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the hypothecary capital and conditions of its functioning in the real estate market

The hypothecary market represents system of relations, voznikajuyoshchih in the course of sale (by issue of credits) and purchases (through mehayonizmy equity market) the hypothecary capital. The hypothecary capital is deyonezhnye the means represented on credit on the security of the real estate, and tsenyonye the papers supplied with the real estate, addressing on a secondary market.

As the basic indicators of the hypothecary market it is possible to allocate rates on real estates and interest rates under hypothecary securities.

Demand in the hypothecary market consumers - families, or as it is accepted to name them in the economic literature, form house economy. IsYOtochnikom settlements by house economy of credits are poluchaeyomye members of a family incomes. Motivation of consumers for an enter into a market is the aspiration to raise quality of the living conditions.

Differently, a certain spending unit (for example, housekeeping), having certain reliance of the future incomes, predpochiyotaet a high level of current consumption to the future. It is osnovyonym incentive motive from consumers for the introduction into mutual relations with creditors in the hypothecary market.

There are other factors influencing a level of demand in the market neyodvizhimosti:

1) conditions of reception of a long credit which include proyotsentnye rates and crediting periods, the maximum and minimum amount of credit, quantity of the necessary documents represented to bank, etc.;

2) expectations of the population concerning price level change in the real estate market (in what dependence of this market from ekonomicheyoskih factors is shown);

3) expectations of consumers concerning changes of level of the buyodushchih incomes (in this case it is necessary to note level influence poluyochaemogo formation);

4) housing grants (whether there are they or are absent and if they are not present the probability of their occurrence);

5) at possible acquisition of housing accommodation quite often there is a question on level of costs of possession, that is whether the costs connected with further use of the given floor space, in particular it blagoyoustrojstvom, a payment for utilities will be great, and at real estate purchase in kept away for example from a work place, area - the costs connected with transport (if the personal car is used are costs on benyozin if public transport - time expended on journey, and stoiyomost journey);

6) raznoobraznost a choice in the market at future acquisition zhiyolja - on quality and a site.

Besides, it is necessary to take into consideration influence most struktuyory demand and, in particular, its components: age structure of families and

Intensity of formation of families; the size of a family; the prices of substitutes (here them can be either other housing accommodation, or other goods for which the person could spend the given amount of money) which, in turn, influence a choice of this or that type of housing accommodation.

Demand for a lending capital depends not only on age structure of families and expected by them throughout an income life, but also from interest rate changes under which the loan can be taken. If this rate payodaet the sum of payments from the expected income on account of settlement zadolzhennoyosti decreases. It is meant, that with other things being equal by that part buyodushchego consumption which is sacrificed with the purposes of increase tekuyoshchego consumption, decreases, and consequently, people will be inclined uveyolichit the current extra charge to the indebtedness.

Increase of interest rates, on the contrary, leads to that families limit financing of the current consumption from extra means.

Special influence renders also distribution of real earnings of families. According to law Engelja, at decrease in level of incomes people spend their big part for articles of prime necessity, and at favorable ekoyonomicheskoj situations is possible bolshee redistribution of incomes on poyokupku the expensive goods, in particular the real estate.

The offer in the hypothecary market is created by credit institutes, the share of each of which in the market of hypothecary crediting in many respects depends on features of formation of institutes of the mortgage.

The real estate market has a number of specific features which can be an obstacle for fast breaking onto the market of new counterparts. Here it is necessary to consider:

• low liquidity, namely impossibility fast to transform into a cash balance any object of the real estate;

• a high capital intensity (it is necessary to pay attention that the object of the real estate can be acquired or sold only entirely, that is the volume of investments in each separate case is great enough);

• a high level transaktsionnyh costs;

• strong dependence on influence obshcheekonomicheskih, social, administrative factors (for example, from hardness of currency and level inyofljatsii, developments of system of insurance of the risks connected with the mortgage, and so forth);

• complexity of a prediction of risks;

• heterogeneity of the market, that is availability in the market simultaneously and elitnoyogo housing accommodation and housing accommodation very much poor quality or a bad site - "truyoshchob".

