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Klasternaja model of formation of the mortgage in transitive economy

In development of institute of the mortgage crucial importance has sovershenstyovovanie the mechanism of interaction of all participants of hypothecary process. Thus functioning of the mortgage by that will be more effective, than the balance of interests and motivation of subjects of the mortgage will be more full observed.

The form of functioning of such mechanism, taken as a principle formations and mortgage developments in transitive economy, from our point of view, can be klaster, representing network interaction of all uchastniyokov hypothecary process.

The term "klaster" has appeared in the economic literature rather recently - in second half XX centuries and has been connected with experience of development of market economy in a number of the countries. Klasternyj a method, originally poluyochivshy development for researches of problems of competitiveness, segoyodnja is applied at the decision more development major problems sotsialnoyoekonomicheskih systems, including by working out of programs of development and rasyoprostranenija new technologies of an investitsionno-innovative profile as a basis to maintenance of effective interaction of all forms orgayonizatsii business.

According to the founder of a cluster analysis M.Portera, klaster is a group of geographically adjoining interconnected companies (poyostavshchiki resources, manufacturers etc.) and the organisations connected with them (educational institutions, state bodies, instiyotuty market infrastructures), acting in certain sphere and vzaimoyodopolnjajushchih one another [86]. The Same sight on klastery priderzhivayojutsja and some Russian (L.I.Nesterov, A.B.Ignatyev, V.I.Ishayev, O.M.Barkova, S.A.pobegaev, etc.) and foreign researchers (N.I.BoYogdan, E.V.Silujanova, etc.), defining them as "competitive" points of growth ”in a national economy» [67, with. 113; 97; 77].

From an item of the organisation of innovative activity klaster rassmatyorivaetsja it is exclusive as association of the enterprises in the form of partnership with the purposes of realisation of innovative activity. So, authors of the monography «the Russian economy in 2004. Tendencies and prospects» evaluate klastery as a network of the independent enterprises and other organisations, svjazanyonyh in the uniform industrial chain, making additional stoiyomost. Thus it is considered, that klastery essentially raise proizvodiyotelnost work [91, with. 363].

The system approach as the major criterion of controllability organizayotsijami has allowed a number of scientists (A.S.Grinberg, I.A. The king) to characterise klaster as the multimachine computer complex having svojstyovom of effective scale - productivity growth at addition of resources - and controllability [28, with. 191-192].

Now klaster it is considered as the tool effektivyonogo uses of scientific and innovative potential of the organisations of nayouchno-technical sphere for increase of their competitiveness, as inyostrument an effective utilisation of investments. Klaster allows reayolizovat all chain of life cycle of innovations from scientific issledovayony before project introduction in production with the least expenses.

Occurrence areas klasterov are various and as a whole it is difficult prognoyoziruemy. They can arise as natural by, and with the active help of the state. Now the approach based on networks and klayosterah in realisation of an innovative policy, is developed in many countries.

From our point of view, the given approach can is successful ispolzoyovatsja and in the projects connected with realisation of national and regional social and economic programs, in particular, in projects of development of the market of housing accommodation through institute of the mortgage. Such approach requires an active position oryoganov the power of all levels and is not capital-intensive.

In the general view the scheme of the organisation of innovative system of zhiyolishchno-building cooperation in the real estate market, based on formation scientifically-technological klasterov and technological sisyotem, is presented on fig. 3.1.

Fig. 3.1. The scheme klasternoj the organisations of innovative system of cooperation in the real estate market

Scientifically-technological klastery (NTK) is a form of the organisation of scientifically-technological cooperation in the real estate market when all uchayostvujushchie partners should follow the basic requests '.

- To introduce the investment in reception of new scientific and technological (innovative) knowledge within the limits of the area chosen for cooperation or to carry out an exchange of technologies available for them;

- To divide among themselves all benefits from cooperation and to use the right of the control over its realisation;

- To save the complete independence and independence, receiving from partners in strategic alliances only in what test aktuyoalnuju requirement.

Technological systems (HARDWARE) is a complex selectively vovleyochennyh in hypothecary activity of elements, whose interactions osnovyyovajutsja on technologically connected free information and biznesyoidejah, and quality and intensity of interrelations between them are that, that their mutual relations in the course of teamwork acquire harakyoter original partnership in which at least one of stoyoron, movable by profit taking, aspires to expand the sharing in sphere of the market of the real estate on a long-term basis

Unconditionally, the given scheme of the organisation hypothecary klastera requires opyoredelennyh conditions and factors without which it is impossible to achieve success. The first condition - readiness for cooperation of the various enterprises, biznesyostruktur and the institutes serving participants of the mortgage, the second - efyofektivnoe business and power interaction.

