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B> 65 2@5<O MB> >7=0G05B 3>@074> 1>;LHCN =03@C7:C =0 M<8B5=B0 :0: A B>G:8 7@5=8O :>=B@>;O 70 A>AB>O=85< >15A?5G5=8O 8?>B5G=K<8 0:B820<8, B0: 8 A B>G:8 7@5=8O C?@02;5=8O ?>ABC?0NI8<8 D8=0=A>2K<8 ?>B>:0<8, 0 B0:65 C?@02;5=8O :@548B=K< @8A:>< 8 @8A:>< 4>A@>G=>3> ?>30H5=8O. !>1;N45=85 >A=>2=KE ?@8=F8?>2 =5<5F:8E 8?>B5G=KE 10=:>2 ?> A>@07<5@=>AB8 8 A>>B25BAB28N ?> A@>:0< 0:B82>2 8 ?0AA82>2 O2;O5BAO 3;02=>9 7040G59 M<8B5=B0, :>B>@K9 1C45B 2K?CA:0BL 8?>B5G=K5 >1;830F88. @>1;5<0 ;8:284=>AB8 M<8B5=B0, A2O70==0O A =5>1E>48<>ABLN ?>445@60=8O G0AB8 0:B82>2 2 2KA>:>;8:284=>9 D>@<5, 0 B0:65 A =5>1E>48<>ABLN 1KAB@> @07<5I0BL ?>ABC?0NI85 >B 705<I8:>2 ?;0B568, 1C45B B@51>20BL >B =53> ?@>2545=8O 3>@074> 1>;55 A;>6=KE <5@>?@8OB89 ?> C?@02;5=8N 45=56=K<8 ?>B>:0<8. =0;87 ?>A;54=8E B5=45=F89 ?>:07K205B, GB> 8 2 2@>?5 ?>;CG0NB 2A5 1>;LH55 @0728B85 @07;8G=K5 D>@< A5:LN@8B870F88 0:B82>2, 2 B> 2@5<O :0: 2 !( @072820NBAO @07;8G=K5 D>@<K 2K?CA:0 >1;830F89. 3 Hardt, Judith, and David Manning. European Mortgage markets: structure, funding and future development. OECD. 2000. June. 4 European Mortgage markets; structure, funding and futurre development OECD. 2000. June. 5 Van Order, Robert. The Structure and Evolution of American Secondary Mortgage Markets, With Some Implication for Developing Markets. The Journal of Housing Research. Vol. XVI. P.16-31. 6 Hardt, Judith, and David Manning. European Mortgage markets: structure, funding and future development. OECD. 2000. 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fandbrief, =0?@8<5@, AB028BAO A?5F80;L=K9 HB0<? 2 ?>75<5;L=>9 :=835 (Kautionsband). -B> A2845B5;LAB2C5B > B><, GB> :@548B, >15A?5G5=85< :>B>@>3> A;C68B 40==0O 8?>B5:0, 2:;NG5= 2 A>AB02 >15A?5G5=8O 8?>B5G=KE F5==KE 1C<03; 22>48BAO A?5F80;L=K9 =57028A8<K9 :>=B@>;L; 2>?@>AK 10=:@>BAB20 ?@8 2K?CA:5 8?>B5G=KE >1;830F89 @53C;8@CNBAO 0:>=>< >1 8?>B5G=>9 10=:>2A:>9 45OB5;L=>AB88, ?@54CA<0B@820NBAO 8A:;NG5=8O 87 >1I8E ?>;>65=89 70:>=>40B5;LAB20 > 10=:@>BAB25; 22>48BAO 01A>;NB=>5 ?@58<CI5AB25==>5 ?@02> 45@60B5;59 8?>B5G=KE >1;830F89 =0 >15A?5G5=85, 02B><0B8G5A:>5 8A:;NG5=85 >15A?5G5=8O 87 :>=:C@A=>9 <0AAK 2 A;CG05 10=:@>BAB20 M<8B5=B0 (A>2@5<5==K5 B5=45=F88: A>E@0=5=85 ?C;0 >15A?5G5=8O 8 ?@>4>;65=85 >1A;C6820=8O >1;830F89 4065 ?>A;5 10=:@>BAB20 8?>B5G=>3> 10=:0), 2>7<>6=>ABL 70<5=K C?@02;ONI53> >15A?5G5=85< 8/8;8 >1A;C6820NI53> 10=:0, =5@0A?@>AB@0=5=85 B@51>20=89 B@5BL8E ;8F =0 871KB>G=K5 0:B82K >15A?5G820NI53> ?C;0. ! ?@02>2>9 B>G:8 7@5=8O =5<5F:85 8?>B5G=K5 >1;830F88 MB> >15A?5G5==K5 >1;830F88, C4>AB>25@ONI85 A;54CNI85 ?@020 8E 2;045;LF52: ?@02> =0 ?>;CG5=85 >B M<8B5=B0 8E =><8=0;L=>9 AB>8<>AB8 2 ?@54CA<>B@5==K5 8< A@>:8; ?@02> =0 ?>;CG5=85 >B M<8B5=B0 CAB0=>2;5==KE ?@>F5=B>2 >B =><8=0;L=>9 AB>8<>AB8; ?@02> =0 ?>;CG5=85 C4>2;5B2>@5=8O 2 A;CG05 =58A?>;=5=8O M<8B5=B>< ?@8=OBKE =0 A51O >1O70B5;LAB2 87 AB>8<>AB8 8<CI5AB20, 2:;NG5==>3> 2 A>AB02 >15A?5G5=8O 8?>B5G=KE >1;830F89, ?@58<CI5AB25==> ?5@54 4@C38<8 :@548B>@0<8 M<8B5=B0. 15A?5G5=85< 8?>B5G=KE >1;830F89 <>3CB 2KABC?0BL: ?C; 8?>B5G=KE :@548B>2 (45=56=K5 B@51>20=8O ?> >15A?5G5==K< 8?>B5:>9 >1O70B5;LAB20< 87 :@548B=KE 4>3>2>@>2); 45=56=K5 A@54AB20, F5==K5 1C<038 8 8=K5 D8=0=A>2K5 8=AB@C<5=BK 2 A>>B25BAB288 A B@51>20=8O<8 70:>=>40B5;LAB20, => 2 =51>;LH><, >3@0=8G5==>< 70:>=>< 8;8 ?