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Generalization of foreign experience of a financial provision of housing construction


Problems of maintenance with housing accommodation of the population with average and small incomes, by involving in process of housing construction private and the banking capital are not exclusively only the Russian problem, and take place in many countries of the world.
These problems arose there where there was the adverse social and economic situation more often generated by difficulties in development of economy of such countries, the developed traditions, and also demographic factors. [5]
For example, in Germany, despite a life high level, only 41 % of the population (and in the new earths of 26 %) lives in own houses, (in France this indicator makes 54 %, in Belgium - 65 %, the Great Britain - 67 %, Spain - 78 %, Ireland - 81 %). In the countries of Latin America deficiency of housing accommodation - one of most vital issues generated by demographic splash and financial crisis 1994-95 Crisis of financial institutions and necessity of creation of conditions of long-term solvency have affected the housing policy of the USA in 1932 - 1933
Experience of the majority of the developed countries testifies that there are the financing mechanisms, allowing to supply the complex decision of housing problem, and also to involve investments into housing construction. The contents of these mechanisms, and also specific character of their functioning depends, first of all, on the general development in the country of the credit and financial, insurance and share markets, stability of a rate of national currency, a rate of inflation,

Solvency of the population and other factors defining the general scale and dynamics of development of the markets of housing accommodation.
The variety of all named factors has formed a basis for formation in the world of tens national versions and variants of the organisation of housing financing that complicates generalisation of the accumulated experience and its use in the Russian conditions.
Thus, in some countries various schemes and variants of organisation F of housing financing are realised simultaneously and do not exclude the friend
The friend, being guided by an own niche. Moreover, it is very frequent distinctions in the basic plan are not essential. For this reason, studying and generalising world experience of housing financing, it is important to come to understanding of that models of the organisation of housing financing differ, first of all, with structure and structure of attraction of sources of financing.
In the integrated kind variants of financing of housing construction and purchase of ready housing accommodation are reduced to following three groups: Financing of individual building or purchase of ready housing accommodation by means of various schemes of accumulation, population savings; Short - intermediate term crediting by banks, and also not credit organisations of building and acquisition of the inhabited real estate; System of long-term housing crediting on the security of the real estate (hypothecary crediting) in various variants.
^ In the majority of foreign countries financial provision system
Housing construction it was formed for a long time and now does not remain static. Being a part of the financial market the system of a financial provision of housing construction in each country in the evolutionary development passed some stages.

