中国住房抵押贷款证券化的实施步骤

The Steps for China's Mortgage Securitization

住房抵押贷款证券化是国际金融创新的一个新亮点 ,是中国银行业资产重组的一个切入点。证券化有助于促进中国住房金融资金的良性循环 ,缓解国内商业银行的流动性风险与资本充足率压力 ,填补公积金贷款的部分缺口 ;有助于深化金融市场、推动金融创新并完善“金融基础设施”。组建一到两家有政府背景的、独立的、不破产的、非银行金融机构(SPC)是我国开展证券化的关键。目前要讨论的已经不是“要不要或可不可以证券化”的问题 ,而是“如何证券化、怎么操作、分几步走”的问题 ,由于“一步到位”的条件还不成熟 ,我们要采取“分步实施”战略 ,要“创造条件、加快证券化进程”。

Mortgage Securitization is a hotpoint into international financial innovation and a entrance into the process of China’ banking restructuring. It is helpful to dredge the canal of housing finance, to improve liquidity and increase adequatance for domestic banks and fill lending gaps for provident fund, to deepen financial market and activate financial innovation and perfect financial infrastructure. The key to China’ mortgage securitization is to set up a Special Purpose Company which is policy\|based, independent, bankrupt\|segregated and non\|financial institute. At present the question what we have to answer is not’ need/need not or why/why not get into securitizing’ is ‘how to carry out securitizing, how to operate it and how many steps might be taken’. In short of support of full economic fundementals and suitable financial basis, we can’t step off the deep end, we have to choose one strategy which is followed in order and advanced step by step.