Bonds issued with real estate such as houses and land as collateral. The issuing company gives the contract of these properties to the trust institution, and the property rights still belong to the company. If the company cannot pay its debts when it is due, the trust institution has the right to sell the mortgaged properties, and repay the debts with the proceeds.
Bonds issued with other bonds or stocks as collateral. The securities used as collateral may be stocks and bonds issued by subsidiaries or branches of the issuing company, or stocks and bonds purchased for investment.
Bonds issued with specific equipment as collateral. Such mortgage-backed bonds are usually used to finance the purchase of transportation equipment. The issuing company signs a contract with the trust company, and the funds raised are used to purchase new equipment. These equipment are used as collateral to mortgage to the trust institution, and then these equipment are leased back to the company for use. Real estate mortgage banks also use the issuance of real estate mortgage bonds to raise funds for issuing real estate mortgage loans.
1. The securities issued by the mortgage-backed entity in the registration authority, that is, the mortgage is proved and embodied by the securities. On this occasion, the transaction of mortgage is replaced by the stock exchange. This type of mortgage-backed securities is typical of the mortgage-backed securities (Hypothekenbrief) ① in German law. [2]
① Note: Japanese scholars and some domestic scholars usually translate it into mortgage-backed securities, but some scholars also translate it into mortgage certificates or mortgage certificates.
2. The creditor's rights guaranteed by the mortgage are represented by the instruction securities or bearer securities, that is, the creditor's rights are proved and embodied by the securities. At this time, the circulation of creditor's rights is represented by the circulation of creditor's securities. However, on this occasion, the mortgage is not embodied in the securities, it is just a combination of mortgage and securities based on the collateral nature of mortgage and creditor's rights, such as the mortgage based on directive or bearer securities recognized by French theories and precedents; Recognized by Articles 1187-1189 of the German Civil Code based on the same debt securities Preservation of mortgage 。 In fact, as far as the combination of mortgage and securities is concerned, because the circulation of mortgage is restricted, mortgage does not exist as an investment means, so it is not a typical or real form of mortgage securities. 3. The mortgage and the creditor's rights guaranteed by it are a kind of securities, which are proved and embodied by the securities. At this time, the creditor's right and the mortgage are circulated together, and the circulation is realized according to the endorsement transfer of securities. Therefore, for the creditor, the realization of his creditor's rights can be guaranteed by two kinds of credit, namely, the guarantee of mortgage and the guarantee of endorsement. The typical form of this combination is Japanese mortgage-backed securities.
From this point of view, mortgage-backed securities are mainly represented in two typical forms: one is the German model; The second is the Japanese model. Because of their different institutional backgrounds, the two models differ greatly in terms of models, such as token rights, acquisition and circulation of securities, and maintenance of transaction security.