For revealing of typical tendencies and the general principles of development of national systems of a financial provision of housing construction
Foreign countries, for the purpose of possible use of world experience in the Russian conditions, we will try to allocate some the basic stages of their evolutionary development depending on what financially-credit mechanisms are the most expedient for using with reference to this or that level of development of economy.
It is possible to allocate three following stages of development of systems of a financial provision of housing construction. Self-financing of the housing market Use short-term and an intermediate credit Models of hypothecary crediting.
Self-financing of the housing market. On data, a primary stage in the development of the housing market acquisition and building of the inhabited real estate is carried out at the expense of savings of the population, internal funds of managing subjects, grants and public finance subventions. Actually buyers of the inhabited real estate and the state are compelled to represent itself as unique investors.
Self-financing of the housing market corresponds to an initial stage of formation and market economy development. Socially - economic conditions of such countries are characterised by economic instability, high inflation, backwardness of a capital market, a housing accommodation seller's price.
It is possible to allocate following typical lines, characteristic developments for the first stage of the housing market and housing accommodation financing methods. Falling of rates of housing construction Absence of market mechanisms of housing financing Buyers of housing accommodation act in a role of investors The bank credit is a little used or represents itself a buyer's credit
• the housing accommodation Seller's price does its accessible only for a small solvent category of the population.
Use short-term and an intermediate credit characterises the second stage of development of system of a financial provision of housing construction and housing accommodation acquisition. At the given stage the building financial provision starts to be carried out at the expense of attraction of the bank credit with rather small terms of its granting. The lien a financed vein of the real estate is possible. The housing credit is granted by banks in a combination to population savings, means of the enterprises and a public finance. As a financing source the liquid real estate is used also. Appropriations from a public finance are sharply reduced. Means of the state budget for the purposes of housing construction and housing accommodation acquisition are allocated within the limits of the state social programs.
The second stage of development of systems of a financial provision of housing construction and housing accommodation acquisition corresponds to social and economic conditions of the countries with a transitional economy. These conditions are characterised by economic instability, high inflation, the low solvency of the basic part of the population not enough developed by an infrastructure of the housing market, weak legal base in the field of the building financing, an insufficient level of development of a capital market.
For the second period deficiency of financial resources, and their seller's price is characteristic. The great risk of a non-return of means in this connection the long credit, practically is not applied, and at banks is not present sufficient motivation to participate in process of housing financing. It is possible to note also absence at the state of an effective policy in the field of housing financing.
It is possible to allocate the following typical lines characterising the second stage of development of the housing market and financing methods of housing accommodation. Crediting volumes are in limits of one third of cost of the financed housing real estate. High interest rates and operational incomes; Intermediate term and short-term character of the represented credit; Nebankovsky forms of crediting; Weak standardization of key parametres of crediting; High risks and the lien do not guarantee to the creditor of carrying out of the obligations from the borrower.
Models of hypothecary crediting make the third, the present stage of development of system of a financial provision of housing construction. This stage corresponds to the developed market economy. For the countries applying modern models of the housing mortgage economic stability, the low rate of inflation, the developed infrastructure of the hypothecary market, the generated legal and tax base of hypothecary crediting, ability of the state to protect the property relation, effective enough work of credit system and a capital market, an effective state policy in the field of hypothecary crediting is characteristic.
For the third stage of development separate financing of the inhabited real estate at the expense of a construction credit, internal funds of the enterprises and the population, and also a real estate is characteristic.
It is possible to formulate following typical lines, characteristic for the third stage of development of system of a financial provision of housing construction. Prevalence of long-term character of crediting; The crediting volume reaches 90 % from cost of the financed real estate; The real estate lien becomes a reliable guarantee of return of the credit; Refunding of credits by primary and a secondary market of mortgages; Application of mechanisms of transformation of savings of the population in sources of financing of building and housing accommodation acquisition.
It is necessary to underline, that modern models of systems of a financial provision of housing construction formed for a long time and in the development necessarily there passed the considered stages. So, for example, in Europe all period of formation of modern models of hypothecary crediting has made more than two centuries.
