Driven by the rapid development of the real estate market, personal housing loans have developed rapidly, and the proportion of personal housing loans in bank assets has risen rapidly. Many commercial banks also regard individual housing loans as low-risk credit varieties and take them as the focus of credit business development. The following table shows that during the five years from 1997 to 200 1, the balance of individual housing loans in China increased by nearly 33 times, and the credit assets of banks increased by nearly 20 times. However, in the current specific financial market environment, personal housing loans are not necessarily low-risk financial products for commercial banks. In a certain sense, the potential risks faced by individual housing loans of commercial banks are higher than other types of loans. In fact, individual housing loans have the characteristics of geographical dispersion, large technology and long term, and the potential risks are great. If commercial banks can't effectively identify and control the potential risks faced by individual housing loans at present, the rapid expansion of individual housing loans in the future may become a risk source that commercial banks can't ignore. Therefore, at present, improving the personal housing credit risk should be the focus of risk management of commercial banks. Risks faced by individual housing loans (I) Liquidity risks of banks For banks, the rapid growth and rapid increase in the proportion of medium and long-term loans such as individual housing loans may bring liquidity risks. Liquidity risk refers to the bank's inability to provide financing for the increase of assets or the decrease of liabilities, that is, it can't absorb liabilities at a reasonable cost or realize assets at a reasonable income to meet depositors' withdrawal of deposits, reasonable loans from customers or other immediate cash needs, which may lead to losses or crises for banks. China's housing loans are not securitized, and the liquidity of bank mortgage assets is poor. At the same time, without a perfect second-hand housing market, it is difficult for banks to dispose of mortgaged properties and resolve liquidity risks. When the concept of buying a house by loan is popularized, the demand for disposing of mortgaged property will be very strong. (2) Personal credit risk Credit risk refers to the possibility that the borrower will bring losses to the bank if he fails to repay the loan as agreed. From the perspective of credit risk, personal housing credit brings the default risk that the borrower cannot repay the bank loan on time or is unable to repay it because of changes in family, work, income, health and other factors, and is forced to give up the purchased house by default, thus bringing losses to the bank's interests. Due to asymmetric information, banks cannot accurately judge whether borrowers are honest and trustworthy and have sustainable repayment ability. At present, the floating interest rate system in China's individual housing loan makes the lender bear considerable interest rate risk, which makes it more likely that the lender will default during the interest rate rising cycle. (III) Operational risks in loans From the perspective of operational risks, due to the lack of necessary relevant legal constraints and fierce competition among major commercial banks, the mortgage departments of banks sometimes compete to reduce the down payment ratio of lenders or relax the approval conditions of lenders in order to expand their business scope. In the process of operation, there is no strict mortgage registration system, no strict distinction between the front desk, middle desk and back office of loans, and no strict verification of customers' credit status. Judging from the current situation, there are many commercial bank outlets handling personal real estate credit business in the same city. If the authorization is not strict, the lender can apply for small housing loans at the same time at the outlets of several banks. Once the lender is unable to repay, the collateral is often difficult to dispose of, the assets can not be divided, and there is no corresponding law to ensure the smooth auction and discount procedures. Perfecting personal housing credit risk management (I) The ideal goal of perfecting the environment for identifying and evaluating personal credit risks is of course to set about establishing a perfect personal credit system, the core of which is the personal credit system, that is, a series of legally effective rules and regulations and codes of conduct that can prove, explain and check the credit of natural persons, supervise, manage and guarantee the development of personal credit activities, including personal credit registration system, personal credit evaluation system, personal credit risk early warning system and personal credit risk management system. Therefore, it is necessary to establish a special credit institution. Credit grantors continue to provide credit institutions with the credit payment of credit consumers in financial institutions and commercial institutions, and credit institutions collect these publicly recorded information from judicial and tax institutions for sorting and analysis, and record them in the historical files of consumers. When facing the consumer credit application, the transferee can obtain the applicant's credit report from the credit institution and make a decision accordingly. As the establishment of credit institutions takes some time, in order to resolve the credit risk, banks must play a good role in the process of approving individual housing loans, take personal credit as the focus of the review, and establish relevant personal credit files. The most important thing here is to establish a professional, standardized and preliminary database to lay a good foundation for credit management, predict the possibility of default of existing borrowers and loan applicants, and establish an early warning mechanism for credit deficiency. Once a credit crisis occurs, it can be remedied immediately. At present, some cities in China have established personal credit information system for local residents. In fact, the collection of this information is not enough for the risk judgment of individual housing loans. At the same time, personal credit information should be encouraged to be shared among financial institutions, because lenders may apply for housing loans in different financial institutions or business outlets in different regions of the same financial institution at the same time, and information sharing will enable borrowers to make more efficient and accurate decisions. (2) Actively encourage commercial banks to adopt market-oriented means to transfer risks. First, gradually establish a