In the scheme klasternoj the organisations of innovative system of cooperation in the market of the real estate the basic emphasis is made on formation of two types klasterov. The first is connected with functioning of housing and building business structures. The second type klasterov forms within the limits of institutes inyofrastruktury mortgage developments. Here the basic participants of hypothecary innovative system are financial, credit and others struktuyory, mortgages serving participants.

Let's consider main principles of formation klasternoj organizayotsii mortgages.

The major principle of formation klasternoj mortgage models javyoljaetsja a choice of a direction of priority development of the market of housing accommodation in a combination to requirements of individuals at the given stage of development and the account of available potential which can be involved for realisation of tasks in view. On the basis of a choice of a direction of priority development of the market zhiyolja the most significant are defined for this or that region bazisyonye technologies klastera. Some are besides, considered dopolniyotelnye factors: incomes of consumers, financial circumstances of regions and subjects of business, material resources. It is possible to allocate organisation and development major factors klasternoj models of the mortgage which are:

- Availability in the given territory of set of the enterprises, vzaimoyodejstvujushchih within the limits of a uniform building complex, ispolyozujushchih competitive advantages of region and focused on dinayomichno a developing market segment of the real estate;

- The qualified labour and well developed infrastructure promoting development of a building complex: industrial zones, is innovative-industrial complexes, agencies on development subkonyotraktnyh relations and partnership;

- Availability of the developed financial infrastructure of support bizyonesa and institute of the mortgage, monetary and credit service of the population;

- Professional associations which interact with bankovyoskoj system and business structures, institutes of a capital market and, in particular, grant the companies possibility to meet and obmeniyovatsja experience;

- The state ground fund of building of the housing accommodation, including as the affiliated organisations regional branches, for realisation of a uniform state housing policy and effect on market condition of housing accommodation through the ground areas under housing accommodation building;

- Availability of atmosphere of trust and the creativity, developing as sledyostvie availability of mutual advantages which the enterprises possessed in the same territory use.

As the proof of realisation of relations of cooperation (aljansovogo type of relations) in structure klasternoj mortgage models the fact sohrayonenija independence of managing subjects acts. Klastery are based on the partial, partially mediated interaction. Bizyones-structures entering into it the moment of arrangement or special rigid imushchestyovennye connects not relations as it is present in kartelnyh forms or holdinyogovyh formations, and process of reproduction joint sinergicheskogo aljansovogo competitive advantage on the basis of complementarity of factors. Therefore as the base, a basic condition formirovayonija klasternoj mortgage forms the system of the developed interfirm relations and adequate developed institutsionalnaja a region or city component acts. Thereupon it is necessary to notice, that conducted in Russia and BeloYOrussii reforms including on change of organizational-legal forms of the enterprises, in itself cannot supply automatic pereyohod to creation such klasterov [32, with. 63].

What itself represents klasternaja mortgage model? From our point of view, it is a network of independent business structures, the scientific organisations, services, including state, organizujushchih interaction of a science and production, consulting, credit and financial institutions, and also the consumers connected in a uniform industrial chain, osuyoshchestvljajushchih the activity in the housing accommodation market. Klasternaja the model foryomirovanija mortgages is presented on fig. 3.2.

The system of long-term hypothecary housing crediting should become the basic link of modern system off-budget finansirovayonija housing construction. We will consider basic elements given sisyotemy and their functions.

Fig. 3.2. Klasternaja model of formation of the mortgage

In offered system of hypothecary housing crediting the investment house, ground fund of building of housing accommodation and a development fund of hypothecary crediting should take the central place.

Investment houses are understood as the specialised fiyonansovo-credit institutions which are carrying out according to zakonoyodatelstvom operations on issue and service of real estates at the expense of financial resources which are involved by means of accumulation of citizens, and also at the expense of internal funds.

The basic functions of an investment house the following: attraction of clients, definition of the plan of accumulation and the agreement conclusion, calculation of interests under the deposit on the memory contribution under the rate of 3 %, charge of awards on a savings deposit under condition of fulfilment of the plan of accumulation from 10 to 40 % a year, issue of credits in volume of 50 % of cost of apartment under 7 % a year, realisation of mortgage bonds to a development fund hypothecary kreyoditovanija, reception by results of a year from the state of awards on depoziyotam at fulfilment by investors of the plan of accumulation, work with ground fund, examination of hypothecary projects, registration of real estates, there, where are not required accumulation of savings under condition of payment by the client, - 30 % and bank - 70 %, support of credits, and under condition of a default on interest under the credit or a non-return of the credit the client - realisation imushcheyostva or housing accommodation according to the legislation and purchase on credit volume obliyogatsy.

