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Foreign experience of mortgage lending



In developed countries, the mortgage loan is very widespread and is an essential financial tool to influence the economy by stimulating growth and improving its stability.

The system of mortgage relations, including an element such as the mortgage-backed securities, allowing both to mobilize investment resources and use them in the most effective ways. As practice shows, the largest scale of the mortgage reaches the country, organized in the framework of their economies, to the system of its refinancing, primarily by means of securitization. It is the use of such mechanisms at the time caused a rapid influx of so-called "long" money in the banking systems of different countries, which significantly increased the volume of mortgage lending, increased liquidity and reliability of the banking system.

In addition, the specifics of the main systems is the availability of refinancing markets though not the most profitable, but venture securities for investment, which is very important for long-term economic outlook.

Mortgages in different countries has its place and meaning. Each country has its specific legislation in this area, which is largely dependent on the characteristics of the legal systems and, in particular, the characteristics of the land legislation.

Due to peculiarities of real estate, is firmly connected with the land, mortgage, on the one hand, is a reliable way to ensure that the commitments on the other hand - does not require a finding of its creditor. Mortgage lending is one of the main segments of the banking business. There are several approaches that determine mortgage lending and the market in which supply and demand are formed on mortgages. The definition of "mortgage lending" in the narrow sense, implies a kind of mortgage consumer credit, which is a segment of the loan market. Broadly, mortgage lending is seen as a holistic mechanism which not only allows you to combine the interests of borrowers and lenders, but also includes investors, realtors, developers, insurance companies and other market actors. In the second case, to speak about the system of mortgage lending - a multivariate model, which includes both the process of mortgage lending, and mechanisms to attract financial resources from capital market transactions and real estate market.

Despite the existence of a second, broader definition of the mortgage and the absolute importance of other units of the system of mortgage lending, its foundation still make direct lending relationships. In this regard, it would be more correct to consider mortgage lending as a system of relations arising in several markets over the issuance, maintenance, sale and securitization of mortgage assets. It is a comprehensive view of the mortgage in the market system most adequately the current level of development of the mortgage market.

In each country, the institutional structure of the system of mortgage lending institutions significantly differentiated. Referring to international practice, the following distinctive features of modern systems of mortgage credit institutions:

-within systems mortgage institutions presented different forms of ownership (state, public - private), and the role of government mortgage credit institutions gradually reduced;

-there are bank and non-bank mortgage institutions;

-mortgage operations involved both specialized and universal banks (in most countries the role of the latter increases);

-some mortgage institutions specialize only in one direction of mortgage lending (eg residential mortgages), while others operate on the entire mortgage market;

-the share of individual groups of mortgage institutions in the mortgage market, the development of the operations in this market is largely determined by the existing competition, the needs of the subjects of the real estate market, as well as government priorities;

-now increased communication and interaction between mortgage and other financial institutions, including insurance, institutions, increasing the number of joint services and mutual operations;

in the last decade in the mortgage market has been increasing competition between "traditional" country-mortgage lenders and who came to the market with new mortgage institutions, which resulted in a reduction in the cost of mortgage loans, as well as reducing the rate of return of mortgage credit institutions (currently about 1.5%).

The role of the state in most countries, is reduced to determining the overall strategy of the mortgage lending system, to carry out the functions of supervision and control over the activities of the mortgage market; This system is often used as a conduit for government social policy.

With regard to general models of organization of mortgage lending, the core of essentially three, and they differ primarily in the principles of formation of resources for mortgage lending:deposit facility (the system of savings); one-tier model where the bank independently refinance mortgage loans through the issuance of mortgage bonds (bond-type securities); Model refinancing through issuance of mortgage securities, with the collective guarantee (provided by a pool of mortgages).

A key feature of the deposit facility (of savings) is the principle of operation. Under this principle, the total portfolio of credit does not borrow on the open capital market and purposefully formed by attracting the savings of future borrowers on the basis of deposit accumulation.

The source of resources for the system saving are deposits of citizens, charge borrowers for the use of housing loans, as well as the State Prize, which is paid in accordance with the contract on building savings, provided that the investor over a period put to his account a certain amount (the classic form of contractual savings - building savings banks). Interest rates (both deposit and loan) fixed for the duration of the contract.

Ticket offices are able to provide loans at below market rates, as they themselves raise funds at lower interest rates. Depositors and borrowers construction and savings banks are the same people - members of the fund. The low yield of the deposit - a kind of fee for the right to get a mortgage at a low rate. Due to the low interest rate the monthly payments on the loan are about the same as they were the monthly savings contributions.

Thus, to raise funds to finance lending based on the following:

-funding is not dependent on the capital market;

-the interest rate on the loan is set at the very beginning and it is low, so the investor (originally - the holder of the deposit) there is no risk due to fluctuations in interest;

-the size of payments to the lender exactly set from the beginning.

Mortgage deed (mortgage bonds) - long-term securities, which are debt obligations of mortgage credit institutions secured by pledged real estate in them.

For the system of mortgage bonds is characterized by the connection functions of the issuer of mortgage deed, the lender, the managing company for servicing mortgage loans and mortgage bonds in one person (mortgage bank). Ensuring the effectiveness of the system depends on compliance with the following basic principles of its construction and operation:

to issue mortgage bonds requires a special license to the recipients that apply certain requirements;

the amount of all outstanding mortgage institution mortgage deed must be covered at any time through the mortgage loan;

Only 60-70% of the mortgaged property may be held as cover for mortgage bonds;

all the assets that serve as cover for mortgage bonds should be included in a special register;

in case of bankruptcy of the issuer pledge sheet holder has a preferential right to compensation for its obligations;

assets, liabilities and operations related to mortgage credit operations and the issuance of mortgage bonds, should be strictly separated from other activities of the issuer;

the presence of a secondary mortgage market in the framework which would ensure the high liquidity of the securities, their accessibility for investors.

