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Mortgage Securities

If we look at the Western stock markets, the volume of transactions in securities secured by the assets of a significant proportion. Such popularity is due to the fact that, as a rule, mortgage-backed securities have increased reliability. So, may be the subject of investments for pension funds and insurance companies. In this case, a tool such as a mortgage certificate participation is more difficult and more risky, which makes it interesting for other investors. However, there are other reasons, are not conducive to market development.

The law "On Mortgage Securities' is a constraint not securitize loans allow, in which the ratio of loan / mortgage is less than 70%. Thus, to mortgage-backed securities market has developed, you can either raise the bar, or impose a restriction on the level of mortgage pool. We are still not allowed pension funds to invest in structured mortgage-backed securities with rating not below the country. According to market participants, if not to change their investment declaration, the Russian banks and will be structured to place the paper on Western markets. In addition, mortgage-backed securities market in Russia depends on the development of the mortgage market. A mortgage will be developed active, are sure of all economists. At present, the amount of the mortgage market in relation to GDP is 1.3%.

In developing countries the figure is 6%, while in economically developed countries – up to 50% or more. It is worth mentioning that buy mortgage-backed securities may not only organizations, but private investors were able to keep their savings in this way. Mortgage market participants are hoping that by MBS appreciated in the coming years. In conclusion, it should be noted that the mortgage system in our country has not yet been developed: in addition to the absence of the bond market is not regulated by legislation. It is clear that while the system will not be perfected, it will not be beneficial and safe for most people. Thus, if the joint effort will balance all the elements – to create a securities market, streamline legislation, to draw investors – in the near future the population will be able to get a mortgage at a much more attractive and accessible environment. List of references: 1) the Federal Law "On Mortgage Securities securities "of 11.11.2003 N 152-FZ of 2) Stock Market: Textbook / Ed. VA Galanova, AI Basov. – 2nd ed. Rev. and add. – Moscow: Finances and Statistics, 2006. – 448. 3) Equity market: Tutorial / JM Mirkin. – Moscow, 2008. – 187. 4) Portal RUSIPOTEKA, section Analysis / Analysis of ABS Finance / analysis of mortgage portfolios, reviews of placements MBS / absfinance / emiss.

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