In an investment house the department hypothecary krediyotovanija which structure can be following can be created:

- Deposit sector;

- Savings bank;

- Credit sector;

- Sector of securities.

Strojsberezhenija are used for escalating of system of hypothecary crediting. A necessary condition for overcoming of obstacles and usyopeshnogo mortgage formation is active state support. If the person can remove the contribution together with the award there is a motivation to place investments in strojsberezhenija. There is no necessity to consider infljayotsiju as the state compensates all losses.

The bank accumulates resources under 3 % and has possibility to issue kreyodity below the refunding rate under 5-7 % provided that the housing accommodation is not necessary to the client, the award has the right to accumulate these strojsberezhenija under the rate of 3 % + and at any moment can remove the contribution + the award.

Expenses for introduction and support, it would seem inefficient instiyotutov, pay off much, promote gradual sovershenstvovayoniju cultures and to acceptance of real laws of system strojsberezheny, isyopolzujutsja for escalating of system of hypothecary crediting.

The development fund of hypothecary crediting will be organised by the state by formation of the authorised capital with the purposes of the analysis of a state of affairs in zhiyolishchnom crediting, definitions of the size of indemnifications to investors for de - pozity under low interests, and also with the purposes of the repayment at an investment house of a part of mortgages. Originally given fund will use only the state resources including at the expense of proficiency gosbjudyozheta (the appendix 2), however in due course it can involve private inyovestitsii under condition of granting of privileges from the state chastnoyomu to business, for example, privileges under the profit tax and napravyolenie there have arrived the enterprises on formation of means of fund of hypothecary crediting.

Active support of the state through a development fund hypothecary kreyoditovanija is a necessary condition of successful formation of the mortgage. Any country at creation of system of hypothecary crediting has not avoided expenditures on public account on support of the housing finance. At availability proyodumannoj strategy the State expenditure on these purposes is defensible not only with social, but also from the economic point of view. So, for example, in Czechia in the first year members of building-savings co-operative societies of a steel of inhabitants of 2 % (about 200 thousand persons), in Slovakia of 0,9 % (about 50 thousand persons). In 10 years of work of 44,6 % of Czechs and 20 % of Slovaks have been involved in system strojsberezheny. Costs of the state for awards to investors rosyoli, having made in 7 years nearby 1 % of the Czech budget. However savings grew more fast. On the average for 7 years each krone of the award has involved about 11 krones of long-term savings [85].

Why the state should stimulate investors at the expense of awards, instead of by subsidising of an initial contribution and percentage bankovyoskoj rates under credits? According to V.M.Polterovicha and O.J.Starkov's accounts, the sum of awards on strojsberezhenija in the housing accommodation price makes not boyolee 7,7 %, that is volume of involved private resources in 12 times more subyosidii, at subsidising of 40 % of cost of apartment is involved in 1,5 times more than private means [85].

Hypothecary agency - financially-credit institution, spetsialiyozirujushcheesja on acquisition of choses in possession on issued hypothecary kreyoditam, attraction of financial resources by means of issue on its own behalf mortgage bonds within the limits of target housing-investment loans and carrying out the activity according to the hypothecary legislation.

Main functions of hypothecary agency in system offered by us the following:

- Acquisition at mortgage banks of choses in possession on the issued real estates answering to established hypothecary standards;

- Attraction of financial resources from various sources, including at the expense of issue on its own behalf mortgage bonds in frameworks tseleyovyh housing-investment loans;

- Settlement and service manufactured on its own behalf ipotechyonyh bonds;

- Regulation of the hypothecary market by updating of the requests presented to acquired real estates in frameworks ustanovlenyonyh by the legislation of hypothecary standards;

- Realisation of a policy of address stimulation of borrowers, oblayodajushchih the right to the state support, by subsidising vyyoplat on real estates and initial contribution payments on priobreyotenie housing accommodation.

