
Keywords: Housing mortgage-backed; Credit risk; Strategy.
一、引言
(一)研究的背景和现实意义
住房抵押贷款证券化是二十世纪最重要的金融创新之一。商业银行长期资金与短期负债不匹配的结构性矛盾,在住房贷款方面表现得尤为突出,而住房抵押贷款证券化对于解决这类结构性矛盾并提高商业银行资产的流动性具有积极的作用。自20世纪70年代诞生以来,住房抵押贷款证券化迅速在世界各国实施并普及开来,成为一个优质的金融工具。
近年来,我国的住房抵押贷款业务发展迅速,以中、工、建、农四大银行为例,截至1998年末的个人住房贷款余额为514亿元,,增长了几十倍。住房抵押贷款的大量出现势必增加银行的流动性风险、利率风险、信用风险等,利用证券化将是解决这一问题的有效途径。2005年12月15日,中国人民银行批准建设银行开展住房抵押证券的试点,在银行间债券市场发行资产支持证券。但是,美国