对我国房贷证券化保险及担保问题的探讨

A Research in Insurance and Mortgage of MBS in China

2005年12月15日,国内首笔个人住房信贷资产支持证券(Mortgage Backed Securities,MBS)-30亿元的"建元2005-1个人住房抵押贷款支持证券"正式发行。但从其公布的认购结果看并没有达到预期效果。究其原因,除了建行的MBS设计复杂,管理难度大,以及这次推介时间相对较短,很多投资者并没能很好地理解这个产品外,更主要的还在于投资者对MBS运作过程中所需的保险及担保机制不够完善存在顾虑。为使房贷证券化在我国稳健发展,我们有必要通过考察国外发达国家和地区房贷证券化中保险及担保体制的运作经验,寻求适合我国国情的促进房贷证券化良性运转的保险及担保运作机制。

On December 15. 2005, our country＇s first supportive securities for personal housing credit assets （Mortgage Backed Securities, MBS）- 3 billion ＂jianyuan 2005-1 supportive securities for personal housing mortgage＂, was issued formally. But seen from the subscription result, the expected target was not achieved. As for the reasons, besides the facts that the MBS of China Construction Bank is complicatedly designed and hard to manage and the introduction period is relatively short so that a lot of investors can not well understand this product, the more important reason is that many investors are concerned about the insurance required in the operation of MBS and the imperfect guarantee mechanism. To promote the healthy development of securitization of housing mortgage in China, it is necessary for us to examine the experiences in operation of insurance and guarantee mechanism in securitization of housing mortgage in other developed countries or regions to seek the operation mechanism of insurance and guarantee which fits in China＇s state conditions so that the securitization of housing mortgage in our country can he developed positively.