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190
A.D. Hurbanheldyyevych
obligation secured by the mortgage borrowerʹs home, which received.
Bank sells a loan to one of the mortgage agencies, while also transferring
the obligation to provide credit. Agency shall reimburse the bank paid
money to the borrower, and bank transfers received from the borrowerʹs
monthly payments except their profit (margin) in the agency. The value
of monthly payments, that is a bet on which the agency agrees to purchase
mortgage loans, the agency sets on the basis of requirements for
investors to return financial instruments [Кручок, 2003, p. 45].
Fig.3. Scheme extended‐open mortgage system [1, p. 45]
Borrowers
Investors
collateral,
payments
repayment
sale of
mortgag
e bonds
cash
loan
Credit
institutions
sale of collateral
cash
Issuers
of securities
Source: Кручок 2003, p. 45
Agency, bought a number of mortgage loans in commercial banks,
collect them in pools and create based on each new security, the source of
payments on which are payments the borrowers. These payments are
guaranteed not secured by real estate, and the agency as a legal entity.
Agencies sell mortgage securities at the stock market and then also act as
intermediaries, passing the investor that bought the securities, agency
payments to the bank with the exception of the margin.
The US model of mortgage lending intended to enter the market of
mortgage loans cheaper and long‐term funds. Similar funds have pen‐