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房屋抵押贷款证券化(MBS)就是把流动性差的个人房屋抵押贷款通过信誉增强转换成为可以在二级市场自由流动的证券的过程。而信用风险、利率风险和流动性风险是商业银行经营中面临的三大风险。其中流动性风险以其不确定性强、对银行冲击大、可能引起支付危机等特点而成为各商业银行风险防范的重点。新兴的住房抵押贷款证券化这一金融创新,将商业银行发放的缺乏流动性的住房抵押贷款汇集在一起,并通过结构重组,把其变为可在资本市场上出售和流通的证券,将成为未来我国商业银行流动性风险管理的一个重要工具。但证券化的运作涉及到风险隔离、资产组合、信用增强以及证券交易等,其过程比较复杂。这就需要我们有完善的法律制度以调整各个阶段不同法律关系主体之间错综复杂的法律关系。
MBS is the process of converting ill-fated home-equity loans through credit enhancement into securities that are free-floating in the secondary market. Credit risk, interest rate risk and liquidity risk are the three major risks that commercial banks face in their operations. Among them, the liquidity risk has become the focus of various commercial banks’ risk prevention due to their uncertainty, great impact on banks and possible payment crisis. Emerging mortgage-backed securitization, a financial innovation that brings together illiquid home-equity mortgages issued by commercial banks and restructures them into securities that can be sold and traded in the capital markets will become Future China’s commercial bank liquidity risk management is an important tool. However, the operation of securitization involves risk isolation, asset portfolio, credit enhancement and securities trading. The process is complicated. This requires that we have a sound legal system in order to adjust the complex legal relations between the main bodies of different legal relations in all stages.