In modern conditions only the state is capable to found ipoyotechnoe agency. Creation of hypothecary agency by means of the state poyozvolit to carry out state regulation of the hypothecary market ekoyonomicheskimi methods. In process of development of system of hypothecary housing crediting in republic the agency can create further the regional divisions. And after a while, as well as in the USA, in the market of hypothecary crediting can function a little operatoyorov. The organizational and legal form of hypothecary operators and other legal aspects of their activity should be defined with allowance for vypolnjaeyomyh them of functions, prospective sources of financing of the capital and to provide in the special hypothecary legislation. Sources formiyorovanija means of hypothecary association are presented on fig. 3.3.

Rice 3.3. Sources of means of the hypothecary agency, directed on refunding of mortgage banks

Activity of hypothecary agency should be focused on acquisition of choses in possession to hypothecary obligations of citizens, nuzhyodajushchihsja in improvement of living conditions and having the right to reception of the state help in the form of the soft loan or the grant in sootvetyostvii with the current legislation. For separate citizens from this category of borrowers the agency has the right to reduce (lgotirovat) interest rate size on a real estate or to reset to (subsidise) a part of a capital amount of a debt. As financing sources ukayozannyh actions for stimulation of the citizens requiring in gosudaryostvennoj to support, it is necessary to use a part of means republican and the local budgets provided on subsidising and preferential krediyotovanie of housing construction.

Ground fund of building of housing accommodation. As practice of building of housing accommodation shows, to 50 % of its cost makes ground area cost under building [96, with. 33]. According to the Ministry of architecture and building of Republic of Byelorussia, in Minsk in 2005 on auctions for the conclusion of the right of lease eight ground areas were exhibited, in reyozultate has been concluded two lease arrangements of the ground area under stroiyotelstvo housing accommodation. A principal cause of absence of interest potential inyovestorov to objects is the heavy price of the ground areas [88, with. 169].

Thereupon the question is natural: what should become model otnosheyony the landed properties that it was possible to supply high efyofektivnost uses of the ground areas for housing accommodation building in settlements? For the answer to this question it is reversible to assumptions and conditions of theorem Kouza.

According to this theorem the model of system of relations sobstvenyonosti on ground resources should correspond to following conditions:

- The rights to the ground areas should be specified;

- tranzaktsionnye costs should be minimum;

- There should be freedom of a turn-over of the property rights.

Thus, the most attractive to land users is the right of a private property or the right of lease of the ground area. The right of a private property to the ground area allows the proprietor to alienate the ground areas, to hand over them as a deposit, on hire basis according to the legislation. At ground area reception in long-term lease the leaser gets the driver's licence similar to the rights of a private property on the earth. On the basis of the lease arrangement the land user receives doyopolnitelnye possibilities under the order the ground area. TranYOzaktsionnye costs of leasers of the ground area in that case sniyozhajutsja also come nearer to tranzaktsionnym to costs of proprietors zeyomelnyh plots.

In comparison with the property right the right of lease ground uchastyoka has more uncontrolled liberty of a turn-over. On hire basis the ground area of any designated purpose, including for vozvedeyonija objects of the real estate can be transmitted, to any legal body. In quality negayotivnyh the moments it is necessary to note absence of necessary normative statements on regulation of sale and transfer to sublease of the rights of lease zeyomelnyh plots, entering of the right of lease of the ground area in ustavnyj fund of managing company.

Hence, most the effective utilisation ground resuryosov is reached by transfer of the ground areas on hire basis. If to address to practice of rent relations in Belarus it yet has not received dolzhnoyogo distribution. So, in state property of republic there are 99,7 % zeyomelnyh resources, from them in lifelong inherited possession of citizens - 4,8 %, constant use of legal bodies - 87,1 % transmitted in arenyodu to legal bodies - 2,4 %, to citizens - 0,16 %, in time use legal and physical persons - 1,9 % which not granted in possession and use and have been not transferred to the possession - 3,4 %. In private sobstvennoyosti citizens there are 0,3 % of ground resources [88, with. 169].

Now the ground areas under erection of objects nedviyozhimosti are granted legal bodies at auctions on the right zayokljuchenija lease arrangements. The quantity of sales of the rights of lease of the ground areas at auctions in Belarus is shown in tab. 3.5.

Table 3.5

Quantity of auctions on the right of the conclusion of lease arrangements of the ground areas

Indicators Realisation of auctions on the right of the conclusion of lease arrangements of the ground areas
2003 2004 2005
Quantity of auctions 8 14
Quantity of agreements 20 23 51
The area, hectares 1,2389 2,2576 14,9
The sum of the received means, million rbl. 159,8 801,9 4522,6

Source: [88, with. 169].

