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Determinants of the Russian securitization market development

Potomova S.A. Volgograd Institute of Management – Branch of Russian Presidential Academy of National Economy and Public Administration, Volgograd, Russian Federation ( potomova@inbox.ru )

Journal: Finance and Credit, #11, 2017

Subject The article reviews the factors affecting the development of the mortgage asset securitization market in Russia.
Objectives The purpose of the study is to analyze market, political and macroeconomic factors accelerating or decelerating the securitization market development.
Methods The methodological basis of the study is theoretical, comparative, graphical and correlation-and-regression analyses.
Results I identified and analyzed factors stimulating and constraining the Russian securitization market development. The paper shows that decreasing the constraining factors and increasing the stimulating ones will accelerate the development of securitization. First, this will allow originator banks to raise long-term funds for mortgage lending development. Secondly, the Russian securities market will get attractive securities, which will promote its development. Thirdly, investors will have an opportunity to invest in reliable instruments.
Conclusions The paper reveals that the considered factors are interdependent; a change in the focus of influence of certain factors leads to a change in the focus of influence of other factors. Studying the factors influencing the securitization market from the position of directing their influence will enable to define the most important areas of regulation and improvement of the securitization market in modern Russia.


The role of monitoring the value of pledged property in the process of mortgage assets securitization

Potomova S.A. Volgograd Institute of Management – Branch of Russian Presidential Academy of National Economy and Public Administration, Volgograd, Russian Federation ( potomova@inbox.ru )

Journal: Finance and Credit, #1, 2020

Subject The existing methods for assessing the credit risk of mortgage-backed securities consider the original cost of pledged property calculated at the time of loan formalization as a constant value. This results in the inability to respond quickly to changes in the real estate market. Therefore, the pledged item cannot be used as an effective way to secure mortgage-backed securities.
Objectives The aim is to develop methods to assess credit risk of mortgage-backed securities through introducing a regular monitoring of the value of pledged real estate and its adjustment.
Methods The study rests on the systems approach and employs general scientific methods of analysis and synthesis, and analysis of economic and statistical information.
Results The paper shows the role of regular value adjustments of pledged real estate when maintaining high reliability of mortgage-backed securities, which are secured by mortgage loans issued for purchase of this real estate. I present an algorithm to monitor fluctuations in the value of the pledge based on the introduced adjustment factor applied to the original cost of real estate to determine its current price. I also offer a system of warning indicators to determine the moment of initiation of the periodic monitoring.
Conclusions Ignoring real estate market trends may erode confidence in the capital market and lead to other crisis phenomena. When the sources of financing by commercial banks are limited, securitization becomes increasingly important for development of mortgage lending and other related areas of the economy.


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