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Securitization of mortgage loans in the banking reform in Effect


In 2004, for example, completion of China's urban residential area of ​​550 million m2, the total area of ​​urban housing across the country is 17.0 billion m, compared to the total annual increment is very small. Thus it is clear that the dark forces to push the mainland real estate appreciation, so that they can have more making money. However,[link widoczny dla zalogowanych], the appreciation of the yuan is not for them to decide whether or not, but also need the government and other (3) to expand consumer credit spending, to improve the effectiveness of monetary policy transmission. Micro-economic enterprises and individuals subject is the final part of the monetary policy transmission, and our micro-economic agents, in particular, the individual signals on monetary policy with the slow and weak, affecting the transmission of policy effects of the goods. Expansion of consumer credit, thus stimulating domestic demand,[link widoczny dla zalogowanych], the strategy of monetary policy in China is an important content. However,[link widoczny dla zalogowanych], due to the impact of the traditional lifestyle, most people still tend to accumulate savings for consumption by upgrading. We should seize the current residents of the housing and automotive consumer attitudes change, and actively expand the personal credit consumption. And housing and cars, longer than the chain, pulling effect on domestic demand is very obvious. If the bank will be by way of securitization converted loans to finance the sale, to be able to overcome liquidity constraints due to the restrictions on the long-term loans, consumer credit consumer market so that there is a guarantee of funds. When the personal credit consumption reaches a certain size, the central bank interest rate policy transmission channels will be relatively smooth. As consumers have higher credit interest rate sensitivity, when the central bank tightening of monetary policy contraction of consumer credit,[link widoczny dla zalogowanych], consumer credit increased interest rates, rising costs of consumer credit consumer credit availability will decline; for manufacturers , the interest rate adjustment of the capital flow will extend the time,[link widoczny dla zalogowanych], so both supply and demand from the combined effect of increased interest rate channel of transmission efficiency. 3 on the securitization of housing mortgage loans in order to achieve decentralized implementation considerations of the purpose of the risks of banks, mortgage must be a Some banks make their own way of offering the actual mortgage securities mortgage financing is secured, the risk still remain in the banking system, contrary to the securities of the mind. In addition, the Bank of the way through the securitization of adequate funds, the interest rate may compensate for the loss for the purpose of payment of excess real estate loans and then sold, resulting in the real estate bubble, for which the state should control the mortgage-backed securities The issue size and growth rate. Of course, though the bank the way you can shift the risk securitization, in order to balance the sound development of the securitization market, banks should improve the business and personal credit system, from the source control the risk.
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