For price reduction of cost of the ground areas for the mortgage predlayogaetsja to create ground fund of building of housing accommodation It represents soyoboj the original technological hypothecary system created by the state including structures regional, urban both regional zemyoleustroitelnyh and geodetic services, on management, distribution, involving to a turn-over and to the control over realisation of the ground areas under building.

The major function of ground fund of building of housing accommodation is the differentiation of cost of the ground areas with allowance for priorities sotsiyoalnoj orientations of housing projects: social, average or elite level. Thereupon, in our opinion, it would be expedient, along with preservation of auctions on the right of the conclusion of lease arrangements zeyomelnyh plots, to enter into practice the competitive form of granting zeyomelnyh plots alternatively auction, which ispolzovayolas for the conclusion of lease arrangements of the ground areas with low cadastral cost and for building of highly remunerative commercial objects. With that end in view we regard necessary to enter into the Ground code the general criteria of reference of the ground areas intended for stroiyotelstva of housing accommodation, to a category of social, average or elite level. And then subjects of federation could konkretiyozirovat (specify) in a legislative order the given criteria proceeding from regional features. It will allow to lower considerably cost of the ground areas under stroiyotelstvo housing accommodation, to reduce load by the end user.

Offered system of hypothecary housing crediting predstavyoljaet itself the difficult mechanism of mutual relations of various participants ipoyotechnogo the market. Except the indicated functional elements it is possible dobayovit rieltorskie and assurance companies, authorised banks and profesyosionalnyh market participants of hypothecary securities. The given structures have own functional purposes which realisation will create stayobilnost and reliability of functioning of the hypothecary market as a whole.

The basic functions rieltorskoj the companies:

- Real estate realisation on which collection on doyo is paid

To mortgage dialect;

- Selection of housing accommodation for the citizens, wishing to receive a real estate on its acquisition;

- Support of purchase and sale transactions of premises, at opyolate for which extra means in the form of a real estate are used;

- Realisation of a professional independent estimation market and a hypothecation value of the real estate acting as object of the lien on a real estate.

To decrease in specific risks of hypothecary crediting and povyyosheniem reliability of offered system attends insurance kompayonija. It accepts hypothecary risks and sustains the financial losses connected with them. In world practice exists three kinds of hypothecary insurance:

1. Insurance of hypothecary obligations of the borrower on purpose to reduce credit risk of mortgage banks and hypothecary operators. Insurance sluyochaj consists in default of hypothecary obligations by the borrower. At approach similar the hypothecary assurance company resets objazatelyostva the borrower before a mortgage bank (the hypothecary operator) at the expense of internal funds, and then carries out procedure of the circulation of collection on the mortgaged housing accommodation with the purposes of realisation of the proprietary interests which have passed to it as subrogation.

2. The property insurance, burdened with the mortgage, is an insurance of the property risks connected with possible  destruction, loss or poyovrezhdeniem object of the mortgage.

3. Life insurance and work capacity of the borrower is an insurance of the personal risks connected with possible disablement or smeryotju of the borrower before complete settlement of hypothecary obligations.

The first risk is insured by a mortgage bank, the second and the third - the borrower. All three kinds of insurance at real estate reception are obligatory.

Normal functioning of system hypothecary housing kreyoditovanija assumes public state registration nedviyozhimogo property, the rights to it and bargains with it. The relations connected with goyosudarstvennoj by registration, are regulated by the Civil code, KodekYOsom about the earth, the Housing code, and also others legislative aktayomi. According to these the system of the organisations in the field of the state registration into which enter is is standard-acts created: the special representative state body in the field of the state registration, the subordinate to Government RespubYoliki Belarus; republican and the territorial organisations on gosuyodarstvennoj registration of real estate and the rights to it (further - the organisation on the state registration). Its basic functions in system of hypothecary housing crediting are:

- Realisation of the state registration of agreements of the mortgage;

- Realisation of the state registration of occurrence, transition, the termination of the right of the mortgage in the uniform state register nedvizhimoyogo property, the rights to it and bargains with it;

- Maintenance of safety and reliability of documents uniform goyosudarstvennogo the register;

- Granting when due hereunder to interested persons of necessary documents and data from the uniform state register about existing at the moment of issue of the information the rights and restrictions of the rights on concrete object of real estate, including cost obesyopechennogo the mortgage of the obligation or data about an order and its conditions opreyodelenija.