Essentially also that there are no accurate borders of transition from one stage of development of financing of housing accommodation to other. In many countries of the world even enough developed, along with modern models of hypothecary crediting and financing of building and housing accommodation acquisition continue to exist and the traditional forms of financing typical for self-financing and the short-term housing credit.
But, as a result of a competitiveness modern models of hypothecary crediting prevail in overwhelming majority of the countries of the world with the developed market economy. It is the most perspective way of financing of housing construction and acquisition of housing accommodation and on it, first of all, it is necessary to be guided at use of world experience in the Russian practice.
With the purposes of definition of possibilities of use of world experience of creation of an effective system of a financial provision of housing construction and housing accommodation purchase in Russia, it is necessary to define to which stage of its development it is necessary to carry the Russian practice which has developed today. It will allow to recommend the most expedient checked up by world experience for the Russian conditions mechanisms of mobilisation of financial and credit resources.
Earlier it was noticed, that till 2004 in Russia large construction firms mainly used the bank credit, for which share it was necessary 70-80 percent of expenses. Under the economic contents this credit concerns a category of the housing credit. At the same time, now, the Russian construction firms had new possibilities of financing at the expense of placing of bonded loans. The housing mortgage especially fast also develops.
Thus, wide use of the housing credit in Russia formally allows to carry acting system of a financial provision of housing construction to the second stage of its development. Small volumes of crediting, high interest rates and operational costs, absence of long-term crediting, weak standardization of key parametres of crediting, high risks and other typical lines of the second stage of development of such system of financing testify to it also.
Simultaneously with it, mortgage rapid development, financing of housing construction and acquisition of housing accommodation at the expense of placing of bonded loans, and also application of mechanisms of transformation of savings of the population in sources of financing of the housing real estate testify to availability of separate typical lines, characteristic for the third stage of development of system of a financial provision of housing construction.
Hence, it is possible to draw a conclusion that the system which has developed in Russia of a financial provision of housing construction and housing accommodation acquisition, really, is on a joint of the second and third stage of its development.
It means, that adopting the best practices of construction of an effective system of financing it is necessary to start with new economic conditions in the country, to investigate possibilities of use of new financial mechanisms, characteristic already for the third stage of development. First of all it will be models of hypothecary crediting of housing construction and the acquisitions of housing accommodation applied in the USA, the European Union countries and other countries which have saved significant experience in this area.
The national system of housing financing developed in the USA long enough time and in the development has passed all three stages of the perfection.
The modern market of housing real estates of the USA by world estimations the most scale. In this market the diverse financing transactions necessary that the population are made could take money resources on building and housing accommodation acquisition. Granting and service of real estates is accompanied by insurance of the real estate, a title of ownership and credit risks. Issue and placing of the hypothecary securities necessary for refunding of creditors, the investment into real estates, and also other bargains and rieltorskie the services necessary for development of a real estate is besides, carried out.
For the last 30 years this market has passed a way of development from the separate segmented markets to the uniform integrated market. The difficult, branched out market organisation of hypothecary services is defined by its high efficiency which became possible thanks to availability of standardization, specialisation and the flexibility necessary for satisfaction of a market demand for real estates.
The infrastructure of the given market includes a considerable quantity of its participants, the specialised companies, the investment and financial organisations which actively interact between itself.
In a Fig. 2 the organizational market organisation of real estates of the USA is presented.
The market of real estates of the USA
Fig. 2. The market of real estates of the USA
Interaction of participants of the hypothecary market of the USA occurs at two levels. At the first level the organisations so-called «the primary market» real estates on which there is a granting by banks and commercial finance companies of credits to borrowers for housing accommodation acquisition function. As primary creditors in the hypothecary market of the USA the hypothecary companies, ssudno-savings associations, business banks, the credit unions act.
As hypothecary crediting is independent area of crediting and has essential differences from other kinds of bank credits, crediting key parametres — a crediting period, an amount of credit and other are established proceeding from cost of the real estate, incomes
The applicant, a choice of the hypothecary scheme, the privileges put to the borrower and grants, and also the hypothecary standards accepted all over the world.
