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住房抵押贷款证券化是原始的抵押贷款形式从投资者与标的物之间的直接物权关系,转化为新的债务关系。具有优化金融机构的资产结构,提高住房抵押贷款的变现能力。住房抵押贷款证券化运行过程中存在很多风险,在住房抵押证券化的基础上,分析提前偿付风险的决定因素及相关模型,并对我国的提前偿付风险进行了简单的分析总结。目前我国已经开始对住房抵押贷款证券化1进行试点2,所以各种体系不完善,市场还不成熟,各种风险也疏于防范。这对于我国推进住房抵押贷款证券化的健康发展具有一定的理论指导意义。
Mortgage-backed securitization is the original form of a mortgage loan converted from a direct ownership relationship between an investor and the subject matter to a new debt relationship. Optimize the asset structure of financial institutions to improve the liquidity of housing mortgage loans. There are many risks in the operation of the mortgage-backed securitization. Based on the securitization of the mortgage, the determinants of the prepayment risk and the related models are analyzed, and the prepayment risk of our country is briefly analyzed and summarized. At present, China has begun to pilot the mortgage-backed securitization 1, so various systems are imperfect, the market is not yet ripe, and various risks are also neglected. This is of theoretical significance for our country to promote the healthy development of housing mortgage loan securitization.