Mortgage coverage. Mortgage securities Mortgage participation certificate

32.3. Anal mortgage slavery Banks do not exist to make you rich. Popular wisdom I like to cite mortgage lending as an extreme case of cerebral phimosis. In order to actually take out a mortgage in adequate condition, you need to live outside of Russia. IN

In accordance with Art. 3 clause 2 of the Federal Law “On Mortgage Securities”, claims on obligations secured by a mortgage can be included in the mortgage coverage only if they meet the following conditions:

The principal amount of the debt on the obligation secured by the mortgage under each agreement or mortgage must not exceed seventy percent as determined by an independent appraiser market value(monetary value) real estate, which is the subject of a mortgage;

A mortgage agreement that secures the relevant requirements must not provide for the possibility of replacement or alienation by the mortgagor of the mortgaged real estate that is the subject of the mortgage without the consent of the mortgagee;

Real estate pledged to secure the performance of the relevant obligation must be insured against the risk of loss or damage in favor of the creditor under the obligation secured by the mortgage during the entire duration of the obligation. In this case, the insured amount must be no less than the size (amount) of the claim secured by the mortgage;

If the debtor under an obligation secured by a mortgage is an individual, his life and health must be insured for the entire duration of the obligation in favor of such an individual. In this case, the insured amount must be no less than the size (amount) of the claim secured by the mortgage;

The subject of the loan agreement must be only cash.

Mortgage coverage should not constitute claims in respect of mortgages pledged to secure other obligations. The mortgage coverage of mortgage-backed bonds, other than residential mortgage-backed bonds, may include claims secured by real estate that is not yet completed.

The share of claims secured by a pledge of real estate, the construction of which is not completed, should not exceed ten percent of the amount of mortgage coverage (Clause 3, Article 3 of the Federal Law “On Mortgage Securities”).

The amount of mortgage coverage is determined by summing up the size of the claims, the amount Money and the value (monetary value) of other property constituting the mortgage coverage. The amount of mortgage coverage must be determined in the manner established by the federal authority executive power on the securities market (clause 4, article 3 of the Federal Law “On Mortgage Securities”).

When determining the amount of mortgage coverage, the requirement for an obligation in respect of which:

The period of non-fulfillment is more than six months;

The subject of the mortgage is lost, including as a result of the entry into force of a court decision invalidating or terminating on other grounds the right of pledge over real estate (mortgage);

A court decision declaring the obligation invalid or terminating it on other grounds has entered into legal force;

The debtor under the obligation is declared insolvent (bankrupt) in the manner prescribed by the legislation of the Russian Federation on insolvency (bankruptcy).

Based on Art. 3 clause 6 of the Federal Law “On Mortgage Securities”, the requirement for an obligation secured by a mortgage, which is part of the mortgage coverage, must be confirmed:

Extract from the United state register rights to real estate and transactions with it;

A mortgage agreement on which a special registration inscription has been made certifying the state registration in accordance with the legislation of the Russian Federation on state registration of rights to real estate and transactions with it, or its notarized copy;

The credit agreement or loan agreement on the basis of which the obligation secured by the mortgage arose or a notarized copy of the agreement;

A document that expresses the content of the transaction under which the rights of the creditor and pledgee under the obligation secured by the mortgage were transferred and on which a special registration inscription was made certifying the state registration in accordance with the legislation of the Russian Federation on state registration of rights to real estate and transactions with it, in if there has been a transfer (assignment) of such rights, or a notarized copy thereof. If a mortgage has been drawn up and issued, the existence of a mortgage is sufficient to confirm the requirement for the obligation secured by the mortgage as part of the mortgage coverage.

In Russian financial market November 11, 2003 in connection with the entry into force Federal Law“On Mortgage Securities” new financial instruments appeared - mortgage securities. I can't say it's perfect the new kind securities - covered bonds and various certificates have been used by investors for quite a long time in their activities in the securities market.

On November 11, 2003, in connection with the entry into force of the Federal Law “On Mortgage Securities,” new financial instruments appeared on the Russian financial market - mortgage securities. It cannot be said that this is a completely new type of paper - covered bonds and various certificates have been used by investors for quite some time in their activities in the securities market. However, there is also fundamental difference: These securities are derivatives of mortgage activities, and without further development of mortgages they are unlikely to become full participants in the stock market.

The law defined two types of mortgage-backed securities.

Mortgage-backed bond

Mortgage participation certificate

Mortgage coverage

The mortgage coverage may only include those requirements that comply with the terms of the current legislation, namely:

• the amount of debt under an obligation secured by a mortgage under one agreement or mortgage must not exceed 70% of the value of the real estate that is the subject of the mortgage, as determined by an independent appraiser;
• the mortgage agreement providing the relevant requirements must not provide for the possibility of replacement or alienation by the mortgagor of the mortgaged real estate that is the subject of the mortgage without the consent of the mortgagee;
• property pledged to secure the fulfillment of the corresponding obligation must be insured against the risk of loss or damage in favor of the creditor under the obligation secured by the mortgage during the entire period of its validity, and if the debtor under the obligation secured by the mortgage is an individual, his life and health are necessary also insure for the entire duration of the obligation in favor of an individual. Sum insured must be no less than the size (amount) of the claim secured by the mortgage;
• The subject of the loan agreement, which is secured by a mortgage, can only be funds.