High degree of standardization of real estates in the USA is caused by rigid requests from investors and the organisation of the "secondary" market of real estates. Application of such standards considerably reduces the risks connected with acquisition and building of the inhabited real estate.
Standards of granting and service of real estates in the USA are not established in a legislative order, they are fulfilled throughout long-term practice of hypothecary crediting and directed on minimisation of the possible risks inherent in this kind of operations. Banks have the right to manufacture credits for any comprehensible to them and for borrowers conditions, but "standard" credits can refinansirovany be as much as possible cheap", without attraction of additional securities, and a collateral security in the form of insurance of credit risks.
The basic requests to granting of "standard" housing real estates in the USA are transferred more low: The parity of an amount of credit to the lien does not exceed 80 % from a market value of a subject of the lien; Lien subject is the housing accommodation acquired on proceeds of credit; The share of payments under the credit, including payments on account of percent, the basic debt, insurance instalments, taxes to mortgaging property and a number of other regular obligatory payments connected with payments for given housing accommodation, in aggregate incomes of the borrower does not exceed 28 %; The share of the general promissory notes of the borrower, including hypothecary and other long-term obligations in aggregate incomes of the borrower, does not exceed 36 %; The acquired housing accommodation is the basic residence of the borrower; The interest rate, as a rule, fixed on all credit period (15-30 years); Payments under the credit settle up, as a rule, under the scheme annuitetnyh payments, including gradual settlement of the sum of the basic debt.
But the second level of a secondary market of real estates of the USA the key role is played by the organisations which main objective consists in refunding of activity of creditors in the primary market. These organisations serve as intermediaries between creditors of the primary market and the investors, wishing to enclose the means in the housing mortgage.
The basic share of these organisations-intermediaries or as them still name, operators of a secondary market, - in call for funds from the market of capitals and granting of these means to creditors for long-term housing hypothecary crediting. One their major working conditions of a secondary market working off of reliable mechanisms and the financial instruments supplying primary creditors by necessary means for crediting is. The system effectiveness consists in extreme profitability of operations of all chain of bargains on which money resources from private investors through operators of a secondary market get to credit institutes of the primary market and further is direct to borrowers-buyers of housing accommodation.
The special role of operators of a secondary market consists that they within the limits of the activity promote increase of reliability and quality of granted credits. In an essential measure it is reached at the expense of working off noted above standard requests according to which there is a crediting process. Credit institutes have the right to select freely and independently the credit policy, however, if they wish to have access to the cheapest resources are compelled to act according to standards and requests to reliability of the credits established by operators of a secondary market.
The basic operators of a secondary market are the organisations created at active sharing of the Government of the USA: Federal
National hypothecary association («Fenii Mej») (Federal National Mortgage Association - Fennie May); Federal corporation of housing hypothecary crediting («Freddi the Poppy») (Federal Home Loan Mortgage Corporation - Freddi May); the State national association of a real estate («Dzhinni Mej») (Government National Mortgage Association - Ginnie Mae). The congress of the United States supervises activity of these organisations through regular reports and hearings by results of work, assertions of charters and partially structure of directors.
These organisations execute function of refunding of primary creditors by next basic methods: By purchase of housing real estates for formation of own portfolios of credits, financing their debt corporate obligations; By granting to investors of warranties under the hypothecary securities manufactured on the basis of association of credits in pools, them sekjuritizatsii in hypothecary securities for sale to investors. Organizers of a secondary market grant guarantees, initiate process sekjuritizatsii (convertings) of pools of real estates in vysokolikvidnye and vysokorejtingovye hypothecary securities.
The investors putting the means in hypothecary securities, investment houses, savings institutions, pension funds, assurance companies, creditors of the primary market and private persons are, as a rule. As a result of means institutsionalnyh and private investors get to sphere of the housing mortgage, on the primary market on which the constant source of liquid means is accessible to primary creditors.
Operators of a secondary market of real estates execute also other important economic functions: they supply a constant capital inflow, especially during the periods of its general shortage; help redistribution of the capital from kapitaloizbytochnyh zones in regions where resources do not suffice; reduce disorder of the interest rate under credits depending on the geographical factor; supply possibility diversifikatsii a portfolio of credits for investors; standardization of the operations made by primary creditors promotes. Shares of various participants of a secondary market of real estates are presented in table 2.
Table 2
Share of the basic participants of a secondary market of real estates in
THE USA
Participants of a secondary market Share (in %)
Dzhini Mej 20,96 %
Freddi the Poppy 27,62 %
Fenii Mej 34,28 %
The private companies 17,14 %

