by Lo Kwok Cheong, Tang Wai Hing. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 97-99). / ABSTRACT --- 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