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In the European countries, as Finland, Sweden, Belgium, Holland there are both private and state mortgage banks. So in Finland the private banks grant mortgage credits. Real estate serves as collateral – land and constructions, both production and non-production. The banks mobilize more than 70% of means by issuing of mortgage bonds. In Sweden four mortgage banks function which are under state control. They are engaged in crediting of housing construction, agriculture, shipbuilding, and also trade. In Belgium the special credit organizations realize operations of granting long-term loans, which form so-called state credit section. This section consists of Central department of mortgage crediting, which loans are guaranteed by the state. In Holland the mortgage credits are granted by agricultural credit institutions, organized on cooperative basis. They are unified by the Central cooperative peasant bank (Rabobank).

There are mortgage banks in some developing countries (Argentina, Mexico, Nigeria and others).

Now we will consider some distinctive features of organization of mortgage crediting in developed countries. The experience of these countries in this sphere to some extent can be used in the conditions of Russia.

For the countries of Romanic German right (The whole Western Europe, except Denmark) the similar regime of mortgage is typical: notary certified act, land-survey or land book, publications of mortgage ant other essential formalities.

The registration of mortgage is realized by state officials ( in the countries with land book – by the judge). He registers all acts of law of estate on transactions with real estate (sale, purchase, servitude , privileges and others) and also forms real and personal card-index. With his help it is possible to receive real picture of mortgage and privileges with respect to real estate. All these factors permit creditor to be convinced of the fact that:

the mortgage property really exists in acts (with help of land-survey or land book);

the property is not mortgaged (with help of card-index of registration or judge).

Without above-mentioned services it is impossible to create good functioned safe mortgage system. Otherwise great difficulties may appear for organizations which grant loans.

If the creditors do not have strict idea of mortgaged property, they can suffer losses because of the reason that such property did not exist. Moreover because of the fault in records, which should be kept in strict chronological order, the creditor can lose his preferential right, which will be transferred to other creditors./8/

In other countries the conception of mortgage is more flexible and less formalized , especially in the countries of English Saxon right with regime “Equity & Common Law”. Particularly there is no necessity in naturally certified act, and mortgage can bear general character, that is the object of mortgage is not emphasized or the publication is absent. Two above-mentioned systems are used in Denmark.

Why in the case of availability of rich own experience before revolution and possibility of using of the experience of developed countries the mortgage in our country did not occupy adequate place?

The claims on this question can be made to all participants of the market – borrowers, creditors and the state. And even first of all to the state, because till now the favourable legal base was not created, by no means the creation of the secondary market is stimulated. The latter is very important. Many economists think , that this is secondary market which will become kernel round which the whole structure will begin develop. Four level similar system (and rather effective) already exists in the USA, in which federal agency of mortgage crediting is introduced as a additional element in chain between links “the state” and “mortgage bank” – it is to some extent the agent of federal government. And there are several such agents in the USA – Federal National Association, Federal Homebuilding Loan Mortgage Corporation, Federal Land banks, created for crediting under mortgage of farming lands and , which act in accordance with the principles of above mentioned associations, and others. All these organizations represent original areas on which the present segment of the securities market functions. Receiving the guarantee from the government these associations buy the pledges from private financial institutions. In their turn the monetary means come to associations from the sale of own securities. The profit received from the trade of these securities is invested to great extent to the homebuilding and in this manner the retrospective link is effected. /6/

Thus the importance of existing of such associations is determined by those functions, which they realize: development of standards of mortgage crediting, assistance in support of liquidity of banks through refinancing of some types of credits, issuing of own securities for attraction of new investments in the sphere of homebuilding. It is necessary to note that this section of the market of debentures is the largest in the world in accordance with the volume of attracted capital.

The examination of the world experience of mortgage credit organization shows, that this market has considerable potential. It is important that it help to resolve one of the most sharp social question – providing the population with dwelling.

3.2. The problems. The first steps of organization of mortgage crediting In Russia.

Mortgage crediting – to great extent new for our country type of banking services, and there are serious obstacles, which impede its development. The main obstacles are insufficient normative legal examination of the question, complication of attraction of long-term resources for mortgage, estimation of different types of risks and payment solvency of borrower. All these problems impede considerably development of mortgage in Russia. However nobody doubts that it will be used in all parts in the future.