Source: Federal reserve system
In Russia that the market of real estates developed civilised by, and issue of real estates occurred according to the standards standard all over the world, also it is necessary to create a corresponding infrastructure. Thus it is important to define degree of sharing of the state in the organisation of the effective hypothecary market in our country.
The market of the USA is characterised now concerning weak, small degree of interference of the state in process of administration of loans in the primary market. State influence basically
It is carried out by means of acceptance of the necessary legislation, including regarding protection of the rights of consumers. For example, the federal law directly establishes the list and volume of the information which should be presented the consumer-borrower at the moment of realisation of negotiations on the conclusion of the credit agreement. The legislation on the housing mortgage at federal level and partially at level of states acts.
The state role in the hypothecary market not always was such, as today. At creation of a secondary market of real estates in 30th years of the XX-th century the state played essential enough role, affecting on the various markets through specially created state structure - Federal housing administration (FZHA; Federal Housing Administration - FHA) by means of which insurance of credit risks began to be carried out at the hypothecary crediting, issued by the commercial credit organisations. Programs of granting of the state hypothecary insurance are carried out both through insurance of credit risks, and through administration of guarantees under separate credits (the Administration program on affairs of veterans (BA); Veterans Administration - VA).
Within the limits of various government programs the considerable quantity of families has had an opportunity to acquire housing accommodation on credit. It, first of all the young families for the first time purchasing housing accommodation, families with incomes below the average level, military men and a number of other categories which traditionally were not considered by business banks as borrowers. Similar programs have allowed to expand essentially a circle of borrowers and to increase volumes of represented proceeds of credit as give the chance to business banks to credit on market conditions those categories of borrowers which mismatch to the full to standard requests. Granting to these borrowers of national insurance or the warranty allows them to take the credit for the sum from 80 to 95 % from a value of collateral.
In Russia to development of the hypothecary market also can acceptance of various government programs is essential promote. Thereupon, it is necessary to note a special positive role of the federal law «About nakopitelno-hypothecary system of housing maintenance of military men».
The American model of the mortgage has received the name of "the expanded open model».
Its realisation can be supplied only under condition of creation of the expanded infrastructure of the hypothecary market, as a rule, with certain assistance of the state and at least at its partial control over the issue of securities, addressing on a secondary market. The expanded open model is considered stable owing to that the majority of the securities supplying inflow of credit resources in system, have earlier declared yield and maturities. During too time this stability exists only in certain limits. Being the credit resources opened and focused on reception from an open market of the capital from the investors independent of system, the given model also is subject to essential enough influence of the general condition of the financially-credit market. Therefore such models can have wide application only in the countries with very stable economy and market system of managing.
The American model of the mortgage is extended in Canada where the system of a financial provision of housing construction also as well as in the USA has passed in the development three considered before a stage.
The federal government of Canada always paid significant attention to maintenance of citizens with housing accommodation. In 1935 after an adoption of law about the sovereign right to housing accommodation (Dominion Housing Ast) works on creation of federal housing agency have begun. In 1946 the federal government has founded the Central hypothecary and housing corporation (Central Mortgage and Housing Corporation). Its main objectives was development of social programs, the help to a construction sector and creation of system of financing of housing and communal services.
