住房抵贷款化模探讨与验借鉴-璞投.pdfVIP

美国住房抵押贷款证券化模式探讨与经验借鉴 美国住房抵押贷款证券化模式探讨与经验借鉴 信璞投资 曾旒微 2016 年 1 月 美国的住房抵押贷款支持证券 （Mortgage-backed Securities ，下称 MBS ）市场是全球最 为发达的住房抵押贷款二级市场。美国 MBS 市场的规模曾长期超越美国国债，成为美国债券 市场规模最大的债券种类。2007 年，美国爆发了次贷危机，由次贷危机引起的金融危机波 及全球，由此可知美国的 MBS 市场所具有的重大的影响力。本文主要详细介绍和分析了美国 MBS 市场的发展历史与运行模式，总结美国住房抵押贷款证券化的经验与教训，并对我国的 MBS 市场的发展情况进行了初步讨论。我们认为美国投资级 MBS 市场的发展是很成功的，其 中由政府主导的担保机制起了重要作用。美国 MBS 市场的快速发展也刺激了美国房地产市 场的发展。但是次优级 MBS 与次贷级 MBS 的过度发展极大地加剧了风险并最终引发了全球 性金融危机。过度追求规模而忽略贷款质量控制是房利美与房地美在金融危机期限遭遇巨额 损失的主要原因之一。当然，造成“两房”巨亏的因素还包括信息披露不充分、高杠杆、监 管资本要求不足等。相对于美国市场，中国的 MBS 市场刚刚处于起步阶段，但有着非常广大 的发展空间。 The US mortgage-backed securities (MBS) market is the largest part in the global secondary mortgage market. The scale of the US MBS market had ever exceeded the US Treasury market in a long period, becoming the largest sector of the US bond market. In 2007, global market was hugely impacted by the US subprime mortgage crisis, which indicated the US MBS market’s significant influence. This paper mainly introduces the history and functions of the US MBS market and summarize the positive and negative effects of the development model of the US MBS market. Furthermore, we discuss the current situation and the future development of Chinese MBS market. Our research shows that the government guarantee system plays a quite important role in the great success of the US investment-grade MBS market has achieved. Also, the fast development of MBS market largely stimulates the US real estate market. However, the scale and risk of subprime and Alt-a MBS went out of control and finally caused the global financial crisis. The great loss of Fannie Mae and Freddie Mac during the financial crisis is partly caused by their over-pursuit of scale regardless of mortgage quality control. Besides, insufficient information disclosure, high leverage ratio and low