The prospect of mortgage backed security in Hong Kong.

by Lo Chi Wai.Thesis (M.B.A.)--Chinese University of Hong Kong, 1999.Includes bibliographical references (leaves 54).ABSTRACT --- p.IITABLE OF CONTENTS --- p.IIILIST OF TABLES/CHARTS --- p.VIPREFACE --- p.VIChapterChapter I. --- INTRODUCTION --- p.1INTRODUCTION --- p.1Structure of the Paper --- p.2Chapter II. --- HONG KONG PROPERTY MARKET --- p.3The Property Market during 1990's --- p.3Supply of Residential Property --- p.4The future property price --- p.4Mortgage Pool --- p.7Chapter III --- MORTGAGE CORPORATION --- p.10The Player in Securitization --- p.10Mortgage Corporation in U.S --- p.10The different between U.S. situation and Hong Kong situation --- p.11HONG KONG MORTGAGE CORPORATION --- p.12HKMC's share in the residential mortgage market --- p.13HKMC's mortgage portfolio --- p.13HKMC's Benefit --- p.13Originator's and investor's Perspective --- p.16Chapter IV. --- THE PROGRESS OF HKMC --- p.20Fixed rate mortgage Pilot Scheme --- p.20The debt program --- p.21Mortgage Guarantee Scheme --- p.23Chapter V. --- DIFFICULT OF MBS PRICING --- p.27RISK --- p.28The Financial institution might find MBS unattractive? --- p.34Chapter VI. --- PROSPECT --- p.35Fully-fledged credit reference agency --- p.35Fixed rate Mortgage promotion --- p.35US dollar/Hong Kong dollar Swap --- p.36Mortgage lending rate war --- p.36Debt Market --- p.37Standardization --- p.37Credit Rating --- p.38Don't let the history repeat itself --- p.38CONCLUSION --- p.39APPENDIX --- p.40BIBLIOGRAPHY --- p.5