The mortgage-backed securities in Hong Kong.

• Other Authors: Lam, Suen.
• Format: Others
• Language: English
• Published: Chinese University of Hong Kong 1995
• Subjects: Mortgage-backed securities; Mortgage-backed securities > China > Hong Kong
• Online Access: http://library.cuhk.edu.hk/record=b5888288; http://repository.lib.cuhk.edu.hk/en/item/cuhk-318306

by Lam Suen, Tang Mun-suet. === Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. === Includes bibliographical references (leaves 60-61). === ABSTRACT --- p.iii === TABLE OF CONTENT --- p.v === LIST OF CHARTS/TABLES --- p.vii === CHAPTER === Chapter I. --- INTRODUCTION --- p.1 === Chapter II. --- INTRODUCTION OF MORTGAGE-BACKED SECURITIES --- p.6 === What is Securitization --- p.6 === Types of Mortgage-backed Securities --- p.8 === Mortgage Pass-through Securities --- p.8 === Collateralized Mortgage Obligations --- p.9 === Stripped Mortgage-backed Securities --- p.11 === Chapter III. --- BENEFITS OF SECURITIZATION --- p.14 === Benefits to Issuers --- p.14 === Diversification of Funding Sources and Increased Liquidity --- p.14 === Cost Effective Source of Funds --- p.15 === Efficient Use of Capital --- p.15 === Rapid Portfolio Growth --- p.15 === Better Asset/Liability Management --- p.16 === Earning Enhancement --- p.16 === Benefits to Investors --- p.16 === Benefits to Borrowers --- p.17 === Implication of Securitization for Financial Market --- p.17 === Chapter IV. --- MODELING AND VALUATION OF MORTGAGE-BACKED SECURITIE& --- p.19 === Static Cash Flow Yield (SCFY) Analysis --- p.20 === Advantages and Limitations --- p.21 === Total Rate of return Scenario Analysis (SA) --- p.22 === Advantages and Limitations --- p.23 === Option Adjusted Spreads (OAS) --- p.24 === Advantages and Limitations --- p.26 === Chapter V. --- THE MORTGAGE-BACKED SECURITIES MARKET IN US --- p.27 === U.S. Capital Market --- p.27 === Market Structureof Mortgage-backed Securities in US --- p.28 === Mortgage Originators --- p.28 === Mortgage-backed Securities Issuers --- p.29 === Derivatives of Mortgage-backed Securities --- p.32 === Secondary Mortgage-backed Securities Market --- p.33 === Chapter VI. --- THE HONG KONG MORTGAGE-BACKED SECURITIES MARKET --- p.35 === Mortgage Pool --- p.35 === Characteristics of residential mortgage loans in Hong Kong --- p.35 === Lending policy of authorized institutions since 1989 --- p.37 === Development Of MBS --- p.39 === "Four Mortgage-backed, Bond Sales" --- p.40 === "Bank Of America (Asia) - May, 1994" --- p.40 === "Citibank's Homes-1 - July, 1994" --- p.41 === "Cheung Kong Holdings - September, 1994" --- p.42 === "Standard Chartered Bank's MARS - December, 1994" --- p.44 === Chapter VII. --- DISCUSSION ON HONG KONG MORTGAGED-BACKED SECURITIES MARKET --- p.46 === "Why is the Mortgage-backed, Securities Market Less Important in Hong Kong" --- p.46 === Uncertain Political Environment of Hong Kong --- p.46 === Hong Kong Residential Property Price Inflation --- p.48 === Limited Liquidity --- p.49 === Few Securities with Credit Ratings --- p.49 === Risks of Mortgage-backed Securities --- p.49 === Chapter VIII. --- RECOMMENDATIONS AND FUTURE OF HONG KONG MORTGAGE-BACKED SECURITIES MARKET --- p.55 === Recommendations for Hong Kong Mortgage-backed Securities Market --- p.55 === Credit Enhancement of Securitized Products --- p.55 === Better Market Infrastructure --- p.56 === Liquid Bond Markets --- p.57 === The Future Mortgage-backed Securities Market in Hong Kong --- p.58 === BIBLIOGRAPHY --- p.60