住房抵押贷款

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

随着资本市场的发展和商业银行资本证券化的需要，住房抵押贷款在我国必然有很大的发展空间。

With the development of capital markets and capital securitization of commercial bank requirements , MBS has big room of development in China .

BP神经网络在个人住房抵押贷款风险分析中的应用

The Appliance of BP Net in Personal Housing Mortgage Risk Analysis

我们还提倡对住房抵押贷款采用因时而变的最大贷款额度与抵押品价值比率（loan-to-valueratio）。

We also advocate a time-varying maximum loan-to-value ratio for residential mortgages .

上周，住房抵押贷款银行家协会（mortgagebankersassociation）的数据显示，30年期抵押贷款利率上升了0.35个百分点。

Last week , data from the Mortgage Bankers Association showed 30-year mortgage rates rising 0.35 percentage point .

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

仅有AssuredGuaranty仍在开展承保业务，涉足住房抵押贷款担保业务也严重削弱了其实力。

Only Assured Guaranty is still writing business and it too has been seriously weakened by its foray into insuring residential mortgages .

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 .

AIG因为与住房抵押贷款相关的保险协议不得不偿付数百亿美元。

AIG reached its perilous state after having to pay out tens of billions of dollars on insurance policies written on mortgages that homeowners cannot possibly repay .

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 .

同样，消费者金融保护局（ConsumerFinancialProtectionBureau）正在研究与主要的消费者金融交易有关的信息公开（学生贷款、住房抵押贷款、发薪日借贷），目标是使借款者更容易比较消费。

Similarly , the Consumer Financial Protection Bureau is working its way through the disclosures related to major consumer financial transactions ( student loans , home mortgages , payday lending ) with an eye to making it easier for borrowers to do comparison shopping .

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 .

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 .

相反，贷款很快就被出售给投资银行等机构，这些机构把贷款重新打包成“住房抵押贷款支持证券（mbs）”，转而再出售给全球投资者。

Instead , the loans had been quickly sold to investment banks and others who repackaged them into mortgage-backed securities , which were in turn sold to investors globally .

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 .

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 .

CLO并不属于在一定程度上导致此前美国住房抵押贷款市场崩盘的衍生金融产品，后者是曼哈顿下城正在对高盛（GoldmanSachs）前银行家法布里斯•图尔进行审判的案件的核心。

Clos are not the derivatives that are in part credited with blowing up the mortgage market and are at the heart of a trial going on in lower Manhattan against former Goldman Sachs ( GS ) banker Fabrice Tourre .

住房抵押贷款中借款人的提前还款行为向来是金融机构及MBS投资者所关注的焦点，提前还款行为之所以广受关注，是因为它直接影响住房抵押贷款现金流的变化，从而改变着MBS的价值。

Advance repay for housing mortgage loan has been all along noted by financial institutions and MBS investors . The reason lies in its influence on cash flow in housing mortgage loan , which , then , changes the value of MBS .

因此，我国住房抵押贷款在实行证券化时可以选择抵押担保证券（CMO）。这将为我国住房抵押贷款二级市场的建立创造充分的条件。

So collateralized mortgage obligation ( CMO ) can be the first choice when house mortgage securities are applied in China , since it will create positive conditions for building the secondary market of mortgage in China .

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

我国居民个人住房抵押贷款的发展研究

On the development of China 's Resident personal housing Mortgage Lending

个人住房抵押贷款提前还款风险因素实证研究

Empirical Study on Prepayment Risk Factors of Individual Housing Mortgage Loan

个人住房抵押贷款运作的难点及对策

Problems and Countermeasures in the Operation of Private Housing Mortgage Loan

对国企职工住房抵押贷款的思考

Thinking of Housing Mortgage of the State - owned Enterprise Employees

信息不对称下住房抵押贷款保险机制的博弈分析

Game Analysis on Housing Mortgage Loan Insurance Mechanism under Information Asymmetry