住房抵押贷款证券化风险防范机制的构建

Establishment of Mortgage-backed Securitization Risk Avoiding Mechanism

防范和化解住房抵押贷款证券化在交易过程中的风险,应从交易的各个环节入手:银行应通过提前偿付锁定、提前偿付罚金和收益率维持等制度防范内部信用风险;证券发行机构应通过优化贷款组合、内外部信用增级来提高证券发行级别;投资者应采用金融衍生工具化解利率和汇率风险。此外,政府还应完善相关的法律法规,建立政府支持体系,为住房抵押贷款证券化的顺利开展扫除制度上的障碍。

Every link should be managed to protect MBS from risk and diverse it in the process of bargain.Firstly,banks can keep against credit risk through system such as locking and fining prepayment and sustaining profit ratio;secondly,on the part of mortgage emitting facility,it should optimize mortgage combinations,make the internal and external credit enhanced to improve distinction of mortgage floatation;thirdly,disperse interest and exchange rate ventures by investors using financial derivant instruments.Furthermore,what government should do is to found a supporting system,to make related law and regulations more perfect in order to remove institution barriers so that MBS can be developed successfully.