摘要一些相关的政策已经讨论了关于如何减轻当前次贷危机的影响，本文分析了冻结可调利率中的住房抵押贷款利率作为一种减轻影响的方式。其中特别是对住房抵押贷款证劵化的影响进行了研究。我们在对转变相关投资组合的现金流折现的分布以及在人民币部分付款剖面变化的研究中，发现冻结利率对投资者有很好的积极影响，例如不丧失抵押品赎回权和稳定的房价市场会比较低利息收入引出的消极影响重要。38489
因此，本文通过对次贷危机的研究，分析住房抵押贷款证券化过程中存在的风险，并寻找降低风险的方法。结合我国的实际情况，以完善监督体系和风险控制为重点提出相关切实的意见，以便住房抵押贷款证券化能够在我国金融市场中健康有序的发展。
毕业论文关键词：住房抵押贷款支持证券、证劵运作、证劵定价
Abstract Several policy options have been discussed to mitigate the current subprime mortgage crisis. This paper analyses an interest rate freeze on adjustable rate mortgages as one possible reaction. In particular, the implications on Residential Mortgage Backed Securities (RMBS) are studied. We examine shifts in the underlying portfolio’s discounted cash flow distributions as well as changes in the payment profile of RMBS-tranches. We show that the positive effects of a rate freeze, e.g. less foreclosures and a stabilizing housing market, can outweigh the negative effect of lower interest income such that investors might be better off.
Therefore, this article through the study of the subprime crisis, analyze risk mortgage securitization process exists, and find ways to reduce risk. Combined with China's actual situation, to improve the system of supervision and risk control make relevant practical advice to focus on mortgage-backed securities in order to be able to healthy and orderly development of China's financial markets.
Keywords: Interest Rate Freeze, Subprime Mortgages, Residential Mortgage, Backed Securities (RMBS)
目录
摘要 1
Abstract 1
目录 2
一 绪论 4
1.1本文研究背景 4
1.2本文研究的意义 5
1.3本文的研究思路及篇章结构 5
二 基本概念与理论 6
2.1住房抵押贷款证券化的定义 6
2.2本文涉及到的住房抵押贷款证劵化基础理论 6
2.3住房抵押贷款证券化的核心理论 7
2.3.1基础资产的现金流分析原理 7
2.3.2资产重组机制 7
2.3.3破产隔离机制 8
2.3.4信用增级机制 8
三 我国发展MBS的必要性 8
3.1发展住房抵押贷款证券化是适应我国经济发展的需要 8
3.2住房抵押贷款证券化可以提高银行资产的流动性和资本充足率 9
3.3发行住房抵押贷款证券已经具备了足够的资产支撑 10
3.4住房抵押贷款证劵有利于改善信托市场的不稳定 10
3.5迅速成长壮大的机构投资者将成为该证券的主要投资者 10
四 住房抵押贷款证券化的运作 11
4.1住房抵押贷款证券化的运作流程 11
4.1.1我国住房抵押贷款证劵化运作流程 11
4.1.2对我国住房抵押贷款证劵化运作流程的建议 16
4.2住房抵押贷款证劵化的运作工具 17
4.2.1运作工具分类及特征 17
4.2.2运作工具的比较以及选择 17
4.3住房抵押贷款证券化运作模式的选择 18 住房抵押贷款证券化过程中存在的风险研究:http://www.youerw.com/kuaiji/lunwen_37480.html