个人住房抵押贷款不良资产支持证券回收观察系列（一）：累计回收率逐年下降，回收分布靠前

Group 1: Market Overview - The cumulative issuance of mortgage NPL products reached 84 transactions with a total scale of 1,000.67 billion yuan from 2016 to October 2024[1] - In 2023 and the first ten months of 2024, 24 and 19 mortgage NPL products were issued by 8 and 9 initiating institutions, with issuance scales of 246.95 billion yuan and 157.05 billion yuan respectively[1][2] Group 2: Recovery Rates - The cumulative recovery rate of mortgage NPL products has shown a declining trend over the years, with 2023 issuance showing some improvement[5] - As of the 10th recovery period, the average cumulative recovery rate for products issued in 2016 was 73%, while those from 2022 had a low of 27%[7][8] - Recovery rates for products issued in 2020 and 2021 were between 47% and 48%, approximately 10 percentage points lower than earlier years[7] Group 3: Institutional Performance - The top issuers of mortgage NPL products are the four major state-owned banks, accounting for about 68% of the total issuance, with China Construction Bank and Industrial and Commercial Bank of China leading[2] - State-owned banks issued 55 mortgage NPL products, while joint-stock banks issued only 10, with the latter showing lower cumulative recovery rates since 2020[9] Group 4: Factors Affecting Recovery - The slowdown in recovery rates is attributed to declining property prices, lengthy litigation processes, and an increase in unsold auction cases[9] - The length of the first collection period significantly impacts recovery rates, with an average increase of 1.5 percentage points in recovery for each additional month of collection period[14]