@0:B8:>9 45;>2>3> >1>@>B0 >1J5<5. <5AB5 A B5< =5<5F:85 >1;830F88 >1;040NB 4>AB0B>G=> ?@>AB>9 AB@C:BC@>9 D8=0=A>2KE ?>B>:>2. @0D8: 45=56=KE ?>B>:>2 ?> Pfandbrief ?@82545= =0 @8A. 2.2. 1@0B8< 2=8<0=85 =0 B>, GB> MB> >1;830F88 B@048F8>==>3> "H0@>2>3> B8?0", A 2K?;0B>9 >A=>2=>3> 4>;30 2 :>=F5 ?;0B56=>3> ?5@8>40. 8A. 2.2  HYPERLINK "http://ipoteka.cosa.ru/wexp/pict_22.png" \o "#25;8G8BL 87>1@065=85 4;O ?@>A<>B@0 2 =>2>< >:=5" \t "_blank"  INCLUDEPICTURE "http://ipoteka.cosa.ru/wexp/pict_22.png" \* MERGEFORMATINET  0 @8A. 2.3 ?@82545=0 AE5<0 2K?CA:0 0<5@8:0=A:8E A:2>7=KE 8?>B5G=KE F5==KE 1C<03, 2K?CA:05<KE A?5F80;878@>20==K< 035=BAB2>< 2B>@8G=>3> @K=:0 (agency pass-through securities). 8A. 2.3  HYPERLINK "http://ipoteka.cosa.ru/wexp/pict_23.png" \o "#25;8G8BL 87>1@065=85 4;O ?@>A<>B@0 2 =>2>< >:=5" \t "_blank"  INCLUDEPICTURE "http://ipoteka.cosa.ru/wexp/pict_23.png" \* MERGEFORMATINET  >A;54>20B5;L=>ABL 459AB289 2 >1I5< A;CG05 ?@8 MB>< B0:>20: 0=: 8;8 8?>B5G=0O :><?0=8O 2K405B 8?>B5G=K5 :@548BK. 0=: ?@>405B :@548BK 035=BAB2C 2B>@8G=>3> @K=:0. 35=BAB2> ?@>405B :@548BK A?5F80;878@>20==><C B@0ABC (special purpose vehicle SPV) 157 >1O70B5;LAB20 >1@0B=>3> 2K:C?0, C?@02;5=85 :@548B0<8 ?5@5405BAO ?>?5G8B5;N B@0AB0. !?5F80;878@>20==K9 B@0AB ?@>405B 8=25AB>@0< F5==K5 1C<038 (A5@B8D8:0BK CG0AB8O (pass-through securities). >:C?0B5;8, >?;0B82 F5==K5 1C<038, ?>;CG0NB ?;0B568 2 AG5B >A=>2=>3> 4>;30 8 ?@>F5=B>2 70 AG5B 45=56=KE ?>B>:>2 ?> :@548B0<. #?@02;5=85 >ACI5AB2;O5B ?>?5G8B5;L B@0AB0 (trustee). !?5F80;878@>20==K9 B@0AB, E>BO 8 O2;O5BAO "1C<06=>9 >@30=870F859", >4=0:> D>@<0;L=> ?>4;568B ?@>F54C@5 10=:@>BAB20.  MB>9 A2O78 ?@54?@8=8<0NBAO A?5F80;L=K5 <5@K 4;O B>3>, GB>1K 871560BL <0;>25@>OB=>9, => 2A5 65 D>@<0;L=> 2>7<>6=>9 ?@>F54C@K 10=:@>BAB20. ;03>40@O <5E0=87<0< @5D8=0=A8@>20=8O 8=AB8BCBK 2B>@8G=>3> @K=:0 >1J548=ONB ?5@28G=K5 8?>B5G=K5 @K=:8 :@548B>20=8O A @K=:0<8 4>;3>A@>G=>3> :0?8B0-;0, 2KABC?0O 2 @>;8 ?>A@54=8:09. !:2>7=K<8 8?>B5G=K<8 F5==K<8 1C<030<8 (mortgage-backed pass-through securities) ?@87=0NBAO 8?>B5G=K5 F5==K5 1C<038, 2;045;LFK :>B>@KE O2;ONBAO >4=>2@5<5==>: CG0AB=8:0<8 >1I59 A>1AB25==>AB8 =0 8<CI5AB2>, A>AB02;ONI55 ?C; >1;830F89 2K?CA:0 8?>B5G=KE A5@B8D8:0B>2 CG0AB8O; CG@548B5;O<8 B@0AB0 4;O C?@02;5=8O 8<CI5AB2><, A>AB02;ONI8< ?C; 2K?CA:0 8?>B5G=KE A5@B8D8:0B>2 CG0AB8O; 2K3>4>?@8>1@5B0B5;O<8 ?> B@0ABC.  A>AB02 ?C;0 8?>B5G=KE A5@B8D8:0B>2 CG0AB8O 2E>4OB >4=>@>4=K5 (AB0=40@B=K5) 8?>B5G=K5 :@548BK (45=56=K5 B@51>20=8O ?> >15A?5G5==K< 8?>B5:>9 >1O70B5;LAB20< 87 :@548B=KE 4>3>2>@>2). ! D8=0=A>2>9 B>G:8 7@5=8O A5@B8D8:0BK CG0AB8O 8<5NB 25AL<0 =5?@>ABCN 8 70@0=55 =5 >?@545;5==CN AB@C:BC@C 87-70 2>7<>6=>AB8 4>A@>G=>3> ?>30H5=8O G0AB8 8;8 2A53> :@548B0, =0E>4OI53>AO 2 ?C;5, GB> "B@0=A;8@C5BAO" 2 2K?;0BK ?> A5@B8D8:0B0< CG0AB8O. @8<5@ 45=56=KE ?>B>:>2 ?@82545= =0 @8AC=:5 2.4. 8A. 2.4  HYPERLINK "http://ipoteka.cosa.ru/wexp/pict_24.png" \o "#25;8G8BL 87>1@065=85 4;O ?@>A<>B@0 2 =>2>< >:=5" \t "_blank"  INCLUDEPICTURE "http://ipoteka.cosa.ru/wexp/pict_24.png" \* MERGEFORMATINET  7 Diamond, Douglas B., and Michael J. Lea. Housing Finance in Developed Countries. An International Comparison of Efficiency. Journal of Housing Research. 1992. Vol. 3. Special Issue. 8 Mortgage banks and the Mortgage bond in Europe // Hypothekenverband bei der EG. Baden-Baden: Nomos Verl. Ges.