住房抵押贷款证券化信用制度的博弈分析

A Game Analysis of Credit System and Mortgage Backed Securitization

从住房抵押贷款证券化的概念和基本运作流程入手,说明信用对基础资产池的供给和MBS的运作的重要性。根据我国住房抵押贷款的实际情况,从2个方面进行阐述:一方面是住房消费者向商业银行负债的博弈,住房消费者决定是否申请贷款,商业银行决定是否发放贷款;另一方面是住房消费者向商业银行偿还贷款的博弈,住房消费者选择提前还款、按时还款或是违约拖欠,银行选择打官司和不打官司。通过这两方面的分析,论述了信用制度的建立和健全与银行放贷之间的依存关系,为住房抵押贷款证券化在我国的开展作了有益的探索。

This essay illustrates the importance of credit to the supply of asset pool and the operation of MBS from the accept and the basic operation process of MBS. According to our country's conditions, this essay states from two sides. Through the game of housing consumer and commercial, for one thing, housing consumer desides applying for loan or not,and commercial bank desides granting loan or not; for another ,housing consumer selects prepaying loan,paying loan on time or branking contract,and commercial bank selects lawsuiting or not. Through the game analysis of two sides , it discusses relations between the loan of bank and the development of credit system,and give us some suggestions in order to the development of MBS.