房地产抵押债权证券化研究——以SPV为中心

Research on Securitization of Real Estate Mortgage Obligations——Center for the SPV

随着房地产贷款总量的不断增加,银行面临较大的放贷压力和金融风险,而房地产抵押债权证券化正是一种被住房金融产业发达国家的实践证明了的、行之有效的增强银行资金流动性和消化房贷金融风险的工具。作为房地产抵押债权证券化运作核心的SPV,其制度构造直接决定了房地产抵押债权证券化是否能有效运作。因此,有必要结合国外实践和我国的现行法律制度,就SPV涉及的组织形式、创设主体、独立性及破产等法律问题进行探讨。

With the total real estate loans continuing to increase, banks face greater pressure on lending and financial risks, while real estate securitization of mortgage debt is a housing finance industry was the practice of developed countries proved that the effective increase of bank funds Mortgage liquidity and financial risks to digest the tools. As a real estate mortgage debt securities of the core operation of the SPV, the system determines the structure of direct real estate securitization of mortgage debt can operate effectively. According to the practice of the existing legal system, in China and abroad, the SPV on the forms of organization, the creation of the main, independence and bankruptcy, and other legal issues will be discussed in this paper.