Mortgage-backed securities in Canada: the size of the market and prospects for the future

Jane Londerville
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引用次数: 3

Abstract

Mortgage-backed securities (MBS) were introduced into the Canadian financial system in 1987. This paper describes their development and history, and compares these with the situation in other countries, through a brief review of mortgage securitisation in various parts of the world (the UK, Australia and Japan). The primary uses of MBS in Canada and positive aspects of securitisation are explored, both as they have been experienced since the inception of MBS in the late 1980s and as they relate to the basic structure of the mortgage finance system in place before MBS were introduced. The paper also contrasts the MBS markets in the USA and Canada. The proportion of national mortgage debt that is packaged into MBS in both countries is examined, and the paper discusses reasons for the significantly smaller proportion of debt in Canadian MBS versus the numbers for the USA. Future prospects for growth in the Canadian MBS market are explored. Copyright © 2005 Henry Stewart Publications

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加拿大抵押贷款支持证券:市场规模和未来前景
抵押贷款支持证券(MBS)于1987年引入加拿大金融体系。本文通过对世界各地(英国、澳大利亚和日本)抵押贷款证券化的简要回顾,描述了它们的发展和历史,并与其他国家的情况进行了比较。本文探讨了MBS在加拿大的主要用途和证券化的积极方面,因为它们自20世纪80年代末MBS成立以来一直在经历,因为它们与MBS引入之前的抵押贷款融资体系的基本结构有关。本文还对美国和加拿大的MBS市场进行了对比。研究了两国打包成MBS的国家抵押贷款债务比例,并讨论了加拿大MBS债务比例明显低于美国的原因。探讨了加拿大MBS市场的未来增长前景。版权所有©2005 Henry Stewart Publications
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