- Losebl. Ausg. 1993. 9 >?59:8= ., 5=:8=0 . <5@8:0=A:0O <>45;L 8?>B5G=>3> :@548B>20=8O // K=>: F5==KE 1C<03. 1999. ! 8. 2.2. 5<5F:85 8?>B5G=K5 >1;830F88. 1@0B8<AO : 1>;55 45B0;L=><C @0AA<>B@5=8N =5<5F:8E 8?>B5G=KE >1;830F89 Pfandbrief. 5<5F:85 8?>B5G=K5 >1;830F88 8<5NB B@048F8>==CN AB@C:BC@C D8=0=A>2KE ?>B>:>2. $8:A8@>20==0O AC<<0 >A=>2=>3> 4>;30 2K?;0G8205BAO ?> >:>=G0=88 A@>:0 >1O70B5;LAB20 M<8B5=B0, D8:A8@>20==K5 ?@>F5=BK 2K?;0G820NBAO 2 A@>:8, >?@545;5==K5 CA;>28O<8 2K?CA:0 (>48= 8;8 420 @070 2 3>4)10. 5<5F:85 8?>B5G=K5 >1;830F88 <>3CB 2K?CA:0BLAO B>;L:> A?5F80;878@>20==K<8 8=AB8BCB0<8 8?>B5G=K<8 10=:0<8. "B;8G8B5;L=>9 >A>15==>ABLN =5<5F:8E 8?>B5G=KE 10=:>2 O2;O5BAO 8E ?@828;538O ?> 2K?CA:C 4>;3>2KE 70:;04=KE >1O70B5;LAB2. A5 >AB0;L=K5 :@548B=K5 8=AB8BCBK =5 8<5NB ?@020 C?>B@51;OBL 4;O >1>7=0G5=8O A2>8E F5==KE 1C<03 A;>2> "Pfandbrief" (@CAA:89 B5@<8= 8?>B5G=K5 >1;830F88)11. " ">, GB> @5D8=0=A8@>20=85 >ACI5AB2;O5BAO G5@57 ?@>406C 8?>B5G=KE >1;830F89, 3>2>@8B > B><, GB> 8?>B5G=K5 10=:8 >3@0=8G5=K 2 2K1>@5 A?>A>1>2 @5D8=0=A8@>20=8O, B.5. ?@82;5G5=8O 45=56=>3> :0?8B0;0, >4=>2@5<5==> MB8< >3@0=8G8205BAO :@C3 45;>2KE ?0@B=5@>2, 4;O :>B>@KE B0:0O D>@<0 2;>65=8O :0?8B0;0 ?@85<;5<0"12. ?>B5G=K9 10=: 8<55B ?@02> >ACI5AB28BL M<8AA8N Pfandbrief B>;L:> 2 A;CG05, 5A;8 >= C65 ?@8>1@5; :@548BK, A?>A>1=K5 A;C68BL 2 :0G5AB25 8E ?>:@KB8O. > =5402=53> 2@5<5=8 <8=8<0;L=0O >1I0O AB>8<>ABL 2K?CA:05<KE Pfandbrief A>AB02;O;0 10 <;= <0@>:. -<8AA8O <>65B >ACI5AB2;OBLAO: 2 4>:C<5=B0@=>9 D>@<5, 2 2845 >B?5G0B0==>9 B8?>3@0DA:8< A?>A>1>< Pfandbrief; 2 2845 A5@B8D8:0B0 =0 M<8AA8N Pfandbrief 2 :@C?=KE 2K?CA:0E, :>B>@K5 @07<5I0NBAO 70B5< 2 10=:5-45?>78B0@88, MB> B0: =07K205<K5 "3;>10;L=K5 A2845B5;LAB20", 0 4;O 8=25AB>@>2 1C<038 ?@54>AB02;ONBAO 2 M;5:B@>==>9 D>@<5. @8 2K?CA:5 2 1C<06=>9 D>@<5 Pfandbrief ?5G0B0NBAO A?5F80;878@>20==K<8 B8?>3@0D8O<8 F5==KE 1C<03 A 8A?>;L7>20=85< >A>1>3> A?>A>10 ?5G0B8 =0 70I8I5==>9 >B ?>445;>: 1C<035. 0 2K?>;=5=85< B@51>20=89 : :0G5AB2C ?5G0B8 A;54OB 18@6520O A;C610 4>?CA:0 8 M:A?5@BK =5<5F:>3> $545@0;L=>3> 10=:0. #A;>28O 2K?CA:013 Pfandbrief 4>;6=K A>45@60BL 8=D>@<0F8N > ?@02>2KE >B=>H5=8OE <564C 8?>B5G=K< 10=:>< 8 8=25AB>@>< CA;>28O M<8AA88. 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B<5B8<, GB> 2K?CAB8BL Pfandbrief =0 >A=>20=88 >4=>3> ?C;0 8?>B5G=KE :@548B>2 <>6=> B>;L:> 2 A;CG05 D>@<8@>20=8O 871KB>G=>3> >15A?5G5=8O, GB> >1JOA=O5BAO =865A;54CNI8< >1@07><. 0 @8A. 2.5 ?>:070=>, :0: 87<5=ONBAO AC<<0 >A=>2=>3> 4>;30 ?> ?C;C 8?>B5G=KE 0==C8B5B=KE :@548B>2 A D8:A8@>20==>9 ?@>F5=B=>9 AB02:>9 8 >1O70B5;LAB20 ?> Pfandbrief A B@048F8>==>9 H0@>2>9 AB@C:BC@>9. 8A. 2.5  HYPERLINK "http://ipoteka.cosa.ru/wexp/pict_25.png" \o "#25;8G8BL 87>1@065=85 4;O ?@>A<>B@0 2 =>2>< >:=5" \t "_blank"  INCLUDEPICTURE "http://ipoteka.cosa.ru/wexp/pict_25.png" \* MERGEFORMATINET  0;0=A>20O AB>8<>ABL >15A?5G5=8O C<5=LH05BAO 2 A2O78 A B5<, GB> ?> 0==C8B5B=>9 AE5<5 ?>AB>O==> ?@>872>48BAO 2K?;0B0 >A=>2=>3> 4>;30. >MB><C =5>1E>48<> ?>AB>O==> 4>?>;=OBL >15A?5G5=85 =>2K<8 8?>B5G=K<8 :@548B0<8. 4=0:> @0=> 8;8 ?>74=> =04> 2K?;0G820BL AC<<C >A=>2=>3> 4>;30, 8 4;O MB>3> =5>1E>48<> 8<5BL M:2820;5=B=CN AC<<C 2 ;8:284=KE 8=AB@C<5=B0E. @54?>;030O, GB> >4=>2@5<5==> 8?>B5G=K9 10=: =5A5B >1O70B5;LAB20 ?> <5=LH59 <5@5 ?> 5 2K?CA:0<, 4;O @5H5=8O >1>7=0G5==>9 7040G8 4>AB0B>G=> 8<5BL 2 ;8:284=KE 8=AB@C<5=B0E 20% >1J5<0 ?