Scope of regulation

This Federal Law governs relations arising from the issuance, issuance, issuance and circulation of mortgage valuable papers, with the exception of mortgages, as well as in the performance of obligations under the specified mortgage-backed securities.

N 141-FZ

N 193-FZ to article 2 of this federal law changes made

Basic concepts

For the purposes of this Federal Law, the following basic concepts are used:

mortgage-backed securities - mortgage-backed bonds and mortgage participation certificates;

mortgage-backed bond - a bond, the fulfillment of obligations on which is secured in whole or in part mortgage collateral;

mortgage participation certificate - a registered security, certifying the share of its owner in the right of common ownership of mortgage coverage, the right to demand from the person who issued it the proper trust management mortgage coverage, the right to receive funds received in fulfillment of obligations, the claims on which constitute mortgage coverage, as well as other rights provided for by this Federal Law;

mortgage agent- a specialized commercial organization that complies with the requirements established by Article 8 of this Federal Law, the exclusive subject of activity of which is the acquisition of rights of claim on credits (loans) secured by mortgages and (or) mortgages, and which, in accordance with this Federal Law, has been granted the right to issue bonds mortgage-backed.

mortgage-backed housing bond- a mortgage-backed bond, which includes only the rights of claim secured by a pledge of residential premises.

Federal Law No. 141-FZ of July 27, 2006

Federal Law No. 193-FZ of December 29, 2004 amended Article 3 of this Federal Law

Mortgage coverage

1. Mortgage coverage can only be mortgage-backed principal repayment claims and (or) payment of interest under loan agreements and loan agreements, including those certified by mortgages, and (or) mortgage participation certificates certifying the share of their owners in the common ownership right to other mortgage coverage, cash in foreign currency Russian Federation or foreign currency, as well as government securities and real estate in the cases provided for by Part 1 of Article 13 of this Federal Law.

The Federal Law of March 9, 2010 amended Part 2 of Article 3 of this Federal Law

2. Claims on mortgage-secured obligations may be included in the mortgage coverage only if they meet the following conditions:

the principal amount of the mortgage-backed obligation under each contract or mortgage shall not exceed eighty percent as determined by an independent appraiser market value (monetary value) real estate, which is the subject of mortgage;

an agreement on a mortgage that secures the relevant requirements must not provide for the possibility of replacing or alienating by the mortgagor the pledged immovable property that is the subject of mortgage without the consent of the mortgagee;

immovable property pledged to secure the performance of the corresponding obligation must be insured against the risk of loss or damage in favor of the creditor under the obligation secured by mortgage during the entire period of the obligation. Wherein sum insured must not be less than the size (amount) of the claim secured by the mortgage on the return of the principal debt;

the subject of the loan agreement should be only cash.

3. Mortgage coverage shall not constitute claims on mortgages pledged to secure other obligations. Mortgage coverage of mortgage-backed bonds, with the exception of mortgage-backed housing bonds, may include claims secured by a pledge of immovable property, the construction of which has not been completed.

Claims secured by a subsequent mortgage may only constitute mortgage coverage provided that the principal amount of the obligation secured by the predecessor mortgage and the principal amount of the obligation secured by the subsequent mortgage do not, in aggregate, exceed seventy per cent of the market value (monetary value) determined by an independent appraiser. ) immovable property that is the subject of mortgage.

The share of claims secured by a pledge of immovable property, the construction of which has not been completed, must not exceed ten percent of the amount of mortgage coverage.

4. The amount of mortgage coverage is determined by summing up the amount of claims, the amount Money and cost (monetary value) of other property constituting the mortgage coverage. The amount of mortgage coverage must be determined in accordance with the procedure established by the federal executive body for the securities market.

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

the period of default is more than six months;

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

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

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

there is no insurance of the immovable property pledged to secure the performance of the obligation against the risk of loss or damage for more than six months.

5. The same property, including claims under the same obligations, may be included in only one mortgage coverage.

Mortgage participation certificates cannot be part of the mortgage coverage, the share in the common ownership of which they certify.

6. The claim under the 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;

mortgage agreement, 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, or its notarized copy;

a loan agreement or a loan agreement, on the basis of which an obligation secured by a 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 the 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 the event that there has been a transfer (assignment) of such rights, or its notarized copy.

In the event that a mortgage bond was drawn up and issued, the presence of the mortgage bond is sufficient to confirm the claim included in the mortgage coverage for the obligation secured by the mortgage.

Federal Law No. 141-FZ of July 27, 2006 sets out Article 4 of this Federal Law in new edition

Exclusion of claims and other property from mortgage coverage

1. The exclusion of claims secured by a mortgage from the composition of the mortgage coverage is allowed in connection with their replacement or sale, as well as in connection with the termination of the corresponding obligation. Replacement or sale of claims constituting mortgage coverage is allowed in the cases provided for by this Federal Law.