These characteristics can be considered credit institutes as an obstacle for administration of loans on financing nedvizhiyomosti. Therefore creditors wish to receive additional securities vozyovrata a debt, differently they simply will not go on this market. And after all the essence of the mortgage also consists in a credit component. Therefore logically obosnoyovano also it is historically confirmed, that as the most reliable lien, the convenient form of a security for the loan on housing accommodation purchase the new inhabited property, the real estate serves. For the borrower strong psychological stimulus for debt return under the mortgage is fear to lose the sobyostvennost or even housing accommodation (a roof over a head). Therefore the mortgage is the high-quality form of maintenance of the obligations, applied in miyorovom crediting.

There is one more important party of influence of system of hypothecary crediting for stability of the banking system, connected with funktsioniyorovaniem a secondary market of the loans supplied with mortgages. This market promotes a mobility of capital in more profitable sphere of economy (diyoversifikatsija the banking capital), and also to difference reduction between interest rates in different geographical areas, that is sposobstyovuet to formation of a uniform price of the capital on the scale of the country [95, with. 188].

The market of the hypothecary capital can be considered from the different parties. In narrow sense it is a basis of consumer crediting - segyomentom the loan market. In wide treatment the market of the hypothecary capital is a part of the financial market where are redistributed extra finansoyovye resources.

As the basic tool in the market of the hypothecary capital act zayokladnye. Mortgage are legal documents which guarantee to creditors reception of payments under the credit and return possibility vlozhenyonyh means owing to realisation of object of the lien if the borrower not vypolyonjaet the obligations under credit agreement [70].

The market of hypothecary capitals is subdivided on primary and vtorichyonyj. In the primary market primary real estates are sold. UchastYOnikami the primary market of mortgages act, on the one hand, kreditoyory which grant a loan capital for acquisition and real estate development, with other - the borrowers purchasing the real estate. Development of the primary market of the hypothecary capital - the factor of the decision housing proyoblemy for many families by means of hypothecary housing crediting.

In the secondary market sale of mortgages on already granted real estates is carried out. Thus, credit uchrezhdeyonie, granted the loan on the security of the real estate, at first manufactures the securities supplied with mortgages, and then sells their other inveyostoram. These securities have various qualitative characteristics, such as availability of credit risk, security degree hypothecary puyolom, etc.

The basic operators on a secondary market are the special organisations, which primary goal - buying up of already issued real estates, their packing in pools on standard qualitative harakteyoristikam and issue on the basis of the generated pools of secondary hypothecary papers. The secondary market supplies to primary creditors possibility to sell the primary mortgage, that at the expense of the received means predosyotavit other credit.

The scheme of interaction of the primary and secondary markets of mortgages priyovedena on fig. 2.2 [50, with. 6]. The given scheme gives submission about the mechanism of passage of the mortgage - the tool of hypothecary crediting - on all chain of the hypothecary market from the primary borrower to the final investor.

Rice 2.2. The general scheme of the organisation of hypothecary crediting

So, process of hypothecary crediting begins with the moment when clients address to mortgage banks behind the credit. These establishments sozyodajut the primary market of the hypothecary capital on which appears zayokladnaja. The creditor can act with the issued mortgages differently, namely - or to save them in own investment portfolio, or to sell their other investors. These reinvestory also will create vtorichyonyj the market of mortgages. Purchasing mortgages, investors thereby obespechiyovajut creditors additional money resources for predostavleyonija new credits.

The emissionno-financial corporation (EFK), being, in the ocheyored, reinvestorom also can save real estates in sobstvenyonom an investment portfolio. An alternative variant of its actions javyoljaetsja formation of packages of mortgages and issue on this basis of the securities supplied with mortgages. As buyers of the indicated securities various financial institutions act: such as commercial banyoki, pension funds, assurance companies. Thus the emitter such tsenyonyh papers guarantees to their holders duly monthly paying interest and the basic part of a debt.