>:@KB8O, GB> 8 4>?CA:05BAO 35@<0=A:8< 70:>=>40B5;LAB2>< >1 8?>B5G=KE 10=:0E. "AB>G=8:8" =0456=>AB8 Pfandbrief: @8=F8? >15A?5G5=8O: AC<<0 =0E>4OI8EAO 2 >1>@>B5 8?>B5G=KE >1;830F89 4>;6=0 1KBL <5=LH5 8;8 @02=0 AC<<5 8?>B5G=KE :@548B>2 2 ?>:@KB88. #G5B 2A5E 8?>B5G=KE :@548B>2 >15A?5G5=8O Pfandbrief 2 8?>B5G=>< @538AB@5. B25BAB25==>ABL 10=:0 >15A?5G5=85< 8 2A5< A>AB>O=85< 10=:0. @58<CI5AB25==>5 ?@02> 45@60B5;O Pfandbrief ?5@54 2A5<8 >AB0;L=K<8 :@548B>@0<8 2 A;CG05 10=:@>BAB20 10=:0. #AB0=>2;5==0O 70:>=>< ?@>F54C@0 >?@545;5=8O 70;>3>2>9 AB>8<>AB8 A 4>;3>A@>G=>9 AB>8<>AB8 >1J5:B0 8?>B5:8 4;O 8?>B5G=KE 10=:>2. "5< A0<K< 70:>=>40B5;L=0O 1070 ?@54>AB02;O5B 45@60B5;N Pfandbrief H8@>:85 2>7<>6=>AB8 70I8BK ?@02. -B> ?>72>;8;> 8?>B5G=K< >1;830F8O< AB0BL A0<K<8 =0456=K<8 F5==K<8 1C<030<8 2 5@<0=88. 10 Mortgage banks and the Mortgage bond in Europe // Hypothekenverband bei der EG. Baden-Baden: Nomos Verl. Ges.- Losebl. Ausg. 1993. 11 5 35@<0=A:>3> 0:>=0 >1 8?>B5G=KE 10=:0E. 12 !8AB5<0 8?>B5G=>3> :@548B>20=8O 2 5@<0=88. 0@<HB04B: !>N7 =5<5F:8E 8?>B5G=KE 10=:>2, =AB8BCB 68;8I0 8 >:@C60NI59 A@54K, 1997. 13 8 35@<0=A:>3> 0:>=0 >1 8?>B5G=KE 10=:0E. 14 !<.: Mortgage banks and the Mortgage bond in Europe. Nomos Vtrlagsgtsellschaft Baden-Baden, 1996 15 1 8 5 0:>=0 >1 8?>B5G=KE 10=:0E. 16 "0< 65. 17 170F 1 6 0:>=0 >1 8?>B5G=KE 10=:0E 5@<0=88. 3. ?KB @0728B8O A8AB5<K 8?>B5G=>3> 68;8I=>3> :@548B>20=8O 2 !( 8 0=045. 3.1 @0B:0O E0@0:B5@8AB8:0 AB@C:BC@K @K=:0 8?>B5G=KE 68;8I=KE :@548B>2 2 !(. !>2@5<5==K9 @K=>: 68;8I=KE 8?>B5G=KE :@548B>2 =0A5;5=8N 2 !( >48= 87 =081>;55 <>18;L=KE 8 MDD5:B82=KE @K=:>2 D8=0=A>2KE CA;C3. 0 MB>< @K=:5 A>25@H0NBAO @07=>>1@07=K5 A45;:8, =5>1E>48<K5 4;O B>3>, GB>1K ;N48 <>3;8 70=OBL 45=56=K5 A@54AB20 4;O ?@8>1@5B5=8O 68;LO: ?@54>AB02;5=85 8 >1A;C6820=85 8?>B5G=KE :@548B>2, AB@0E>20=85 =542868<>AB8, B8BC;0 A>1AB25==>AB8 8 :@548B=KE @8A:>2 ?@8 8?>B5G=>< :@548B>20=88, 2K?CA: 8 @07<5I5=85 8?>B5G=KE F5==KE 1C<03, =5>1E>48<KE 4;O @5D8=0=A8@>20=8O :@548B>@>2, 8=25AB8F88 2 8?>B5G=K5 :@548BK, 0 B0:65 8=K5 A45;:8 8 CA;C38, =5>1E>48<K5 4;O @0728B8O 8?>B5G=>3> @K=:0. 0 ?>A;54=85 30 ;5B MB>B @K=>: ?@>H5; ?CBL @0728B8O >B @O40 A53<5=B8@>20==KE @K=:>2 4> 548=>3> 8=B53@8@>20==>3> @K=:0. !B@C:BC@0 @K=:0 >?@545;O5BAO 53> 2KA>:>9 MDD5:B82=>ABLN, :>B>@0O AB0;0 2>7<>6=>9 1;03>40@O =0;8G8N AB0=40@B870F88, A?5F80;870F88 8 381:>AB8, =5>1E>48<>9 4;O C4>2;5B2>@5=8O @K=>G=>3> A?@>A0. 0G8=0O A 30-E 3>4>2 %% 25:0 AB@C:BC@0 8 >@30=870F8O @K=:0 8?>B5G=KE 68;8I=KE :@548B>2 2 !( ?>AB>O==> @072820NBAO 8 CA;>6=ONBAO, 2:;NG0O 2A5 1>;LH>5 :>;8G5AB2> CG0AB=8:>2, A?5F80;878@>20==KE :><?0=89 8 8=25AB8F8>==KE 8 D8=0=A>2KE 8=AB8BCB>2, :>B>@K5 0:B82=> 2708<>459AB2CNB =0 42CE C@>2=OE18 (@8A. 3.1). 8A. 3.1. 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A=>2=K<8 >?5@0B>@0<8 2B>@8G=>3> @K=:0 O2;ONBAO >@30=870F88, A>740==K5 ?@8 0:B82=>< CG0AB88 @028B5;LAB20 !(: $545@0;L=0O =0F8>=0;L=0O 8?>B5G=0O 0AA>F80F8O ("$M==8 M9") (Federal National Mortgage Association Fnnie Mae), $545@0;L=0O :>@?>@0F8O 68;8I=>3> 8?>B5G=>3> :@548B>20=8O ("$@5448 0:") (Federal Home Loan Mortgage Corporation Freddie Mac), >AC40@AB25==0O =0F8>=0;L=0O 0AA>F80F8O 8?>B5G=>3> :@548B0 ("68==8 M9") (Government National Mortgage Association Ginnie Mae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http://ipoteka.cosa.ru/wexp/pict_32.png" \o "#25;8G8BL 87>1@065=85 4;O ?