2. Exclusion from the mortgage coverage of property, with the exception of monetary funds, is allowed in connection with its replacement or sale.

3. Exclusion from mortgage coverage of funds is allowed in connection with the fulfillment of obligations under mortgage-backed securities, the acquisition of mortgage-backed claims or other property that, in accordance with this Federal Law, may be included in mortgage coverage, as well as in other cases provided for this federal law.

4. The exclusion of claims and other property from the mortgage coverage is allowed subject to compliance with the requirements for mortgage coverage established by this Federal Law.

Federal Law No. 141-FZ of July 27, 2006 amended Article 5 of this Federal Law

Register of mortgage coverage

1. Accounting for claims and other property constituting mortgage coverage shall be carried out by maintaining a register of mortgage coverage.

2. Information on claims and other property constituting mortgage coverage shall be entered in the register of mortgage coverage, indicating in respect of each of them:

the amount (amount) of the claim (including the principal amount of the debt and the amount of interest) or the value (monetary value) of the property;

the name and a description sufficient to identify the property constituting the mortgage coverage and (or) the property on which the mortgage is established to secure the fulfillment of the obligation, the claim for which constitutes the mortgage coverage. If such property is a dwelling, the information about its location does not include the number of this dwelling (residential house, apartment);

the market value (monetary value) of the property on which the mortgage is established;

the term for payment of the amount of the claim or, if this amount is payable in installments, the terms (periodicity) of the relevant payments and the amount of each of them, or the conditions that make it possible to determine these terms and amounts of payments (debt repayment plan);

the degree of fulfillment of the obligation, the claim for which constitutes mortgage coverage;

other information established by the federal executive body for the securities market.

3. Claims or other property shall be considered included in the mortgage coverage from the moment the relevant entry is made in the register of mortgage coverage.

4. The register of mortgage coverage must be maintained, in particular, using an electronic database.

Restriction on the use of concepts related to the issuance of mortgage-backed securities

No person, with the exception of persons who, in accordance with this Federal Law, have the right to issue mortgage-backed securities, shall have the right to raise funds and other property using the words "mortgage-backed bonds", "mortgage participation certificates" and "mortgage coverage", and is also not entitled to use in its name the words "mortgage specialized organization" or "mortgage agent" in any combination.

Chapter 2. Issue and circulation of mortgage-backed bonds

Issuers of mortgage-backed bonds

1. Mortgage-backed bonds may only be issued by mortgage agents and credit institutions.

2. Credit institutions issuing mortgage-backed bonds are required to comply with the requirements of the Central Bank of the Russian Federation established in accordance with federal laws, as well as comply with the following additional mandatory standards(the ratio of certain assets and liabilities), the value and methods for determining which are established by the Central Bank of the Russian Federation:

the minimum ratio of the amount of mortgage-backed loans granted and own funds(capital);

the minimum ratio between the size of mortgage coverage and the volume of mortgage-backed bonds issued;

the maximum ratio of the total amount of a credit institution's liabilities to creditors who, in accordance with federal laws, have the priority right to satisfy their claims to holders of mortgage-backed bonds, and own funds (capital).

The Central Bank of the Russian Federation has the right to establish for credit institutions that issue mortgage-backed bonds the specifics of the calculation and values ​​of the following mandatory ratios determined by Federal Law No. 86-FZ of July 10, 2002 "On central bank Russian Federation (Bank of Russia)":

own funds (capital) adequacy ratio;

liquidity ratios;

interest rate and currency risk.

The Central Bank of the Russian Federation establishes for credit institutions that issue mortgage-backed bonds requirements for disclosure of information about their activities in addition to the requirements established by other federal laws.

A credit organization is not entitled to issue mortgage-backed bonds if it fails to fulfill at least one of the requirements established in accordance with the provisions of this Article.

Credit institutions that issue mortgage-backed bonds and violate the mandatory standards and other requirements of the Central Bank of the Russian Federation are subject to the measures provided for by Article 74 of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)".

Requirements for mortgage agents

Federal Law No. 193-FZ of December 29, 2004 amended Part 1 of Article 8 of this Federal Law

1. The subject of activity of a mortgage agent may only be the acquisition of claims on credits (loans) secured by mortgages and (or) mortgages.

Claims on credits (loans) secured by a mortgage and (or) mortgages may be acquired by a mortgage agent on the basis of a contract of sale, exchange, assignment (assignment of a claim), other transaction on the alienation of this property, including authorized capital(shares) of the mortgage agent with this property, as well as as a result of universal succession.

