1, the U.S. government home loans securitization of the important role of the U.S. government recalled the history of the development of the housing credit market, we find that the U.S. government in the development of the market played a prominent role. Since 1831, first mortgage loans for housing in the United States was born, 30 years of this century, the U.S. Government’s housing loan market in the breadth and depth is very limited, in order to improve the national housing situation, the United States in 1934 through the enactment of the National Housing Act (NHA),
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Set up the Office of Federal home Management Agency (FHA), which it is responsible for civil society to provide mortgage insurance in order to guide the private capital into the housing mortgage loan market. FHA in the provision of the insurance process, a set of clear and standardized qualifications, for example, FHA mortgage loans on the species,amount, manner, the borrower monthly income, monthly household income borrower repayments accounted for the highest proportion of premium calculation have strict requirements. Regulate the insurance program, rigorous evaluation to a large extent reduce the credit risk of mortgage loans, increasing its degree of standardization, so as to mortgage market development and a secondary market has created conditions for the opening.
In the U.S.,the national mortgage market for the long-term and unremitting support, following the FHA established, Congress increased the NHA on the basis of a new provision to authorize the FHA to set up new institutions to provide secondary market for housing mortgages. 1938 Federal National Mortgage Association (FNMA) was established, whose role is buying and selling the federal underwriting of mortgage loans, it was not until the early 60s, the U.S. secondary mortgage market development is still very limited, with only less than 5% The new mortgage loans in the secondary market were sold, the reason is that there is no formation of appropriate market mechanisms to diversify bank has granted the validity period of the mortgage period of non-matching sources of funds incurred liquidity risk, interest rate risk and early repayment risk.
In 1968, Congress FNMA separation of the two companies, one of the Federal Register, but privately owned FNMA, the other government agencies – the Government National Mortgage Association (GNMA). FNMA responsibilities focused on the secondary market, the early 80s, it was mainly in accordance with strict conditions to buy FHA or the Veterans Association (VA) guaranteed loans. In 1981, FNMA also assume the principal and interest payment schedule for the pass-through securities to provide security functions.
GNMA initially assumed FNMA financing functions, on the one hand by providing special assistance to poor families to support their access to mortgage loans, on the other hand, providing the market with mortgage financing. To achieve the above objective function, GNMA is authorized to get FHA, VA and farmers secured housing management department in securities issued by mortgage lenders to provide guarantees of principal and interest. In 1970, Congress also established a third federal-sponsored secondary market institutions – the Federal Home Loan Mortgage Corporation (FHLMC). At present, FHLMC has not been authorized to purchase insurance and general insurance companies by non-mortgage loans. 3 to the secondary market for mortgage-based government-sponsored organizations are set up for banks to provide a decentralized liquidity risk, interest rate risk and prepayment risk the stability of the system. The promotion of government credit, the U.S. government home loans and secondary market have been broad and deep development.
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