In the subsequent the cycle repeats, when the first financial uchrezhdeyonija grant citizens new credits on the security of the real estate, opiyorajas on the financial resources mobilised on a secondary market.

Thus the stream of resources between creditors peryovichnogo the market which open mortgages, and investors in the market kayopitalov which purchase the securities supplied with mortgages is regulated. Thus investors, purchasing mortgages at creditors of the primary market, vospolyonjajut their resources for granting of new credits; expand dostupyonost funds for opening of mortgages, manufacturing securities, obespechenyonye with an indivisible pool of the mortgage (mortgages) received from creditors. GaYOrantija in duly payment by the security holder of their face-value and rather high percent involves new investors.

Let's consider the general scheme of work of the hypothecary capital.

The primary market (the market of mortgages) - a segment of the general kreditnoyofinansovogo the market, covering activity of mortgage banks and other financial institutions on crediting concrete legal and fiziyocheskih persons on the security of objects of the real estate [42, with. 24].

The basic subjects of the market are the creditor and the borrower. Each of them has the purposes, entering the hypothecary market, and executes opredeyolennye functions. Thus a main objective of the borrower - maximisation of volume of attraction of financial resources for housing accommodation acquisition whenever possible better quality and under condition of comprehensible payments under the credit.

The purpose of credit institute - maximisation of profit and payment diviyodendov to the shareholders (maximisation of yield of active operations). Besides, special significance has restriction of risks and maintenance vozyovratnosti a lending capital.

On relations between ssudozaemshchikom and credit institute, and soyootvetstvenno on type of a loan and the mortgage form the general social status and a property condition of the client, specificity mortgaged neyodvizhimosti, a loan value, the general market situation of a lending capital, its forecast for prospect etc. influence

For credit institute (for example, a mortgage bank) realisation of customer relationships and corresponding filling of a portfolio of mortgages is only one of the parties of maintenance of successful activity in the mortgage market. Other, a mortgage bank aspect of activity replenishment of credit resources which he would be in soyostojanii to offer clients is not less important.

For the decision of this problem the bank, as a rule, sells all or a part from mortgages available in its portfolio to other professional uchastniyokam the hypothecary market. The offer a mortgage bank of the mortgages to other investors is the original bridge from the primary market of mortgages in secondary which activity will be organised on other osyonove.

The secondary market of mortgages is a segment of the general kreditnoyofinansovogo the market where there is a formation of a cumulative credit portfolio of hypothecary system at the expense of transformation of the personified mortgages in the depersonalized profitable papers and their placing among investoyorov [42, with. 26]. Subjects of a secondary market of mortgages are:

1) mortgage banks and other financial institutions, speyotsializirujushchiesja on issue of real estates;

2) the emissionno-financial corporations which are carrying out buying up peryovichnyh of mortgages at banks, issue instead of their various securities supplied with mortgages on the real estate;

3) investors on behalf of business banks, pension funds, strayohovyh the companies, citizens, etc., purchasing at EFK securities for real money. Thus investors aspire to maximise profit, putting means in mortgages.

The basic process of interaction of these subjects, occurring on a secondary market, is presented on fig. 2.3 [50, with. 10].

Rice 2.3. Subjects and tools of a secondary market of mortgages

What motives of an exit on a secondary market of mortgage emissionyono-financial corporations? Acquisition of primary mortgages by them for reyoalnye money becomes clear only with allowance for knowledge of "game rules", statutory for EFK according to which the issue volume razmeyoshchaemyh them of securities of separate types should correspond strictly to total amount available at EFK maintenance on each kind zakladyonyh. In other words, at zero volume of buying up of primary mortgages at EFK will be and according to zero scale of issue of securities of all kinds. On the contrary, any buying up of primary mortgages grants right EFK on doyopolnitelnuju issue.

