Mortgage-backed securities

The central problem of mortgage housing lending is the formation of a long-term resource base. Therefore, the main direction of the development of the mortgage market is the improvement of instruments and institutions of attracting long-term financial resources. Essential sources of financing mortgage housing loans include mortgage securities. In developed countries, it is the expansion of resources involved in the mortgage from the securities market, the decline in their value has reduced the cost of mortgage loans. As a result, mortgage securities have become the main mechanism for attracting funds from the capital market in the housing sector. In world practice, various types of mortgage securities are applied, depending on the characteristics of the legislation, the specifics of the mortgage market, historical experience. Thus, mortgage bonds prevail in European countries, securitization (securityization) of mortgage assets, which implies the transmission in favor of special legal education in favor of special legal education. The study of foreign experience is considerable interest for Russian practice. In Russia, the mortgage securities market is in the formation stage. There is a testing of mechanisms, procedures and regulatory documents, as a result of which conditions should be created for the normal functioning of this market. The emission of mortgage securities has been episodic. The proposed book contains a detailed description of various types of mortgage securities, reveals the features of their emission and circulation. The book disassembles two main types of mortgage securities, the specific features of the German mortgage bonds and American mortgage securities are considered, their comparative characteristics are carried out. Special attention is paid to the activities of the secondary mortgage loan market in the United States, information about their programs, features of functioning are given.
This book is of interest to various participants in the mortgage housing market, for issuers of mortgage securities and investors, for all interested in the development of the mortgage lending market