The organization of the system of long-term homebuilding mortgage crediting in Russia becomes complicated because of some circumstances. The high and unstable rates of inflation determine potentially important risk of interest rates in the case of long-term crediting. The risk of homebuilding crediting, connected with the possibility of using of home property as a collateral, increases also because of insufficient legal examination of the question of possibility for the bank of making claim on mortgaged property of the client in the case of nonpayment of the credit by the borrower. The genuine experience of mortgage operations does not exist, and 1500 commercial banks, which function now, form bad controlled and not very reliable system.

However, in spite of all problems, some process in development home crediting is reached for all that. The interest of the banks to these operations can be explained, first, by existing already now of real solvent demand on long-term home loans and , second, by foresight in the future of the large market for mortgage credits, and understanding of the fact, that now it is possible to occupy good position for receipt in the future of the share on this market.

The creation full legislative normative base will provide the passage to the civilized forms of mortgage crediting, to the mass development of mortgage. As we already noted the result of large and difficult work was adoption by the State Duma of the law of Russian Federation “On mortgage”. From the point of view of association of mortgage banks the adopted law on the whole is in conformity with the purposes and the tasks of development on the legislative basis of civilized mortgage of home crediting. However this law is ideal, it can be tested by the practice, by life.

The difficult position was formed in the practice of mortgage crediting in the agricultural section. The situation is there so that many farmers have accounts in the local banks, but all the accounts are empty. In particular, in accordance with the information of the Institution of business development, after decrease of interests rates on deposits the confidence of the farmers to the banks reduced in catastrophic manner.

The peasants now prefer to act by methods related to natural economy. And also the banks do not invest willingly money into agricultural section. First, agriculture – it is object of crediting, connected with the high risk because of its dependence on factors which cannot be forecast. Second, the existing legislation limits the right to consider as collateral agricultural property, that is land. Absence of legislation of land finally influences not only on the sphere of mortgage crediting, but on many other factors of the market. However, if to speak about private property on land, it is hardly possible that after adoption of this law today to-morrow we will get high-developed market of mortgage crediting in agriculture. It is necessary to recall the example of Lithuania where in the period of government of Pruskene the land was distributed practically free of charge, however the peasants did not want to take it. It is possible that the reasons here are deeper, and even not legal or economic, but psychological . You know, before 1917 the secondary market of mortgage developed in Russia rather successively, however compulsory interruption of seventy years odd not only cancelled mechanism of its activity, but led to psychological negative attitude of people to possibility of undertaking any responsibility. It is absolutely that the above-mentioned has large meaning in the idea of organization of mortgage crediting, but it is more important in this relation realization of already adopted and confirmation of acts and decrees on home questions not adopted yet, because mortgage home crediting occupies leading positions in this section.

At the same time the laws, adopted by the State Duma “On mortgage”, “On state registration of rights for the real estate and transactions on them”, do not signify the large spreading in the regions of the country of civilized principles of mortgage crediting, because the financial credit institutions, the banks cannot independently resolve questions of assurance of liquidity in the case of long-term crediting.

This problem shall be solved with help of the institution of secondary market of mortgage credits, it is necessary to create special body, which issues securities, guaranteed by the government. The Association of mortgage banks from the first days of its organization works for organization of Federal Agency on home mortgage crediting, in which the role of the state from the point of view of participation and support is high especially on this stage of the beginning of civilized mortgage. It is expedient to consider the mortgage system organized by the government of Moscow.

3.2.1. The chart of mortgage crediting on the pattern of Moscow mortgage program.

Taking into consideration the large concentration of banks, realty firms and other organizations on the real estate market in Moscow and the experience of financing of transactions with it, the local market of mortgages is organized in the city which will take part in the future in the federal market in the case of its organization.

The basis and the point of the beginning of realization of this idea can be the Decree of the city Government N365 from the 25th of April 1995 “On principles of mortgage crediting in Moscow”.

As we already noted, in the developed countries the organization and the regulation of mortgage market as a rule are effected by some state or private organization which acts on behalf or by order of the state, as for instance “Fenni May” in the USA. In Moscow the similar city organization is formed for realization of these functions under control of the Commission on securities – Moscow Mortgage Agency (MMA). /Appendix 1/

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