The prospect of mortgage backed securities market in Hong Kong.
Chinese University of Hong Kong, 1997
Nachschlagewerk
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Zugriff:
by Lo Kwok Cheong, Tang Wai Hing.
Thesis (M.B.A.)--Chinese University of Hong Kong, 1997.
Includes bibliographical references (leaves 97-99).
p.ii
TABLE OF CONTENT --- p.iv
LIST OF CHARTS/TABLES --- p.vii
Chapter I. --- INTRODUCTION --- p.1
Securitization and Secondary Mortgage Market --- p.1
Securitization --- p.1
Secondary Mortgage Market --- p.3
Reasons for Mortgage Securitization --- p.4
Types of Mortgage Backed Securities --- p.7
Mortgage Pass-Through Securities --- p.7
Mortgage-Backed Bonds --- p.8
Mortgage Pay-Through Bonds --- p.8
Collateralised Mortgage Obligations ( CMOs) --- p.9
Stripped Mortgage-backed Securities ( SMBS ) --- p.11
Chapter II. --- MBS MARKET EXPERIENCE IN OTHER COUNTRIES --- p.14
United States --- p.14
Rise of Securitization in US Market --- p.20
MBS Market Development in United States --- p.22
Key Success Factors for MBS Development in US --- p.27
United Kingdom --- p.28
MBS Market Development in UK --- p.29
Credit Enhancement and Credit Rating --- p.32
Legal and Regulatory Framework --- p.32
Future Development --- p.34
Australia --- p.37
MBS Market Development in Australia --- p.37
Credit Enhancement --- p.39
Legal and Regulatory Framework --- p.40
Future Development --- p.41
Chapter III. --- MORTGAGE MARKET IN HONG KONG --- p.43
Primary Mortgage Market condition in Hong Kong --- p.43
Latest Residential Mortgage Conditions --- p.46
Mortgage Securitization experience in Hong Kong --- p.50
Chapter IV. --- HONG KONG MONETARY AUTHORITY'S MBS MARKET DEVELOPMENT PLAN --- p.51
Survey on Primary Market by HKMA --- p.51
Findings of the Survey --- p.52
Implications of the Survey Findings --- p.53
Reliability of the Survey Findings --- p.55
The Mortgage Corporation Approach --- p.57
Mortgage Corporation Proposal --- p.58
Projection of the shortfall in mortgage funds --- p.60
Impact on banks' mortgage business --- p.61
Impact on the property sector --- p.62
Impact on the Government --- p.62
Corporate structure and the involvement of the HKMA --- p.63
Issuance of debt securities by the mortgage corporation --- p.64
Chapter V. --- IMPLICATIONS OF MBS DEVELOPMENT TO HONG KONG --- p.65
Property Market --- p.65
Banking Sector --- p.66
Consumers --- p.69
Debt Market --- p.69
Chapter VI. --- FACTORS INFLUENCING ADOPTION OF MBS IN HONG KONG --- p.72
Asset Quality --- p.72
Quality of underlying mortgage pool --- p.73
Credit enhancement --- p.74
Prepayment Risk --- p.75
Liquidity --- p.75
Market Size --- p.76
Standardisation --- p.77
Credit Rating --- p.78
Transparency --- p.78
Chapter VII. --- RESEARCH DESIGN AND EMPIRICAL FINDINGS --- p.79
Objective --- p.79
Target Respondents Sampling --- p.80
Survey Design --- p.80
Empirical Findings --- p.82
Chapter VIII. --- RECOMMENDATIONS --- p.89
Simplicity --- p.89
Credit Rating --- p.90
Standardisation --- p.92
Supporting Infrastructure --- p.93
Secondary Market Liquidity --- p.94
Marketing Effort --- p.94
Chapter IX. --- SUMMARY AND CONCLUSIONS --- p.95
BIBLIOGRAPHY --- p.97
Books --- p.97
Reports --- p.97
Periodicals --- p.97
Internet Homepages --- p.98
APPENDIX --- p.100
Titel: |
The prospect of mortgage backed securities market in Hong Kong.
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Autor/in / Beteiligte Person: | Lo, Kwok Cheong. ; Tang Wai Hing. ; Chinese University of Hong Kong Graduate School. Division of Business Administration. |
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Veröffentlichung: | Chinese University of Hong Kong, 1997 |
Medientyp: | Nachschlagewerk |
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