Now the Canadian hypothecary and housing corporation carries out activity on granting of social housing accommodation, development of the primary market of real estates (insurance of real estates) and secondary market development (issue of hypothecary securities). In 2003 KIZHK has insured more than 45 % of the issued credits and has granted warranties for 13,4 bln. dollars
Standard credit conditions the following: the credit with annuitetnymi payments within 25 years and the interest rate which is fixed for the term from 6 months till 5 years. Credits without insurance cover can have LTV not above 75 %, and the credit with insurance cover - to 95 %. The insurance provides 100 % of cover for losses of the creditor in case of a default of the borrower. Cost of insurance of a real estate in KIZHK makes from 0,5 to 3,75 % from a loan value and is defined depending on LTV. Terms of assurance are uniform on all country, and insurance is accessible to all borrowers.
In the market of hypothecary crediting in Canada act more than 200 creditors. The market volume in 2003 has made about 1500 billion Canadian dollars of which 30 % make housing real estates.
Significant interest causes experience of countries of Western Europe on a financial provision of housing construction and housing accommodation acquisition.
The European housing financial systems differ with use of different financing methods. The used method depends basically on type of a real estate and varies in enough wide limits on the separate countries. Most often applied source of financing are the resources involved in the form of various deposits. According to the European hypothecary federation the share of deposits in a financial provision of the issued real estates makes 62 % from a total sum of credits. Other essential sources of the housing mortgage are mortgage bonds of banks (19 %) and housing saving accounts (5 %). Other financial sources make 14 %.
The main tendency of hypothecary crediting in the different West European countries is high degree of integration of this process within the limits of the European market. For the separate countries removal of some restrictions is characteristic, at realisation of hypothecary activity, change of the nature of the financial institutions granting real estates. So, to the Great Britain many building associations have been transformed to banks, in Italy the new law has cancelled a specialisation principle therefore all mortgage banks have been transformed to full service banks it is authorised to them to carry out all kinds of banking operations. Now more important is not what organisation grants a real estate, and what hypothecary products are offered.
Significant influence on hypothecary credit institutes was rendered by measures on regulation of the hypothecary market, carried out by the European union. The national hypothecary markets have appeared opened for a competitiveness within the limits of all European market. A major principle of the control over activity of hypothecary institutes became following: creditors can freely carry out hypothecary activity in any European country, but their activity should be regulated by national control authorities.
Serious influence on change of the market of real estates of the European union has rendered introduction since January, 1st, 2002 of the common currency - euro. It allows eliminirovat exchange risks, to reduce transaktsionnye expenses, to raise a pricing transparency on credits, to reduce an interest risk thanks to economic policy coordination. Except
That, the common currency promotes a market grouping of the bonds nominated in euro which should become stabler in comparison with the former national markets. Thus, there are favorable conditions for development of such long-term tools, as mortgage bonds. National capital markets will be united in the uniform market with general conditions of the circulation of securities. The increase in scales of the hypothecary market in comparison with the separate national markets that creates preconditions for sekjuritizatsii and involving in the mortgage of resources as institutsionalnyh, and private investors becomes a result.
Features of the national legislation, national economic and social policy, historical traditions in different countries of Western Europe lead to differentiation of applied parametres on hypothecary crediting.
In table 3 parametres of real estates on 12 countries of Western Europe are resulted.
Table 3
Key parametres of real estates in the European countries.
The country
Real estate, euro