@>A<>B@0 2 =>2>< >:=5" \t "_blank"  INCLUDEPICTURE "http://ipoteka.cosa.ru/wexp/pict_32.png" \* MERGEFORMATINET  @><5 >15A?5G5=8O ;8:284=>AB8 ?5@28G=KE :@548B>@>2, >?5@0B>@K 2B>@8G=>3> @K=:0 8?>B5G=KE :@548B>2 2K?>;=ONB 8 4@C385 206=K5 M:>=><8G5A:85 DC=:F88: >=8 >15A?5G820NB ?>AB>O==K9 ?@8B>: :0?8B0;0, >A>15==> 2 ?5@8>4K 53> >1I59 =5E20B:8; ?><>30NB ?5@5@0A?@545;5=8N :0?8B0;0 87 :0?8B0;>871KB>G=KE 7>= 2 @538>=K, 345 @5AC@A>2 =5 E20B05B; A=860NB @071@>A ?@>F5=B=>9 AB02:8 ?> :@548B0< 2 7028A8<>AB8 >B 35>3@0D8G5A:>3> D0:B>@0; >15A?5G820NB 2>7<>6=>ABL 4825@A8D8:0F88 ?>@BD5;O :@548B>2 4;O 8=25AB>@>2; A?>A>1AB2CNB AB0=40@B870F88 >?5@0F89, ?@>872>48<KE ?5@28G=K<8 :@548B>@0<8. >;8 @07;8G=KE CG0AB=8:>2 2B>@8G=>3> @K=:0 8?>B5G=KE :@548B>2 ?@54AB02;5=K 2 B01;8F5 3.1. "01;8F0 3.1. #G0AB=8:8 2B>@8G=>3> @K=:0 8?>B5G=KE :@548B>2 2 !(, 1999 #G0AB=8:8 2B>@8G=>3> @K=:0>;O (2 %)68=8 M920,96%$@5448 0:27,62%$5==8 M934,28%'0AB=K5 :><?0=8817,14%AB>G=8:: $545@0;L=0O @575@2=0O A8AB5<0.  F5;>< @K=>: 8?>B5G=KE :@548B>2 2 !( E0@0:B5@87C5BAO :0: =081>;55 >1J5<=K9, 48=0<8G=K9 8 MDD5:B82=K9 @K=>: 8?>B5G=KE :@548B>2 A 2KA>:>9 4>ABC?=>ABLN 4;O =0A5;5=8O, >B=>A8B5;L=> =87:8<8 ?@>F5=B=K<8 AB02:0<8 ?> :@548B0< 8 25AL<0 =51>;LH8< A?@54>< ?@81K;8 ?> MB8< >?5@0F8O< ?> A@02=5=8N A 4@C38<8 >?5@0F8O<8 :><<5@G5A:8E 10=:>2 8 4@C38E D8=0=A>2KE 8=AB8BCB>2. 18 >45;L 2B>@8G=>3> @K=:0 8?>B5G=KE :@548B>2: ?KB !( .: =AB8BCB M:>=><8:8 3>@>40, 1995 19 Robert Van Order, The structure and Evoluation of American Seconderry Mortgage Markets, with some Implications for Developing Markets// Housing Finance International, 2001 20 Dennis Marshall W. Residential Mortgage Lending. Third Edition // Prentice Hall Career & Technology, Englewood Cliffs. New Jersey, 1999. 3.2. 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Housing Finance International, 2001 22 >;55 ?>4@>1=> >1 8?>B5G=KE F5==KE 1C<030E A<. 3;02C 1.5. 23 Order, Robert Van. The Structure and Evolution of American Secondary Mortgage Market, with Some Implication for Developing Markets. Housing Finance International. 2001. September. 24 "0< 65 25 Order, Robert Van. The Structure and Evolution of American Secondary Mortgage Market, with Some Implication for Developing Markets. Housing Finance International. 2001. 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"0:, 5A;8 :C?>==K9 4>E>4 1C45B 8<5BL AB02:C =0 C@>2=5 6,5%, MB> >7=0G05B, GB> 4;O 705<I8:0 ?@>F5=B=0O AB02:0 A>AB028B 345-B> 7% 3>4>2KE, AB>8<>ABL :@548B=KE A@54AB2 ?;NA AB>8<>ABL >1A;C6820=8O (0,25%) 8 CA;C38 ?> 30@0=B8O< >?5@0B>@>2 2B>@8G=>3> @K=:0 (0,25%). &5==K5 1C<038 ?@8>1@5B0NBAO G0I5 2A53> O2;ONBAO AB@0E>2K<8 :><?0=8O<8, ?5=A8>==K<8 D>=40<8, @07;8G=K<8 45?>78B0@=K<8 8=AB8BCB0<8, 4@C38<8 8=AB8BCF8>=0;L=K<8 8 8=48284C0;L=K<8 8=25AB>@0<8. 26 Order, Robert Van. The Structure and Evolution of American Secondary Mortgage Market, with Some Implication for Developing Markets. Housing Finance International. 2001. September. 3.4. @0B:89 8AB>@8G5A:89 >17>@ @0728B8O 2B>@8G=>3> @K=:0 8?>B5G=KE :@548B>2 2 !(. 0728B85 2B>@8G=>3> @K=:0 2 !( 2> <=>3>< A2O70=> A >A>15==>ABO<8 ?@82;5G5=8O 4>;3>A@>G=KE @5AC@A>2 =0 MB>B @K=>:27. >A;5 B>@>9 <8@>2>9 2>9=K 2:;04G8:8 A15@530B5;L=KE 10=:>2, 0 B0:65 45@60B5;8 ?