In offered system an investment house independently opredeljayoet, what part of assets in the form of choses in possession to hypothecary obligations of borrowers to keep in the portfolio and what - to transfer the hypothecary operator. Therefore in the hypothecary market there are two kinds of investment tools: the housing mortgage manufactured on its own behalf investitsiyoonnym by bank, and the bond of the hypothecary operator supplied gosudarstvenyonymi with warranties. Distinctions between these kinds of securities are expressed in degree of their reliability and accordingly - in yield level.

Besides, the association should find possibility to involve for housing financing of means from republican and local bjudyozhetov, the state off-budget funds, credits of the National bank, business banks and not bank financially-credit organiyozatsy Republics of Byelorussia, foreign states and banks, mezhdunayorodnyh the financial organisations. In process of development of system and trust increase to it in republic it is necessary to increase a share of resources, privleyokaemyh by means of placing of housing mortgage mortgage banks.

The mechanism of work of offered system is based on financial vozyomozhnostjah the borrower to accumulate during certain time neobhoyodimye means for initial payment realisation for priobretaeyomoe housing accommodation and it is duly to reset the obligations on hypothecary kreyoditu. The substantiation and functioning account klasternoj are given mortgage model in the appendix 3. The borrower at the expense of internal funds accumulates on the memory target account in an investment house money resources in size not smaller, than it is defined by a loan capital indicator (koyoeffitsientom the hypothecary indebtedness), established hypothecary zakoyonodatelstvom. After the investment house will carry out the careful analysis of the various information connected with the borrower, and will define zalogoyovuju real estate cost, the decision on allocation to it ipoyotechnogo the credit and return of means of the memory contribution on housing accommodation acquisition is made. The borrower at the expense of internal funds pays insurance preyomiju under the concluded insurance treaties, accepts costs on registration and the notarial certificate of agreements with hypothecary banyokom on the state registration of the agreement of the mortgage and arisen ograniyocheny (obremenenija) interests in land.

For refunding of the activity an investment house poyoluchaet the income of placing on a secondary market of housing mortgages or from payment of choses in possession acquired by association on hypothecary kreyoditu (its indivisible part). The association involves means of investors at the expense of sale of the mortgage bonds manufactured from her name. In the first and in the second cases as maintenance of hypothecary securities act dolgoyosrochnye assets in the form of choses in possession on the issued real estates. At the expense of payments by borrowers of money resources in the form of the general monthly payments on return of a capital amount of the credit and percent on it inveyostitsionnyj the bank pays incomes on manufactured housing zakladyonym, resets their cost, and also transfers a part of these means assoyotsiatsii under the transferred credits minus agency voznagrazhdeyonija for their service. The association, in turn, pays the income under the bonds manufactured on its own behalf, and resets their cost. As hypothecary securities are not reset before the termination of their term dejstyovija, for increase of their liquidity in system possibilities of realisation of operations with them on a secondary market of securities including authorised banks and professional market participants of hypothecary securities are provided.

At the expense of the means received from borrowers in the interest payment on ipoyotechnym to credits, exceeding percent on manufactured hypothecary tsenyonym to papers, the income hypothecary financially-credit uchrezhyodeny is formed and the costs connected with their current activity and vyyoplatoj of cash bonuses of a hypothecary assurance company under the agreement strayohovanija of hypothecary obligations of the borrower are defrayed.

If there were circumstances for the collection circulation on object of the mortgage, distribution of financial streams at realisation of the mortgaged housing accommodation is made including the borrower, an investment house, hypothecary insurance and rieltorskoj the companies. As the bases for obyorashchenija collections coincide with insured accident, the mortgage bank or the association possessing choses in possession on a real estate, in kacheyostve insurance indemnity can receive from hypothecary insurance kompayonii all sum of the obligation not executed by the borrower. After that ipoyotechnaja the assurance company by the right of subrogation imposes in judicial porjadyoke collection on the mortgaged housing accommodation and exhibits it on the auctions. InvestitsionYOnyj the bank or association on occasion can independently nalayogat in a judicial order collection on object of the mortgage and exhibit it on the auctions, not receiving insurance indemnity from a hypothecary assurance company. As the organizer of the auctions the company acts hypothecary rieltorskaja. At the expense of the means obtained from realisation of mortgaged housing accommodation, kompensiyorujutsja a legal cost, a cover sum or the sum not isyopolnennogo the borrower of the obligation, pays compensation orgayonizatoru the auctions. The demand balance from housing accommodation realisation is transmitted to the borrower - to the former proprietor of housing accommodation.

