美国止赎屋市场运作机理研究

The Research on the Operating Mechanism of the U.S.Foreclosure Market

经过多年的发展与培育,以美国为代表的发达国家针对不良房地产,已经形成了完善的市场调节机制和相关配套的法律法规,并成为美国房地产市场的重要组成部分。该文选择美国止赎屋市场为对象,对止赎的法律流程、止赎屋的投资模式进行了深入剖析。最后结合中国金融不良资产处置的法律实践,为中国培育相关市场提出了鼓励网络司法拍卖市场的发展、加大对司法拍卖市场信息的披露力度、构建完善的债务人救济体系和支持房地产证券化等相关建议。

After years of development and cultivation,the developed countries represented by the U.S.have formed well-established markets and some related laws and regulations for the disposal of non-performing housing assets,which has become important part of the U.S.real estate market.The paper takes the U.S.foreclosure market as the object and analyzes on the legal foreclosure process as well as the investment mode of the foreclosed homes.Finally,combined with the legal practice of the disposal of non-performing housing assets in China,this paper makes some recommendations,such as encouraging the development of online judicial auction market,increasing the disclosure of online judicial auction information,building the debtors relief system and supporting real estate securitization.