>;8A>2 =0 AB@0E>20=85 687=8 O2;O;8AL >A=>2=K<8 8AB>G=8:0<8 @5AC@A>2 4;O 8?>B5G=>3> @K=:0. "@048F8>==> A15@530B5;L=K5 (45?>78B=K5) CG@5645=8O 8A?>;L7>20;8 A@54AB20 2:;04G8:>2 4;O ?@54>AB02;5=8O 8?>B5G=KE :@548B>2. 'B>1K AB8<C;8@>20BL ?@8B>: 45=56=KE A@54AB2 >B 2:;04G8:>2 8 CA8;8BL 4>25@85 : D8=0=A>2>9 A8AB5<5 2 F5;><, @028B5;LAB2> !>548=5==KE (B0B>2 CG@548;> AB@0E>20=85 45?>78B>2, 0 B0:65 @07@01>B0;> 70:>=>40B5;LAB2> > 157>?0A=>AB8 8 =0456=>AB8 10=:>2 8 4@C38E D8=0=A>2KE CG@5645=89. 4=0:> 2 A5@548=5 70-E 3>4>2 45?>78B=K5 CG@5645=8O AB0;8 B5@OBL A2>8E 2:;04G8:>2, ?@54?>G8B02H8E 8=25AB8@>20BL 2 8=AB@C<5=BK D>=4>2>3> @K=:0, ?@54>AB02;ONI85 8< 1>;LH89 4>E>4, G5< ?@>F5=B ?> 2:;040<, :>B>@K9 1K; 70:>=>40B5;L=> >3@0=8G5=.  @57C;LB0B5 7=0G8B5;L=>3> A>:@0I5=8O 2:;04>2 2 A15@530B5;L=K5 CG@5645=8O 2 70-5 8 2 =0G0;5 80-E 3>4>2 8=25AB>@K, @01>B0NI85 G5@57 2B>@8G=K9 @K=>: 4>;3>2KE >1O70B5;LAB2 ?CB5< ?>:C?:8 8?>B5G=KE F5==KE 1C<03, AB0;8 1>;55 7=0G8<K< 8AB>G=8:>< A@54AB2 4;O ?@54>AB02;5=8O :@548B>2 ?>4 70;>3 =542868<>AB8. AB>@8O @0728B8O 2B>@8G=>3> @K=:0 8?>B5G=KE :@548B>2 2 !( ?@>A;568205BAO A 1934 3., A <><5=B0 A>740=8O $545@0;L=>9 68;8I=>9 04<8=8AB@0F88. 5>1E>48<>ABL 55 A>740=8O 1K;0 2K720=0 ?>A;54AB28O<8 5;8:>9 45?@5AA88, :>340 @K=:8 8?>B5G=KE :@548B>2 !( E0@0:B5@87>20;8AL =0;8G85< 1>;LH>3> :>;8G5AB20 45D>;B>2 705<I8:>2, >1@0I5=89 27KA:0=8O =0 ?@54<5B 70;>30, :@548B>@K 8A?KBK20;8 >AB@K9 :@878A ;8:284=>AB8. "8?8G=K9 :@548B=K9 8=AB@C<5=B 2 B5 3>4K E0@0:B5@87>20;AO A;54CNI8<8 ?0@0<5B@0<8: A@>: :@548B0 5 ;5B A 2K?;0B>9 >A=>2=>9 AC<<K 4>;30 2 :>=F5 :@548B=>3> ?5@8>40. $ @07@01>B0;> 8 ?@54;>68;> 10=:0< AB0=40@B=K9 8=AB@C<5=B 4;O 4>;3>A@>G=KE, A0<>0<>@B878@C5<KE 8?>B5G=KE :@548B>2 (:@548B>2 A 0==C8B5B=K< ?;0B56><).  >BACBAB285 ;8:284=KE A@54AB2 10=:8 >B:07K20;8AL ?@54>AB02;OBL 4>;3>A@>G=K5 68;8I=K5 :@548BK, 0 >3@><=K5 C1KB:8 ?> =5?>30H5==K< :@548B0< A @>AB>< 157@01>B8FK 2A5 1>;55 2>7@0AB0;8. 'B>1K AB8<C;8@>20BL A?@>A =0 68;L5 8 0:B82=>ABL :@548B>@>2, 2 1938 3. 2 A>>B25BAB288 A 0F8>=0;L=K< 68;8I=K< 70:>=>< (National Housing Act) @028B5;LAB2> !( A>740;> 3>AC40@AB25==CN >@30=870F8N 2B>@8G=>3> @K=:0 8?>B5G=KE :@548B>2 "$M==8 M9". @8 MB>< AB028;0AL F5;L @5D8=0=A8@>20=8O :@548B>2, 70AB@0E>20==KE ?> ?@>3@0<<5 $. ! @0728B85< 2B>@8G=>3> @K=:0 8?>B5G=KE :@548B>2 "$M==8 M9" ?>MB0?=> ?@5>1@07>2K20;0AL >B ?>;=>ABLN 3>AC40@AB25==>9 :><?0=88 : G0AB=>9.  1954 3. G0ABL 0:F89 "$M==8 M9" ?5@5H;0 : ?5@28G=K< :@548B>@0<, :>B>@K5 ?@>4020;8 59 8?>B5G=K5 :@548BK.  1956 3. "$M==8 M9" =0G0;0 ?@>872>48BL 709<K =0 2=CB@5==5< @K=:5 >1;830F89 4;O A2>53> D8=0=A8@>20=8O.  1968 3. "$M==8 M9" AB0;0 :><?0=859 A> AB>?@>F5=B=K< G0AB=K< :0?8B0;><. 5 0:F88 0:B82=> ?@>40NBAO 8 ?>:C?0NBAO =0 LN->@:A:>9 D>=4>2>9 18@65.  1968 3. "$M==8 M9" @0745;8;0AL =0 425 >@30=870F88: =0 :>@?>@0F8N, CG@5645==CN A A>3;0A8O D545@0;L=>3> ?@028B5;LAB20, ?@8=04;560ICN G0AB=K< 2;045;LF0< 0:F89 8 >AB0282HCN 70 A>1>9 =0720=85 "$M==8 M9", 8 =0 "68==8 M9" :>@?>@0F8N, CG@5645==CN 2 @0<:0E 5?0@B0<5=B0 68;LO 8 3>@>4A:>3> @0728B8O. 5@2>=0G0;L=> "$M==8 M9" 8<5;0 ?@02> 2K:C?0BL C 10=:>2 :@548BK, 8<5NI85 AB@0E>2:C ?> :@548B=><C @8A:C >B $ 8 , => C65 2 1970 3. :><?0=8O ?>;CG8;0 ?@02> ?@>872>48BL ?>:C?:C B0: =07K205<KE "AB0=40@B=KE" 8?>B5G=KE :@548B>2, =5 B@51CNI8E A?5F80;L=>9 AB@0E>2:8 ?> 8?>B5G=K< @8A:0<.  1981 3. "$M==8 M9" ?