上海住宅抵押贷款证券化运作构想

On the Mortgage Backed Securitization in Shanghai

专业化的特别机构或证券机构是住宅抵押贷款证券化运作的枢纽,在上海,应建立以“分离型”为主要特征的住宅抵押贷款证券有限公司(简称上海住宅证券公司)。该公司通过对转让抵押贷款银行资格的确认、抵押贷款购买标准的确定、抵押贷款购买程序的优化,实现其资产购买流程。就抵押贷款债券的设计而言,目前上海尚不宜推出过多品种,同时,在利率和期限结构等具体技术细节上,应充分考虑到各种因素。

Certain specialized professional institutions or securities companies are vital to the operation of mortgage backed securitization (MBS) . The Shanghai Mortgage Backed Securities Company (SMBSC) - a separate or independent mortgage backed securities company, should be established in Shanghai. The SMBSC is involved in determining banks to transfer the mortgage, setting the mortgage purchase standards, and optimizing the purchase procedure. Regarding the designing of the mortgage backed securities, it is inappropriate to develop too many products at present in Shanghai, and various factors need taking into account with respect to technicalities such as the interest rate and term structure.