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住房贷款证券化作为结构性融资方式的特点是将特定的贷款资产的风险同发起人 (原始所有人 )其他资产的风险相隔离 ,从而有效地提升以该特定贷款资产为支撑发行证券的信用等级。为此 ,住房贷款从发起人到 SPV的转移必须被认定为“真实出售”。从真实出售的方式、手续、担保以及影响其效力的问题入手 ,探讨了真实出售的法律的界定以及在证券化的结构设计中真实出售将面临的法律问题及对策
Housing loan securitization, as a structured financing approach, is characterized by the risk of segregating the risk of a particular loan asset from the risk of other assets of the originator (the original owner) so as to effectively enhance the credit rating of securities issued in support of that particular loan asset . For this reason, the transfer of home loans from the promoter to the SPV must be considered “real sale.” This article discusses the methods of real sale, formalities, guarantees and the problems that affect its effectiveness, and discusses the definition of the real sale law and the legal problems and countermeasures that will be faced when the real sale in the structural design of securitization