@8ABC?8;0 : @01>B5 A F5==K<8 1C<030<8, >15A?5G5==K<8 8?>B5:>9 (MBS), 8 MB>B @K=>: 2B>@8G=KE 8?>B5G=KE F5==KE 1C<03 AB0; A0<K< 1KAB@>@072820NI8<AO 2 1980-E 3>40E A5:B>@>< A8AB5<K 8?>B5G=>3> D8=0=A8@>20=8O !(.  :0G5AB25 3>AC40@AB25==>9 :><?0=88 "68==8 M9" AB0;0 >B25G0BL 70 @07@01>B:C ?@>3@0<< :@548B>20=8O, B@51CNI8E ?@028B5;LAB25==KE AC1A8489, 0 B0:65 ?@54>AB02;OBL 30@0=B88 ?> F5==K< 1C<030<, >15A?5G5==K< 8?>B5G=K<8 :@548B0<8, 70AB@0E>20==K< $ 8 30@0=B8@>20==K< . &5==K5 1C<038 "68==8 M9", >15A?5G5==K5 30@0=B859 D545@0;L=>3> ?@028B5;LAB20, ?>72>;O;8 8?>B5G=K< 10=:0< ?@>4020BL 7=0G8B5;L=K5 >1J5<K 8?>B5G=KE :@548B>2 =>2K< 8=25AB>@0<, :>B>@K5 =5 8<5;8 2 A2>5< HB0B5 A?5F80;8AB>2 ?> >F5=:5 ?0:5B>2 70:C?05<KE :@548B>2, => ?>;=>ABLN 4>25@O;8 30@0=B8O< ?@028B5;LAB25==KE AB@C:BC@. >@?>@0F8O "$@5448 0:", CG@5645==0O 0:>=>< 1970 3. " G@572KG09=>< 68;8I=>< D8=0=A8@>20=88" (The Emergency Home Finance Act), 1K;0 C?>;=><>G5=0 ?>:C?0BL >1KG=K5 AB0=40@B=K5 :@548BK (B.5. :@548BK, =5 8<5NI85 30@0=B89 D545@0;L=>3> ?@028B5;LAB20), 0 B0:65 :@548BK, 70AB@0E>20==K5 $ 8 30@0=B8@>20==K5 . #65 =0 A;54CNI89 3>4 "$@5448 0:" ?@54AB028;0 A2>N 8?>B5G=CN F5==CN 1C<03C, 2K?CI5==CN =0 1075 ?C;0 AB0=40@B=KE 8?>B5G=KE :@548B>2. -B> 1K;0 1C<030 MBS "A5@B8D8:0B CG0AB8O 2 ?C;5 8?>B5G=KE :@548B>2", :>B>@K9 2 ?5@2K9 65 3>4 1K; @50;87>20= =0 AC<<C 2 67 <;= 4>;;. >43>B>2:0 8 2K?CA: MB>3> A5@B8D8:0B0 1K;8 G0ABLN >1I59 AB@0B5388 "$@5448 0:", AB02OI59 ?5@54 A>1>9 7040GC ?@82;5G5=8O 8=25AB>@>2, :>B>@K5 @0=55 =5 CG0AB2>20;8 2 8=25AB8@>20=88 2 MBC AD5@C. 4=>2@5<5==> :>@?>@0F8O "$@5448 0:" 2K?CAB8;0 AB0=40@BK ?> :20;8D8:0F88 G0AB=KE :><?0=89 ?> AB@0E>20=8N 8?>B5G=KE >1O70B5;LAB2. #AB0=>2;5=85 ?>4>1=KE B@51>20=89 : AB@0E>2K< :><?0=8O< 2 7=0G8B5;L=>9 AB5?5=8 AB8<C;8@>20;> ?@8=OB85 :@548B>@0<8 ?@0:B8:8 G0AB=>3> AB@0E>20=8O 8?>B5G=>9 704>;65==>AB8 4;O :@548B>2 A 2KA>:8< LTV.  8N=5 1983 3. "$@5448 0:" =0G0;0 2K?CA:0BL =>2K9 284 F5==KE 1C<03 (REMICS), >15A?5G5==KE 8?>B5:>9, :>B>@K9 >B;8G0;AO >B ?@54K4CI8E 2K?CA:>2 8?>B5G=KE F5==KE 1C<03 B5<, GB> >=8 ?>72>;O;8 8=25AB>@0< 45;0BL =081>;55 ?@82;5:0B5;L=K9 A?>A>1 8=25AB8@>20=8O, 2K18@0O A@548 :;0AA>2 F5==KE 1C<03 A @07;8G=K<8 ?@>F5=B=K<8 AB02:0<8 8 @07;8G=K<8 A@>:0<8 ?>30H5=8O 1C<038, >15A?5G5==K5 548=K< ?C;>< 8?>B5:. A=>2=>9 F5;LN MB>3> 2K?CA:0 1K;> ?@82;5G5=85 B5E 8=25AB>@>2, :>B>@K5 ?@54?>G8B0NB F5==K5 1C<038 A D8:A8@>20==K< 8 :>@>B:8< A@>:>< ?>30H5=8O, 0, A;54>20B5;L=>, 2>2;5G5=85 2A5 1>;LH53> G8A;0 ?>B5=F80;L=KE 8=25AB>@>2 2 >?5@0F88 A F5==K<8 1C<030<8, >15A?5G5==K<8 8?>B5:>9.  70:;NG5=85 A;54C5B >B<5B8BL, GB> 2;8O=85 3>AC40@AB20 =0 @0728B85 8?>B5G=>3> @K=:0 2 !( 70:;NG0;>AL 2 A;54CNI5<: @02>2>5 8 =>@<0B82=>5 >15A?5G5=85 @0728B8O @K=:0 4>;3>A@>G=>3> 68;8I=>3> 8?>B5G=>3> :@548B>20=8O. !>740=85 A8AB5<K AB@0E>20=8O 8?>B5G=KE :@548B>2 ($545@0;L=0O 68;8I=0O 04<8=8AB@0F8O ($), 4<8=8AB@0F8O ?> 45;0< 25B5@0=>2 (). !>740=85 8 ?>445@6:0 @59B8=30 =0F8>=0;L=KE 035=BAB2->?5@0B>@>2 2B>@8G=>3> @K=:0 ?> ?@8>1@5B5=8N :@548B>2 =0 2B>@8G=>< @K=:5, 70=8<0NI8EAO @5D8=0=A8@>20=85< ?5@28G=KE :@548B>2 8 @07@01>B:>9 8 2=54@5=85< =>2KE :@548B=KE 8=AB@C<5=B>2 8 8?>B5G=KE F5==KE 1C<03. @8=OB85 A?5F80;L=KE ?@>3@0<< 4;O ?@54>AB02;5=8O :@548B>2 705<I8:0<, :>B>@K5 =8:>340 @0=55 =5 >1@0I0;8AL 70 8?>B5G=K<8 :@548B0<8 8 =5 @0AA<0B@820;8AL 10=:0<8 :0: 4>AB0B>G=> =0456=K5 705<I8:8, 8<5O =52KA>:85 4>E>4K. 27 >45;L 2B>@8G=>3> @K=:0 8?