secondary market for housing mortgage loans, that is, the real estate mortgage creditor's rights transfer market. A market where real estate loans are created by lending banks or other financial institutions and then resold to other investors, or mortgage bonds are issued with mortgage loans as collateral. By connecting the primary market with the secondary market, the liquidity of bank funds can be improved. On the one hand, banks can obtain sufficient funds to meet personal credit needs by issuing mortgage bonds. On the other hand, the loan amount matches the bond issuance, which disperses the liquidity risk. On this basis, housing loan securitization should be put on the agenda. (3) Promoting real estate mortgage securitization can effectively disperse and transfer risks. After the securitization of housing mortgage loan, the securities issued can be freely circulated and transferred in the secondary securities market, so that all risks faced by housing mortgage loan can be transferred through the securities market. On the other hand, after issuing securities with mortgage as the guarantee, the mortgage risk concentrated in banks will be dispersed to many investors, so that each participant can control the risk within an acceptable range symmetrical with the income. Because mortgage securities are not based on specific real estate, but a set of housing mortgage loans corresponding to the real estate portfolio, a single default or mortgage risk can be ignored, thus effectively dispersing default risk and mortgage risk and reducing losses. (IV) Early warning mechanism to prevent risks From the perspective of perfecting the system, the corresponding supplementary provisions such as the Operating Rules for Personal Housing Loans and the Detailed Rules for the Management of Personal Loan Files have been formulated to standardize and unify the specific operations of personal housing loan business; Starting with the establishment of internal control mechanism, in strict accordance with the requirements of the new credit regulations, the loan approval is separated and the responsible persons in all aspects of the loan are implemented; From the perspective of risk control, take some effective risk prevention measures, such as making full use of the resources provided by the resource database of the Municipal Real Estate Bureau to ensure the authenticity of real estate transactions and the effectiveness of real estate mortgage registration; With the help of the resources of personal credit information system, the borrower's credit situation was investigated, which effectively curbed the occurrence of non-performing loans from the source. (V) Promoting diversification of real estate financing At present, China's real estate finance is mainly debt financing, with a small proportion of equity financing and a single financing pattern. According to statistics, about 80% of land acquisition and real estate development funds come directly or indirectly from commercial bank credit. In the mature real estate financial market, besides the primary market of debt and equity financing, there are not only two basic financing forms of real estate development and operation, but also the developed secondary market of securitization. Promoting the diversification of real estate financing will help reduce the excessive dependence of real estate financing on bank credit. (vi) Increase the proportion of personal mortgage loans. For property buyers, it will definitely increase the pressure on individuals to bear loan risks and squeeze some false demand for personal housing. At the same time, it can reduce the loan risk of commercial banks. However, these effects and functions will not be too great. Most importantly, in recent years, the personal housing loans of some domestic commercial banks have doubled, not because of the proportion of mortgage loans, but because the review of personal housing loans is often just a form. For example, regardless of personal income level and credit, it is possible to handle it as long as the required certificates are issued in the law firm. If the individual housing loan is audited according to the guidelines of the CBRC (that is, the monthly repayment amount of individual housing loan shall not be less than 50% of personal income), then some people with unqualified loan conditions can be rejected. This not only reduces the demand for the whole house, but also reduces the risks that commercial banks can face in personal housing loans. The risk management of personal housing mortgage loan needs policy support. In some developed countries, the government has set up special institutions to provide guarantees for individual housing mortgage loans. If the buyer defaults, the government agency will assume the responsibility of repaying the loan principal and interest on his behalf. For example, the federal government of the United States has the Federal Housing Administration, the Veterans Administration and other institutions to provide personal housing loan guarantees for low-and middle-income families and veterans, which not only enables many American families to obtain loans to buy houses, reduces the risk of personal housing loans, but also attracts private insurance institutions to intervene in the housing mortgage market. Just because the government provides insurance, guarantee and even funds for the establishment of financial institutions does not mean that the government will spend a lot of money. This only shows that the government is firmly in the position of "lender of last resort", and its main purpose is to give confidence to both borrowers and lenders and to formulate norms for the whole financing activities. This kind of government intervention in the mortgage market is an indirect intervention. In short, in recent years, the domestic real estate industry, as a pillar industry of the national economy, has played a huge role in driving the domestic economy out of deflation and maintaining the sustained and rapid growth of the domestic economy. However, due to the serious phenomenon of real estate speculation in some places, some real estate developers create irrational consumption through various means, which leads to the rapid rise of house prices in some places. If this trend is left unchecked, it will lead to a real estate bubble, which will not only increase the huge risks of banks, but also hurt the sustained and stable development of the entire domestic economy. Therefore, this policy adjustment not only strengthens people's awareness of interest rate risk, but also strengthens demanders' reasonable expectations of future capital prices, and is also conducive to the formation of interest rate management and risk pricing mechanism for personal housing loans of commercial banks. Is it enough?