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"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 M9 20,96% $@5448 0: 27,62% $5==8 M9 34,28% '0AB=K5 :><?0=88 17,14% AB>G=8:: $545@0;L=0O @575@2=0O A8AB5<0.  F5;>< @K=>: 8?>B5G=KE :@548B>2 2 !( E0@0:B5@87C5BAO :0: =081>;55 >1J5<=K9, 48=0<8G=K9 8 MDD5:B82=K9 @K=>: 8?>B5G=KE :@548B>2 A 2KA>:>9 4>ABC?=>ABLN 4;O =0A5;5=8O, >B=>A8B5;L=> =87:8<8 ?@>F5=B=K<8 AB02:0<8 ?> :@548B0< 8 25AL<0 =51>;LH8< A?@54>< ?@81K;8 ?> MB8< >?5@0F8O< ?> A@02=5=8N A 4@C38<8 >?5@0F8O<8 :><<5@G5A:8E 10=:>2 8 4@C38E D8=0=A>2KE 8=AB8BCB>2. 18 >45;L 2B>@8G=>3> @K=:0 8?>B5G=KE :@548B>2: ?KB !( .: =AB8BCB M:>=><8:8 3>@>40, 1995 19 Robert Van Order, The structure and Evoluation of American Seconderry Mortgage Markets, with some Implications for Developing Markets// Housing Finance International, 2001 20 Dennis Marshall W. Residential Mortgage Lending. Third Edition // Prentice Hall Career & Technology, Englewood Cliffs. New Jersey, 1999.  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F5;>< >1J5<K 45OB5;L=>AB8 ! <>3CB 1KBL ?@>8;;NAB@8@>20=K A;54CNI8<8 F8D@0<8: : 2000 3. >1I89 >1J5< 8?>B5G=KE :@548B>2 2 ?>@BD5;5 "$M==8 M9" 8 "$@5448 0:" 4>AB83 2095 <;@4 4>;;., >1J5< MBS 1 880 <;@4 4>;;., >1J5< 2K?CI5==KE A>1AB25==KE 4>;3>2KE >1O70B5;LAB2 MB8E :>@?>@0F89 A>AB028; 996 <;@4 4>;;.25 21 Kinsey, Mark A, and H..James Schwing. Regulation of the Secondary Mortgage Market. 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. September.  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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.  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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. 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" 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. 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