中国住房抵押贷款证券化法律制度研究

【作者】 王娜；

【导师】 吕明瑜；

【作者基本信息】 郑州大学 ， 法律， 2007， 硕士

【摘要】 证券化是自20世纪70年代以来出现的国际化潮流和趋势，住房抵押贷款证券化作为资产证券化的初始和典型形式，引起了各国的极大关注。我国从住房制度改革之后，银行住房抵押贷款比例逐年上升，为了降低银行的流动性风险，突破房地产金融的瓶颈限制，加速房地产金融业创新势在必行。本文结合我国住房抵押贷款证券化的立法和试点工作的实践，分析了其运作过程中所遇到的的法律障碍，在此基础上，通过比较和借鉴美国等的立法模式，对我国如何建立以保护投资者利益为核心的法律制度提出立法建议。具体包括以下五个部分：第一部分是本文的立脚点，主要阐述了住房抵押贷款证券化的一般原理。住房抵押贷款证券化就是将住房抵押贷款债权转化为住房抵押贷款支持证券的过程。众多机构参与了这个过程，形成了其成熟的运行机制。在这个交易架构中，还存在着种种复杂的法律关系，本文从住房抵押贷款证券化的内涵着手，对其在运作机制中形成的法律关系做了梳理。最后，还简单地介绍了住房抵押贷款证券化在世界范围内的兴起和发展。第二部分是基础制度部分。本部分主要介绍了住房抵押贷款证券化的三个基础制度——住房抵押贷款制度、资产证券化制度以及不动产信托制度，在对三种制度的概念进行法律解析的基础上，重点分析了他们在住房抵押贷款证券化运作过程中的运用以及和住房抵押贷款证券化的关系。第三部分是住房抵押贷款证券化的法律制度在我国的确立和运行。种种的理论探讨都是为了住房抵押贷款证券化在我国的运用。经过前文分析，我们可以知道，目前我国的住房抵押贷款证券化的基础制度也已经比较完善，此时引进住房抵押贷款证券化正当其时。因此，这部分在研究我国推行住房抵押贷款证券化的必要性和可行性基础上，介绍了我国关于住房抵押贷款证券化的法律法规建设及其内容，指出信托模式的住房抵押贷款证券化是在我国法律框架下的现实选择，接着对住房抵押贷款证券化的运行特点进行了分析。第四部分探讨了在我国现有的法律框架下住房抵押贷款证券化所遇到的法律障碍。在这部分中主要阐述了三个方面的法律问题：第一是风险隔离中的法律障碍，风险隔离是住房抵押贷款证券化最核心的问题，它直接关系到投资者的利益，因此对真实出售、特殊目的机构的构建方面遇到的法律障碍进行了详细解析；第二是信用增级中的法律障碍，主要介绍了信用增级所使用的方法在我国存在的法律障碍，它直接影响着住房抵押贷款支持证券的信用级别以及投资者的信心；第三是分析了住房抵押贷款证券化运行环境中存在的法律问题。第五部分本文的结论部分，法律冲突和法律缺失引起的法律障碍只能由立法来解决，因此，在借鉴国外成功立法经验的基础上，立足于我国的国情，笔者提出了下列立法建议：确立以投资者利益保护为核心的立法原则；建立合理的住房抵押贷款证券化政府支持体系；完善与住房抵押贷款证券化相关的基础法律规则；制定住房抵押贷款证券化的专项法律法规；完善实施住房抵押贷款证券化的配套措施。更多还原

【Abstract】 The Mortgage-backed Securitization is the international tidal current and tendency which has appeared since the 20th century 70’s. As the initial and typical form of Assets Securitization, the Housing Mortgage-backed Securitization (MBS) has aroused great interest in every country. Since the housing system innovation of our country, the housing mortgage loan proportion raises year by year. In order to reduce the risk of the bank, breakthrough the finance bottleneck limit of real estate, it is imperative to acceleration the finance industry innovation in real estate field. According to our country’s MBS legislation and experimental practice, this article has analyzes the legal barriers MBS meets during its operation process. On this basis, through comparing and drawing lessons from the legislation pattern in the US, this thesis put forward the legislation proposal on how to establish our country’s legal system which takes protection of the investor benefit as the core. This article is divided into five parts, specifically as follows:The first part is the basic part of this article; it mainly elaborated the general principle of residential mortgage-backed securitization. In the process of the Housing Mortgage-backed Securitization, the housing mortgage loans have been transformed into the Mortgage-backed security. The Housing-backed Securitization has formed a mature operation flow that the multitudinous organization participated. It has all sorts of complex legal relationship in the transaction overhead construction .Beginning from the MBS’s implication, this part combed the legal relationship during its operation process, and simply introduced the emergence and development of MBS at last.The second part is the system foundation partial. This part mainly introduced three foundational systems of the MBS--- housing mortgage loan system; the system of Assets Securitization and Real estate entrusting system. On the basis of legal explanation to the concepts of three systems, this part emphatically analyzed their utilization in the MBS operation process as well as their relations with the MBS.The third part concerned the establishment and the practice of the MBS legal system in our country. All sorts of theories discussion is for the utilization of MBS in our country. Analyzed the general principle of the MBS in the front article, we have known that the current foundation system of Housing Mortgage-backed Securitization has been perfected in our country. And it is the right time for introducing the Housing Mortgage-backed Securitization into our country. Then ,this part introduced the MBS legal system in our country, pointed that the special purpose trust was a reality choice under present legal frame in our country, and analyzed the MBS’s operation characteristics as well, on the basis of studying the necessity and the feasible of carrying out MBS in our country.The fourth part discussed the legal barriers which MBS meets under our country’s present law frame. This part mainly elaborated three legal problems: First is the legal barrier existing in the risk isolation. The risk isolation which directly relates investor’s benefit is the most important question of the MBS, Therefore this part carried out the detailed analysis to the legal barriers we met when performing really sold, constructing of SPV. Second is the legal barrier happened when credit enhanced. It mainly introduced the legal barrier existing in the methods used in the credit enhancement in our country. It is directly affecting by the credit enhancement for the housing mortgage-backed securities’ credit rank and investor’s confidence. The follow part analyzed the legal matters in the MBS movement environment.The fifth part is the conclusion of this article. The legal conflict and the legal barrier caused by the legal flaw can only be solved by legislation. So the author put forward the legislation proposal on the basis of our country’s condition together with drawing lessons from the successful legislation experience overseas. The author put forward these legislation proposal under the current environment: our country must establish the system in which the housing mortgage-backed securitization’s development is supported by our government; we should revised the law related to the Housing Mortgage-backed Securitization; we should formulate the special laws of Assets Securitization too; and we should consummated the necessary measure related to the Housing Mortgage-backed Securitization, then our country should establish the legislation system which takes the investor’s benefit protection as the core in order to create a better legal environment for MBS’s operation.更多还原