Term, years

LTV average, %

LTV maximum, %
Denmark
107 OPEN COMPANIES

30

80

80
G ermanija
174 OPEN COMPANIES

25-30

67

100
Greece
35 000

15

43

Spain
67 500

15

75

80
France
80 000

15

67

Ireland
92 000

20

61

95
Italy
62 000

10

50

80
The Netherlands
122 000

30

72

125

Austria

105 000

25-30

54

100

Sweden

136 000

To 30

80

100

The Great Britain

105 000

25

70

100

Norway

108 000


70

80

Source: L

, entr strategic workings out, Moscow, October 2 (

) 03

As follows from resulted in the data table, on the countries of Europe real estate key parametres vary in enough wide limits. The sum of a represented real estate across Italy makes only 62 Open Companies of euro. While in Germany the credit is issued in sizes to 174 Open Companies of euro. Terms of granting of a real estate also considerably disperse in limits from 10 years across Italy, till 30 years across Sweden, Austria, to the Netherlands, Germany and Denmark.
Essential differences in hypothecary housing crediting arise even in the countries with close parametres of real estates. For an example we will consider systems of housing hypothecary crediting in Denmark and G ermanii in more details.
In the market of housing crediting of Denmark the specialised hypothecary credit organisations (80 - 85 % of all credits) dominate. 10 basic mortgage banks function. Their capital is generated at the expense of means of business banks, savings banks and the National bank. They manufacture the mortgage bonds supplied with a pool of credits. It is a basis of formation of resources of mortgage banks. Subjects of hypothecary crediting: The specialised. The hypothecary organisations (dominate in the market of housing credits); Savings banks; Business banks.
Mortgage bonds, the right to simulate which belongs only
To specialised hypothecary creditors, have following characteristics: Address at the Copenhagen stock exchange; the Danish market of mortgage bonds - one of the greatest and liquid in the world; The basic buyers are commercial and savings banks, assurance companies, pension funds. So, 80 % of assets of pension funds are in a kind of the governmental or hypothecary securities. The last years purchase of securities by banks was reduced, and pension funds and assurance companies-has raised, small, but the growing share of hypothecary securities is sold foreign investors. Bonds are supplied by primary real estates; Borrowers in each pool introduce payments to a surplus fund connected with a pool; There are some types of mortgage bonds: annuitetnye bonds (prevailing); serial bonds (constant payments on account of a debt and periodically going down general payments); Terms of bonds - 10, 20, 30 years with the fixed coupon percent.
The hypothecary companies compete to banks and savings banks to expand the possibilities of credit monitoring (as the hypothecary companies do not carry out deposit operations and have less things in common with clients).
Resources of real estates are: Mortgage bonds; Deposits; Interbank credits (including foreign banks).
Credits of the hypothecary organisations grant on the following terms: LTV - 80 %, quarterly or monthly payments.
There are some distinctive features in the conditions of the hypothecary crediting which is carried out by the hypothecary companies both universal commercial and savings banks.
Commercial and savings banks, as a rule, allot credits on 5 — 10 years with the variable rate (revision - depending on cost of resources), the bank margin makes 3 - 4 % in relation to percent on a primary real estate.
The hypothecary companies credit under the fixed interest rate for 20-30 years. Are granted as annuitetnye credits, and credits with equal payments on account of settlement of a capital amount of a debt and calculation of interests on the debt rest. Percent on real estates basis points exceed on 50-60 percent on mortgage bonds. This spread includes two parts: the administrative tax - 30-35 basis points depending on credit volume (considerable credits over 1 million danish krones receive privileges: the given tax on 5 basis points more low) and the required instalment to reserves - 15 - 20 basis points depending on LTV. The borrower also introduces preliminary payment of 1 % from an amount of debt for cover of expected losses at defaults of payment and expenses for registration.
The system of housing financing includes in Germany both the deposit market, and capital market (mortgage bonds). Credits are granted both from a variable, and with the constant interest rate. Credits bearing a fixed rate of interest have advantage. It was a basis of development of the market of mortgage bonds.
The basic subjects of the mortgage: The mortgage banks forming credit resources at the expense of mortgage bonds. There are also three banks with mixed capital, functioning simultaneously as commercial and as hypothecary bank. Savings banks Credit co-operative societies - joint funds in the property of members,
Offering retail financial services in the local markets. Strojsberkassy (Baushparkasse).
The hypothecary market in Germany is rigidly regulated. So manufacture mortgage bonds licensed banks can only. The maximum spread at their sale should make 5-10 basis points in relation to public bonds with comparable terms. Key parametres of credit products which supply mortgage bonds are regulated also. Conclude housing savings contracts can only strojsberkassy.
Features of mortgage bonds: They are supplied by the first real estates with low LTV, no more than 60 %; They are manufactured by mortgage banks, instead of the specialised organisations.
Characteristic line of the German housing financing consists that the borrower at housing accommodation acquisition combines various financial instruments from the various credit organisations in a uniform package. So, on the average from cost of housing accommodation it receives 55 % in the form of the first real estate represented hypothecary or a savings bank, 20 % are financed strojsberkassami, 5 % are offered bank as the additional credit with the variable interest rate. Other cost of housing accommodation is financed at the expense of internal funds of the borrower (in particular, accumulated in strojsberkasse).
With the purposes of revealing of advantages and defects of the stated models of a financial provision of housing hypothecary crediting we will carry out the comparative analysis of the considered experience of their application in the USA and countries of Western Europe. In table 4 the following necessary for it indicators is resulted.
Indicators of development of the hypothecary markets of the USA and the Western Europe.
US EU
The indebtedness on housing real estates 3 751 2 700
As a share from gross national product 53 % 36 %
Volumes manufactured MBS (US) and mortgage bonds (EU) 2 041 500
As a share from the indebtedness under credits ' 54 % 19 %
As a share from gross national product 29 % 7 %
Share of house owners 66 % 63 %
Quantity of bargains on housing accommodation acquisition 5,7 million 4,0 million
The population 267 million 375 million
GROSS NATIONAL PRODUCT 7 055 7 470