The system of mortgage bonds in compliance with the most important principles of its construction and operation is relatively reliable. These systems dominate in Europe - Denmark, Sweden, Canada, Germany, Austria, the Netherlands, UK, Finland, France and Spain. In Germany, since the adoption in 1900 of the law on mortgage banks have not been any bankruptcy of the institution.

Mortgage bonds traded on the domestic and international markets, are listed on major stock exchanges, as well as constitute a significant share of the investment portfolios of insurance companies and other financial institutions.

The process of refinancing mortgage loans by issue of securities backed by a pool of mortgages, called securitization (securities - securities) and was first used in the United States, where it is currently dominant. The mechanism of securitization suggests as a rule, separation of functions of the mortgage lender and issuer of securities (in order to attract resources for mortgage lending).

This distinction allows the primary mortgage lenders to improve their liquidity due to the removal from the balance of long-term mortgage loans, in the transformation of their liquid assets; reduce their risks arising in the process of mortgage lending (a redistribution of risk between the actors of the process); increase the volume of credit transactions. Securitization subject to the same type of mortgage loans, which have standard features (mostly housing loans). The primary lender sells his obligations owned service organization, which deals with the accumulation of resources for mortgage lending by issuing mortgage financial instruments that are collectively guaranteed.

To improve the reliability of the securities are backed funds practiced involvement in the process of securitization of insurance companies, which in the case of default by borrowers for loans make the necessary payments to investors. In most countries in the organization of the securitization process takes an active part in the face of large state and semi-state organizations operating in the secondary market for mortgage loans.

In the last decade, the mechanism of securitization (adapted to specific conditions) is becoming more prevalent in the world. Refinancing mortgage loans within the secondary market through securitization is the most efficient method for managing the assets of the mortgage credit institution. However, there are certain objective limitations. Thus, the use of the mechanism of refinancing:

It can not be in relation to subprime mortgage loans;

provided subject to the creation of an extended infrastructure of the mortgage market, as a rule, with the assistance of a certain state, and at least in its partial control of the emission of securities traded in the secondary market;

perhaps in a stable economy, a reliable credit and financial system, a highly developed stock market, state support.

Although fundamentally different approach to the mobilization of credit resources and the organization of the lending that is common to the above models is that the process of their practical functioning strongly and comprehensively to be maintained by the state, including the legal, licensing and financial regulation of this activity, the provision of state guarantees.

The successful establishment and development of systems for mortgage lending is possible thanks to an active policy of the state aimed at direct support and development of the national mortgage system. This conclusion is important for a proper understanding of the role of government in the formation of a national system of mortgage lending in countries with economies in transition.

As international experience shows, the methods of economic policy in the field of formation and development of mortgage lending system may be methodologically divided into the following methods:

Of the total control, which in turn divided into methods:

monetary policy - changes in the money supply in order to control the total volume of production, employment and price levels by controlling the rate of refinancing (accounting), conduct open market operations in government securities, regulatory standards reserves of commercial banks.

tax policy - aimed at encouraging the operations of mortgage borrowers, lenders and investors in mortgage securities and consist in the reduction or abolition of certain taxes;

Special techniques unique to the mortgage market, in particular:

initiate the creation of special organizations - operators of the secondary market with a view to its development (USA, Canada). Special agencies use government guarantees and having a special status to attract cheaper funds for the refinancing of mortgage loans compared to private. In addition, they can use the budget (Treasury line of credit);

promotion of specialized lenders - the creation of special laws regulating the activities of specialized credit institutions, which are the main assets of mortgages (Denmark, Germany, France and others.);

State standardization of conditions of mortgage loans, aimed at increasing confidence in the mortgage-backed securities issued under the provision of loans to the same standards (US, Canada, Germany, Denmark, and others.);

promotion of primary and secondary mortgage markets through programs of public insurance (USA, Canada, and others.);

direct regulation of interest rates;

encouraging borrowers at the expense of the credit: subsidize interest rates on mortgage loans, subsidies for payment of the first installment, the premium for the accumulated funds (Germany, France, Austria, and others.);

programs of mortgage lending at the expense of the budget (Spain, India, etc.).

Kazakhstan, integrating into the global financial system, and by becoming a full member of the global business community, developing proven forms of business in the West, adapting them to local conditions.

The experience of "deposit" mechanism to attract funds to mortgage lending is reflected in the Law of the Republic of Kazakhstan "On housing construction savings in the Republic of Kazakhstan", according to which the established Housing Construction Savings Bank of Kazakhstan.

The current system of housing construction savings is a closed system for financing housing, based on raising funds of individuals and entities in bank deposits and granting loans to investors at the expense of savings. Saving system does not require a developed financial markets and is focused on segments of the population with incomes below the average. Moreover, staving can occur when inflation is high, unlike traditional mortgage lending.

Refinancing mortgage loans made JSC "Kazakhstan Mortgage Company", formed in accordance with the concept of long-term financing of housing construction and development of mortgage lending in the Republic of Kazakhstan, approved by the Government of the Republic of Kazakhstan in August 2000. Its creation allowed to address the issues of liquidity of banks in terms of long-term mortgage loans by purchasing their standard mortgage loans, including by issuing its own mortgage-backed securities.

Activity in providing mortgage loans, as well as any kind of credit, involves certain risks, one of the most effective ways to reduce them is insurance coverage.

Insurance mortgage is advantageous and beneficial conditions for both the borrower and the lender. This is due to the expansion of solvency by reducing the size of the down payment, which, of course, increases the availability of mortgage lending.

 

 

 




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