>B5G=KE :@548B>2: ?KB !(, A1>@=8: <0B5@80;>2. =AB8BCB M:>=><8:8 3>@>40, 1995 3.5. 0=04A:0O 8?>B5G=0O 8 68;8I=0O :>@?>@0F8O. $545@0;L=>5 ?@028B5;LAB2> 0=04K 2A5340 C45;O;> 7=0G8B5;L=>5 2=8<0=85 >15A?5G5=8N 3@0640= 68;L5<.  1935 3. ?>A;5 ?@8=OB8O 0:>=0 > AC25@5==>< ?@025 =0 68;L5 (Dominion Housing Act). =0G0;8AL @01>BK ?> A>740=8N D545@0;L=>3> 68;8I=>3> 035=BAB20.  1946 3. D545@0;L=>5 ?@028B5;LAB2> CG@548;> &5=B@0;L=CN 8?>B5G=CN 8 68;8I=CN :>@?>@0F8N (Central Mortgage and Housing Corporation), 2 ?>A;54AB288 ?5@58<5=>20==CN 2 0=04A:CN 8?>B5G=CN 8 68;8I=CN :>@?>@0F8N (, Canada Mortgage and Housing Corporation). 5 >A=>2=K<8 F5;O<8 O28;8AL @0728B85 A>F80;L=KE ?@>3@0<<, ?><>IL AB@>8B5;L=><C A5:B>@C 8 A>740=85 A8AB5<K D8=0=A8@>20=8O 68;8I=>3> E>7O9AB20.  50-K5 3>4K M:>=><8:0 8, 2 G0AB=>AB8 AB@>8B5;L=0O >B@0A;L, ?5@56820;0 7=0G8B5;L=K9 ?>4J5<. @8=OBK9 2 1954 3. =>2K9 0:>= > 68;L5 (National Housing Act) @07@5H8; :><<5@G5A:8< 10=:0< 70=8<0BLAO 8?>B5G=K< :@548B>20=85< 8 @0AH8@8; ?>;=><>G8O 45OB5;L=>AB8 , A>7402 >A=>2K AB@0E>20=8O 8?>B5G=KE :@548B>2.  1960-E 2 AB0=40@BK 8?>B5G=>3> :@548B>20=8O 1K;8 2=5A5=K 87<5=5=8O, =0?@02;5==K5 =0 ?>2KH5=8O 4>ABC?=>AB8 68;LO: LTV 1K; CAB0=>2;5= =0 C@>2=5 =5 2KH5 75%; 1K; CAB@0=5= 459AB2>202H89 @0=55 6% ?>B>;>: ?@>F5=B=>9 AB02:8 ?> :@548B0<; 2 1972 3. 1K;> @07@5H5=> CG8BK20BL 4>E>4K AC?@C38(0) ?@8 >?@545;5=88 @07<5@0 :@548B0. -=5@35B8G5A:89 :@878A 1970-E 3>4>2, @>AB 8=D;OF88, 2KA>:85 ?@>F5=B=K5 AB02:8 (4> 19% 3>4>2KE) 8 2KA>:0O AB>8<>ABL 68;LO A=878;8 4>ABC?=>ABL 68;LO 8 8?>B5G=KE :@548B>2 4;O =0A5;5=8O.  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Housing Finance International. Vol. XV. 2000. December. ! 2. P.19. 29 The Economic and Financial Importance of Mortgage Bonds in Europe. Housing Finance International. 2001. Vol. XV June. ! 4. P.25. 30 "0< 65. P.23. 31 "0< 65. P.24. 32 "0< 65. P.26. 33 "0< 65. P.26. 4.2. %0@0:B5@8AB8:0 A>2@5<5==>3> 52@>?59A:>3> @K=:0 8?>B5G=KE :@548B>2.  =0AB>OI55 2@5<O 3;02=>9 B5=45=F859 @0728B8O 8?>B5G=>3> :@548B>20=8O 2 @07=KE 70?04=>52@>?59A:8E AB@0=0E O2;O5BAO 2KA>:0O AB5?5=L 8=B53@0F88 MB>3> ?@>F5AA0 2 @0<:0E 52@>?59A:>3> @K=:0. ;O >B45;L=KE AB@0= E0@0:B5@=> A=OB85 =5:>B>@KE >3@0=8G5=89 ?@8 >ACI5AB2;5=88 8?>B5G=>9 45OB5;L=>AB8, 87<5=5=85 ?@8@>4K D8=0=A>2KE 8=AB8BCB>2, ?@54>AB02;ONI8E 8?>B5G=K5 :@548BK. "0:, 2 5;8:>1@8B0=88 <=>385 AB@>8B5;L=K5 >1I5AB20 1K;8 ?@5>1@07>20=K 2 10=:8, 2 B0;88 =>2K9 70:>= >B<5=8; ?@8=F8? 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"01;8F0 4.5. !C<<0 :@548B0, A@>: 8 LTV 2 52@>?59A:8E AB@0=0E (1999)34 !B@0=0?>B5G=K9 :@548B, 52@>!@>:, ;5BLTV A@54=89, %LTV <0:A8<0;L=K9, %0=8O1070003080805@<0=8O17400025-3067100@5F8O350001543A?0=8O67500157580$@0=F8O800001567@;0=48O92000206195B0;8O62000105080845@;0=4K12200030721252AB@8O10500025-3054100(25F8O1360004>30801005;8:>1@8B0=8O1050002570100>@2538O1080007080 34 The Economic and Financial Importance of Mortgage Bonds in Europe. Housing Finance International. 2001. Vol. XV June. ! 4. P.18. 4.3. %0@0:B5@8AB8:0 A8AB5< 68;8I=>3> 8?>B5G=>3> :@548B>20=8O 2 =5:>B>@KE AB@0=0E 0?04=>9 2@>?K. 0=8O 0 @K=:5 68;8I=>3> :@548B>20=8O 0=88 4><8=8@CNB A?5F80;878@>20==K5 8?>B5G=K5 :@548B=K5 >@30=870F88 (80-85% 2A5E :@548B>2). $C=:F8>=8@CNB 10 >A=>2=KE 8?>B5G=KE 10=:>2. 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