Obligatory condition of successful functioning of offered system of hypothecary housing crediting is creation of all vysheyoukazannyh specialised institutes. Absence of one of them can lead to instability of all system. It is necessary to mean, that functions of its separate elements at the initial stage can accept sushchestyovujushchie the similar structures which are meeting the requirements special ipoyotechnogo of the legislation and standards of hypothecary crediting.

At the heart of offered model of advanced system vneyobjudzhetnogo housing construction financings the organisation of process of housing investment lays dvuhelementyonaja. If in process fiyonansirovanija housing accommodation buildings the offer of new housing accommodation in the market, in the course of financing of acquisition of the constructed housing accommodation - demand for it is formed.

The construction firm in the course of housing accommodation building on sale for payment of the executed civil work, rendered services and others inyovestitsionnyh costs, involves extra means in a kind zhilishchnoyostroitelnogo the credit for size of missing internal funds. KreYOdit it is issued by parts a business bank for payment of complete stages of work. After object input in operation a management company prodayoet the constructed premises to final buyers. At the expense of money resources in payment of acquired housing accommodation come back a debt capital amount under the building credit and the percent added for polzovayonie by it, and also the construction firm income is formed. For edinovreyomennoj payments for acquired premises the buyer uses the means received from an investment house in the form of return nakopiyotelnogo of the contribution and a real estate granted it on the security priyoobretaemogo of housing accommodation.

Thus, housing construction financing will be osuyoshchestvljatsja only from off-budget sources with draught on funds of the building credit which comes back for an income account from sale of the constructed housing accommodation, that is means accumulate in system of hypothecary housing crediting.

The operative information is necessary for the correct organisation of hypothecary housing crediting and development of corresponding decisions on effective realisation gosudaryostvennoj politicians of development of the mortgage, allowing to make of the decision anticipating, preventive harakyotera, to introduce updatings to "hypothecary" strategy. Such possibilities monitoring of the market of the real estate and an institute condition ipoyoteki (supplies fig. 3.4).

Monitoring of a condition of institute of the mortgage represents sisyotemu constant, continuous supervision and the scientific analysis funktsioyonirovanija various structures participating in hypothecary housing crediting and elements with the purposes of a regular estimation of a condition of the market of the real estate, including the housing accommodation market, and working out of offers for choice the most expedient administrative decisions in sphere housing -

go buildings and maintenance of citizens of the country with housing accommodation, and also on preyoduprezhdeniju social conflicts

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The REAL ESTATE MARKET. eynki the earth and housing accommodation the Information on a condition and characteristics of the markets of housing accommodation and the earth

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Rice 3.4. The Block diagramme of system of monitoring of estimations of the real estate

Indicators of monitoring of a condition of the mortgage can be as absoljutyonymi, and relative: financial soundness structural eleyomentov mortgage institute, liquidity and the indicators characterising efyofektivnost of activity of banks and the financial organisations, participating in hypothecary process, a parity extra and internal funds of the parties participating in the mortgage, price development on housing accommodation, a condition payment bayolansov the building organisations and house economy, dynamics of incomes of the population, a level of development of inflationary processes, system preferenyotsy the states to participants of the mortgage etc.

The great value in system of hypothecary monitoring has klasteriyozatsija sets of data which allows to unite elements of this set in klastery. Thus association of those or other data in groups should occur so that the "closest" objects of this or that set have got to one group. As a result the multistage algorithm is received, having applied which it is possible to check up on each step vsevozmozhyonye steams of objects on "affinity" under the certain rule and the closest objects to unite in klaster as uniform object.

Practical significance klasterizatsii is great enough. For example, it is possible to solve a problem of division of regions with its help, municipal obrayozovany this or that country on various groups on level sotsialnoyoekonomicheskogo developments that is especially important for introduction and mortgage development. For this purpose it is necessary to allocate some indicators sotsialnoyoekonomicheskogo developments of this or that formation, for example population real earnings, a price level on housing accommodation, a condition building komplekyosa and volumes of building of housing accommodation and to divide these indicators into a population of regional formations. Result of the given procedure will be that to each object there will correspond a point in the corresponding space which co-ordinates are significance of the given indicator. Having applied further corresponding algorithm klasterizatsii, it is possible to receive division of set of regional formations into a quantity of groups of the "close" objects which number is defined by ours trebovayonijami to affinity of united objects.