In addition, the share of claims secured by a pledge of unfinished real estate should not exceed 10% of the total mortgage coverage, which is determined by summing the size of the claims, the amount of cash and the value of other property owned by the issuing enterprise.

Only credit institutions and mortgage agents can issue mortgage-backed bonds (certificate of participation not issued by the Central Bank).

WITH credit organizations that issue mortgage-backed bonds, everything is clear. They are obliged to fulfill the requirements established in accordance with federal laws Central Bank of the Russian Federation, as well as comply with additional mandatory standards (ratio of assets and liabilities), the amount and methods for determining which are established by central bank RF.

But a mortgage agent is a new participant in the securities market who bases his activities solely on the acquisition of claims on credits (loans) secured by mortgages and (or) mortgages that can be received by him on the basis of a purchase and sale agreement, exchange, assignment (assignment of claim), another transaction on the alienation of this property, including those related to the payment of the authorized capital (shares) of the mortgage agent with this property, as well as as a result of universal legal succession.

The legal requirements for a mortgage agent are quite strict. This rigidity implies a reduction in financial risks and abuses in the activities of a new participant in the securities market. It all starts with the fact that the type of activity of a mortgage agent - the acquisition of claims on credits (loans) secured by a mortgage - is exclusive. He may have civil rights and the responsibilities necessary to carry out the specified activities, including issuing mortgage-backed bonds, bearing obligations to third parties related to the issuance and fulfillment of obligations under mortgage-backed bonds, as well as ensuring the activities of the mortgage agent. It is prohibited to enter into compensation agreements with individuals and carry out types entrepreneurial activity not provided for by law. Violation of this requirement serves as grounds for appeal federal body executive power for the securities market to court with a request to liquidate the mortgage agent.

The agent is registered only in the form joint stock company. An exhaustive list of activities, enshrined in current legislation and necessarily prescribed in the charter, cannot be changed or supplemented.
A mortgage agent has no staff.
Powers of the sole executive body mortgage agent must be transferred commercial organization, and maintaining accounting mortgage agent - a specialized organization, and the combination of these functions in one person prohibited.

Following the Law “On Mortgage Securities” (the practice is insignificant today), the mechanism of activity of a mortgage agent is as follows:

1. A group of persons (both legal entities and individuals), creating a specialized mortgage organization, as a contribution to authorized capital The joint stock company contributes funds, mortgage claims (including participation certificates), as well as other property in accordance with current legislation.
2. On the first general meeting shareholders appoint a sole executive body and a specialized organization to maintain accounting records.
3. As a result of its activities, enshrined in the charter, the mortgage agent, on the basis of purchase and sale agreements, exchange, assignment, and so on, acquires claims for credits (loans) secured by a mortgage from third parties.
4. Issues bonds, guided by the Federal Law “On the Securities Market” dated April 22, 1996 No. 39-FZ, with a total nominal value of no more than the cost of mortgage coverage minus interest on bond payments. At the same time, the amount of payments on mortgage-backed bonds should not exceed the amount of payments received to fulfill obligations, the requirements for which constitute the mortgage coverage of such bonds.
5. The funds received from the sale of bonds, in turn, are used exclusively to purchase claims on credits (loans) secured by mortgages and (or) mortgages, as well as to pay for the services of the sole executive body and a specialized organization.

Of course, this activity is not without its drawbacks. Firstly, the yield on mortgage-backed bonds will be lower than on claims secured by a mortgage, since additional costs arise for the issue, management and maintenance of the register, accounting support and taxes. Secondly, in order to maintain profitability at the level of the primary mortgage, it is necessary to obtain additional profit, and this, with activities strictly regulated by law, can only be the acquisition of mortgage claims at prices significantly lower than their market value, which in today’s undeveloped market is at least unreasonable for the seller ( except in circumstances of force majeure).

But not everything is so bad, there are some positive aspects:

• averaged “spread out” risk across various mortgage requirements;
• rates on mortgage loans fall, which means that bonds with earlier mortgage coverage (on a previously issued loan) can be more profitable than the same deposit in a bank today, and less risky, which is much more attractive for an investor;
• The mortgage loan market is developing, which means that competition is growing among sellers who want to exchange “tomorrow’s” money for “today’s”, albeit in a smaller amount.

The following is undeniable: sharp corners, imperfections and roughness, which are visible even from the first reading of the Federal Law “On Mortgage-Backed Securities” of November 11, 2003, as a result practical application will be smoothed out, securities market participants will receive additional and, hopefully, reliable financial instrument, and investors are an intermediary for the profitable placement of their funds in the person of a mortgage agent.

Mortgage coverage

Mortgage coverage

a set of claims secured by a mortgage for the return of the principal amount of the debt and for the payment of interest under credit agreements and loan agreements, which serves to ensure the issue of mortgage-backed securities.

Terminological dictionary of banking and financial terms. 2011 .

See what “Mortgage coverage” is in other dictionaries:

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