Source: the Center of strategic workings out.
The basic statistics characterising the hypothecary markets of the USA and Europe show, that the indebtedness volume on housing real estates in the USA essentially exceeds a similar indicator in the countries of Europe. Thus over 54 % of the indebtedness it is financed at the expense of manufactured hypothecary securities. It means, that more than half of all resources for granting of long credits to the population is involved from institutsionalnyh and private investors (insurance, investment and pension funds, corporations and private persons). The Mobility of capital occurs not only from the market of capitals on the market of credits, but also in a geographical cut when the regions requiring long-term credit resources, involve means from regions where they much. Extremely mobile and effective equity market of the USA allows to involve successfully private investments in sphere of the real estate and hypothecary crediting.
Comparing strong and weaknesses of both models of refunding: "European", based in a certain part on call for funds
By means of mortgage bonds, and the "American", characterised asset sale to specialised operators of a secondary market, and also sekjuritizatsii on the basis of MBS, it is necessary to notice them, that all pro's and con's have relative enough character. In many respects distinctions are caused by various legal preconditions, and also traditions and features of development of institutes of crediting.
On the average to 30 % from volumes of credit resources on the European market of long-term real estates it is involved through issue of mortgage bonds. Conditions and legal base of issue and the circulation of mortgage bonds differ depending on the legislation of the concrete country, however it is possible to note one general line: it is a valuable paper which is simulated by creditors and it is supplied with the hypothecary assets which are on balance of the creditor.
Thus, in world practice of economically developed countries the wide experience on a financial provision of housing construction and housing accommodation acquisition is accumulated. Experience of reforming of system of financing in housing sector of economy of the USA, mortgage development in the Western Europe is widely used by those countries in which long-term hypothecary crediting is only even in the course of formation.
Realisation of market transformations in countries of Eastern Europe and the CIS is accompanied by formation of new system of housing financing. In the majority of the countries housing hypothecary crediting is considered as the basic form of a financial provision of citizens at housing accommodation acquisition. Work on creation of housing real estates is conducted: the laws forming conditions are developed
Hypothecary crediting, there are organizational structures of the market of real estates, procedures of granting and service of real estates, schemes of interaction of banks with others are developed

Institutes of the market of real estates, form bases of functioning of a secondary market of real estates, schemes of involving of long-term resources of investors in the mortgage, including by issue of hypothecary securities are developed. Differ degree prorabotannosti and scales of realisation of housing hypothecary crediting in the different countries that is connected with level of economic development, features of bank sector, legal maintenance, F solvency of the population, etc.
In table 5 parametres of real estates on 6 developing countries are resulted.
Table 5
Key parametres of real estates of countries of Eastern Europe,
The CIS and Baltics
The country The maximum
The hypothecary
The credit
Term, years LTV, % LTV
The maximum
,%
The interest rate, %
Czechia 100 OPEN COMPANIES $ To 20 70 80 9
Poland 80 OPEN COMPANIES $ 5-20 40-60 80 10
Slovakia 60 OPEN COMPANIES $ 4-30 60 70 11
Lithuania 60 000$ To 25 70 95 9-10
Kazakhstan 30 000$ 3-10 70 85 13-15
Ukraine 30 000$ To 5 65 70 14-18

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A source: Yakushev Arthur Mihajlovich. DEVELOPMENT of the MECHANISM of FINANCING of HOUSING CONSTRUCTION. The DISSERTATION on competition of a scientific degree of a Cand.Econ.Sci. Moscow -. 2006

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  3. the Chapter III. Perfection of the mechanism of financing of housing construction and modern methods of attraction of financial resources
  4. population Money savings as an investment resource of housing construction
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  6. 3.1 Hypothecary securities, as a method of financing of housing construction
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  12. 2. ECONOMIC MODELLING of FINANCIAL STREAMS BETWEEN the BORROWER And the CREDITOR AT HYPOTHECARY CREDITING of PURCHASE of HOUSING ACCOMMODATION
  13. 3. INFLUENCE of HYPOTHECARY CREDITING of PURCHASE of HOUSING ACCOMMODATION ON FINANCIAL RESOURCES of ENTERPRISES ZHILISHCHNOSTROITELNOGO of the COMPLEX
  14. Dovbysh Olga Vladimirovna Anglijskaja. financial terminology and problems of its translation into Russian (on a material of annual financial reports of the foreign companies) the Dissertation on competition of a scientific degree of a Cand.Phil.Sci. Moscow-2003, 2003
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