During formation and a substantiation klasternoj models of the mortgage we have faced that at the problem decision klasterizatsii classical methods when are considered as this set multidimensional space, and as initial objects - points of its multidimensional space, for sets with difficult internal structure far are not always received practically significant decisions. There was it vsledyostvie that at use of classical methods klasterizatsii internal interrelations and structure of data in klasterah (nayoprimer, dynamics of incomes of the population, the price for housing accommodation, a condition of a housing complex, a banking system condition, development hypothecary infrastrukyotury, level of expenses of the budget for support of participants of the mortgage etc.) are not considered. Therefore it was expedient to develop a new technique klasterizatsii which should be carried to a regressionno-classical method.

The essence of this method consists that association of two klasterov in one is carried out not only by results of comparison of narrowness of communication between those or other data, but also by results of comparison of models klasterov where the model is understood as the formal description of interrelation between its elements.

Formally a problem of the regresionno-classical analysis it is possible predstayovit in the form of algorithm:

1. It is defined X! = {h, 1, h, 2..., h "}, і = 1..., m - set of points p - measured space which is necessary for dividing on klastery.

2. The model klastera in ‘ 5 ’ unequivocally parametrizovanyonyh by parametre ‘ I ’ the equations is formulated:

//, (% *, h „, = 0..., ss = l, h (x ', x2., hl; = (а1х12х2 +... + ajah"+а"+1

3. The minimum volume klastera - Vmm, that is a minimum quantity of the objects entering in klaster from which it is made identiyofikatsija model (1) parametres / (2) is set:

(3)

Condition Gtp> —

It is not meaningful, as in this case there will be sushcheyostvovat only one klaster for which identification moyodeli is conducted.

4. The metrics for set of models is defined. As the model klastera is formed by system parametrizovannyh the equations as it, naturally, it is necessary to define distance between significances parametyorov. Thus, the metrics on set of models klasterov will be vygljayodet as follows:

/? Sshch (), ts; / (6)) = || я-4 (4)

Where TS / (), tsja (6) - two models klasterov.

In particular, for distance Evklida

R (And / (), R „(U) = ^ (and, ') 2.

5. The greatest significance of the metrics to which models are considered by algorithm is defined. For example,

r < 8(8 = 0,5). (5)

What sequence of functioning of algorithm regressiyo

Onno-classical method klasterizatsii? At the initial stages of algorithm association of objects occurs according to any variant of a classical method klasterizatsii, for example to narrowness of communication between danyonymi until there will be at least two klastera with volumes more or equal Egap. Further the algorithm structure varies.

For klasterov volume Fmin in advance vyyobrannyh models the estimation of parametres is made for each klastera and comparisons of these models. If tesyonota communication between them does not exceed the size defined by the greatest significance of the metrics klastery unite in one. If it not proisyohodit comparison and association klasterov is made according to a classical method.

At occurrence more than two klasterov with volumes big or equal Itp significance r for given pairs klasterov and vybiyoraetsja pair with the least significance of the river If r< 8, то данная пара объеди­няется в один кластер, если р > 8 association klasterov occurs on a classical method is calculated< 8, то данная пара объеди­няется в один кластер, если р >.

(In the form of one step of a cycle regressionnoyoklassicheskogo algorithm) it is possible to present schematically given algorithm in the form of the block diagramme (fig. 3.5).

Rice 3 5 Block diagramme of algorithm of a regressionno-classical method klasterizatsii

As a result the method which unites in itself the classical approach and klasterizatsiju on the basis of models klasterov is formed. As a result primeyonenija the given technique it is possible to receive division into the groups, having for supervision over processes of hypothecary crediting bolshee practical significance, than at application of classical methods.

The offered model of off-budget financing of housing construction is complex and includes two independent podsisteyomy: advanced system of the organisation of building of housing accommodation and sisyotemu hypothecary housing crediting. A functional purpose of the first - the organisation of building of housing accommodation with use of extra means in the form of the building credit and formation predlozheyonija ready housing accommodation in the market. The second subsystem is intended for formiyorovanija effective demand on ready housing accommodation at the expense of creation vygodyonyh conditions of granting to citizens of long-term real estates.

The interconnected work of all elements of advanced system of off-budget financing of housing construction will supply transyoformatsiju financial housing investments in real, will allow sbalanyosirovat economic interests of buyers and sellers of housing accommodation, zaemshchiyokov and creditors, builders and investors, to make process of housing investment for all mutually advantageous, will promote obespecheyoniju citizens in short times worthy living conditions with maksiyomalnym use of off-budget sources of financing.

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A source: Bontsevich Denis Nikolaevich. Mortgage as the most important institution of the real estate market in countries in transition. Thesis for the degree of candidate of economic sciences. Moscow 2007. 2007

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