In itself issue of securities for EFK is not end in itself. The main purpose of issue of new securities consists in qualitative preyoobrazovanii professionally focused and difficult tools - primary mortgages in more simple and clear tools for usual investors whom preference bonds with fiksiroyovannym in percent are.

In the course of replacement of primary mortgages with own securities EFK supplies also the economic interests by preservation behind itself parts of the income received from the borrower in the form of a loan charge and the margin withheld by a mortgage bank, on the one hand, and the income, objavyolennym to reception by investors under securities EFK, - with other.

As we see, now between the borrower and the final investor nahodjatyosja already two professional intermediaries keeping to own advantage a part of the income of hypothecary crediting. However thus total proyotsent the income which is offered to the security holders, supplied with mortgages on the real estate, remains very high and attractive to investors. Normal for reproduction of all system of the mortgage javljayoetsja a situation when the income offered investors under securities, buyodet to exceed average rates of fixed deposits in business banks on 0,5-1 %.

There are some mechanisms, through which mortgage banks can realise the mortgages of issuing corporation. One of them - purchase of mortgages for cash money. This program grants klienyotu possibility fast and favourably to sell new or partially amortiziroyovannye mortgages. Bargains in cash supply high likyovidnost. All payments are made within two-three working days after conclusion of the transaction on purchase of the mortgage and its passing into the ownership of the emissionno-financial company. Big plus is that bystyorota such operation protects clients from instability of the market and gives the chance to them to increase incomes of the mortgage. Other variant which moyogut to use mortgage banks, - an exchange for the securities supplied with mortgages.

Instead of sale of mortgages for cash money mortgage banks can unite them in a pool. In this case the pool represents the certain form of association of mortgages in which rules raspreyodelenija overhead charges and profit which acts at first in the general fund are established, and then is distributed in the proportion established in advance. IpotechYOnyj the bank can exchange a pool of mortgages in emissionno-financial korpoyoratsii for one and more valuable paper supplied with the mortgage. Each group of mortgages which is entered into a pool of mortgages in exchange for valuable buyomagu, supplied with the mortgage, should contain the same mortgages, for example, all pjatnadtsatiletnie mortgages with the fixed percent.

Having exchanged a pool of mortgages on the valuable paper supplied with the mortgage, banks can save it as a part of own portfolio of investments, and also to sell or mortgage to its other investor. The valuable paper, obespeyochennaja the mortgage, is the investment tool, which predyostavljaet percent in a pool of mortgages. Other tool - through strips, speyotsialnye hypothecary securities which allow to separate from osnovyonoj parts of the credit percent from a pool of mortgages and to transform them in nezavisiyomye securities.

Monthly payments by the basic part of the debt, coming from zaemyoshchikov, are transmitted to the investor of the securities supplied with mortgages with certain percent or the rate through passage.

The great value in this market has the obligation. Terms of transaction on a secondary market: the object of sale, the price, time and granting conditions zajyomov - all it is stipulated in the contract which usually is called objazayotelstvom. The obligation is an agreement on a contract basis, on kotoroyomu the emissionno-financial company agrees to purchase mortgages for cash or securities. The agreement defines type of mortgages which are subject to purchase, and also time of sale and the income. In the obligation on mortgages with reguyoliruemym in percent can join and other characteristics of the mortgage, such as the tariff both reestimated margin and the capital on payment. For vypolyonenija obligation conditions it is necessary to transmit the stipulated mortgages before the expiry of the term indicated in the obligation.

Thus, the primary and secondary markets of the hypothecary capital are not isolated, and vzaimopodchinennye and vzaimoobespechivajushchie soyostavljajushchie uniform system of hypothecary crediting. At formation of national system of hypothecary crediting it is necessary to define, how by means of the given mechanism refinansirovat funds for long-term crediting of borrowers on the security of housing accommodation.

2.3.

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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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