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Mortgage system development in Turkmenistan 191
sion funds and insurance companies. Thus, solved the main problem of
housing finance the problem of long‐term credit.
Implementation extended‐open model is possible for a ramified infrastructure
of the mortgage market. With the specialized agencies of the
government can provide support to banks in matters of refinancing
mortgage transactions, to provide a high ratio mortgage loans, directing
for this purpose as the budget and long‐term investors funds through
issuance of mortgage bonds. Submission of state agencies clear requirements
for banks by purchasing mortgage loans allows to control the
quality of mortgage agreements, and implement uniform standards for
real estate transactions.
In addition, control over the operation of the mortgage market allows
the state to direct the development of mortgage lending in accordance
with state social and economic policy.
Benefits extended‐open model of mortgage lending are: self‐reliance
and self‐financing, stability, because the majority of securities that provide
income credit in the system have previously announced profitability
and maturity, the housing market is the guarantor of stability of national
financial system.
Disadvantages of two‐level model of mortgage lending are: being
open and oriented to obtain credit from a free capital market system of
independent investors, this model undergoes a significant impact on the
financial situation and credit market that brought the world financial and
economic crisis of 2008‐2010 years. Therefore, the widely used two‐level
model should be in countries with a stable economy, the complexity of
the mechanism in terms of economic regulation.
Conclusions
Thus, the mortgage market actively operating in the developed countries
of the world and the stateʹs role in it pretty good. This is due to several
factors. First, the involvement of long‐term funds for housing reduces
the pressure of money supply in the stateʹs economy, which in
turn lowers inflation. Second, using the mechanism mortgage helps solve