住房抵押贷款证券化难点探讨

目       录

内容提要·························································2

前言·····························································3

一、推行住房抵押贷款证券化的理由·································3

二、住房抵押贷款证券化难点·······································4

（一）.关于住房抵押贷款基础资产的处理····························4

1、住房抵押贷款债权的让与方式····································4

债权变动引起的抵押关系变更····································5

（二）.关于破产隔离··············································6

1、破产隔离与真实出售的关系······································7

2、住房抵押贷款与其发起人的破产隔离······························7

（三）.关于住房抵押贷款证券化的信用增级··························8

1内部信用增级····················································8

2外部信用增级····················································9

3内部信用增级和外部信用增级的关系································9

参考文献·························································10

内 容 摘 要

住房抵押贷款证券化是近二十年来国际金融领域最重大的创新之一,它发源于美国,后在发达国家广泛流行,现在是目前西方一些国家普遍采用的住房金融形式。它是指金融机构(主要是商业银行)为了分散在发放住房抵押贷款时面临的贷款风险,把自己所持有的流动性较差但具有未来现金收入流的住房抵押贷款汇集重组为抵押贷款群组,由证券化机构以现金方式购入,经过担保或信用增级后以证券的形式出售给投资者的融资过程。从本质上讲,发行住房抵押贷款证券是发放住房抵押贷款机构的一种债权转让行为,即贷款发放人把对住房贷款借款人的所有权利转让给证券投资者。住房抵押贷款可获得稳定的现金流且相对独立,不但有担保且可以被准确地评估质量和信用,资产还可以被剥离。这些特点都决定住房抵押贷款是一种非常适合证券化的资产。　　我国商业银行在90年代初开始发放住房抵押贷款,住房抵押贷款余额占金融机构贷款总余额已达10%,业务发展势头良好,坏账率只有0.25%,是银行中最优质的资产之一,这给我国住房抵押贷款证券化的实施创造了良好的条件。实施住房抵押贷款证券化在我国具有现实意义,但任何新生事物都有一个发展的过程,我们在借鉴一些西方国家经验、走中国特色的同时,对一些难点问题应加以重视。

本文试图研究住房抵押贷款证券化的几个难点问题，主要是分析推行住房抵押贷款证券化在法律制度层面遇到的一些障碍，并就此提出相应对策。 

关键词

  住房抵押贷款证券化  破产隔离   信用增级