The mortgage agent may civil rights and bear the civil obligations necessary for the implementation of these activities, including the issue of mortgage-backed bonds, bear obligations to third parties related to the issue and fulfillment of obligations under mortgage-backed bonds, as well as ensuring the activities of a mortgage agent.

This activity can only be carried out by a mortgage agent in the form of a joint-stock company. The charter of a mortgage agent must define the subject and purpose of his activity in accordance with this Federal Law. Amendments and (or) additions related to the change and (or) addition of the subject or purpose of its activity to the charter of a mortgage agent are not allowed.

The full company name of the mortgage agent in Russian must contain the words "mortgage specialized organization" or "mortgage agent".

The constituent documents of a mortgage agent must indicate the total number of issues of mortgage-backed bonds for the issue of which it is created. It is not allowed to change the total number of issues of mortgage-backed bonds for the issue of which a mortgage agent is created. After fulfillment of obligations under mortgage-backed bonds of all issues, the mortgage agent is subject to liquidation.

2. A mortgage agent cannot have a staff.

The powers of the sole executive body of the mortgage agent must be transferred commercial organization.

Doing accounting mortgage agent must be transferred to a specialized organization.

A commercial organization to which the powers of the sole executive body of a mortgage agent have been transferred cannot keep accounting records of this mortgage agent.

A specialized organization to which the accounting of a mortgage agent has been transferred cannot exercise the powers of the sole executive body of this mortgage agent.

3. Mortgage agents are not entitled to conclude reimbursable agreements with individuals and implement kinds entrepreneurial activity not provided for by this Federal Law. Violation of this requirement is the basis for the appeal of the federal executive body in charge of the securities market to the court with a demand to liquidate the mortgage agent.

Transactions made in violation of this requirement on behalf of the mortgage agent by a commercial organization to which the powers of the sole executive body of the mortgage agent have been transferred create, change and terminate civil rights and obligations for the commercial organization and do not entail obligations for the mortgage agent either in relation to the commercial organization, not in relation to third parties.

Form of certification of rights constituting a mortgage-backed bond

1. Mortgage-backed bonds may be issued in one of the forms stipulated by Federal Law No. 39-FZ of April 22, 1996 "On the Securities Market" (hereinafter referred to as the Federal Law "On the Securities Market").

2. In case of a documentary form of mortgage-backed bonds, the obligatory requisite of a mortgage-backed bond certificate is an indication of the procedure and conditions for paying income to holders of mortgage-backed bonds, as well as the procedure and conditions for the redemption of such bonds.

Interest on mortgage-backed bonds

Federal Law No. 193-FZ of December 29, 2004 reworded Part 1 of Article 10 of this Federal Law

1. Mortgage-backed bonds must secure the right of their owners to receive interest, the amount of which is determined by the decision to issue mortgage-backed bonds.

2. Interest on mortgage-backed bonds must be paid at least once a year.

Securing obligations under mortgage-backed bonds

1. Fulfillment of obligations under mortgage-backed bonds is secured by a pledge of mortgage coverage from the moment the rights to such bonds arise from their first owner.

A mortgage-backed bond grants its owner all the rights arising from the pledge of mortgage security. With the transfer of rights to a mortgage-backed bond, the new owner (purchaser) transfers all the rights arising from the pledge of mortgage coverage. The transfer of rights arising from the pledge of mortgage coverage without the transfer of rights to a mortgage-backed bond is invalid.

Each holder of a mortgage-backed bond of one issue has equal rights with other holders of mortgage-backed bonds of the same issue with respect to claims and other property constituting mortgage coverage, and in case of withdrawal by means of redemption of the pledged property for state or municipal needs, its requisition or nationalization - also in respect of insurance indemnity, amounts of compensation due to the pledgor, or property provided to the pledgor in return.

Federal Law No. 141-FZ of July 27, 2006

Federal Law No. 193-FZ of December 29, 2004 amended Part 2 of Article 11 of this Federal Law

2. Mortgage coverage may be pledged to secure the fulfillment of obligations under bonds of two or more issues. In this case, mortgage coverage shall be subject to the requirements provided for by this Federal Law for mortgage coverage that is secured by the fulfillment of obligations under bonds of one issue, including in terms of the amount of mortgage coverage, which must ensure the full fulfillment of obligations under bonds with this mortgage coverage. all releases.

In case of issuing bonds with one mortgage coverage of two or more issues, their issuer has the right to establish the sequence of fulfillment of obligations under bonds with mortgage coverage of various issues. In this case, fulfillment of obligations under mortgage-backed bonds of each turn is allowed only after proper fulfillment of obligations under mortgage-backed bonds of the previous turn. At the same time, mortgage-backed bonds are considered redeemed, and interest on them is paid in case of transfer of funds to the bank account indicated by the owner of such bonds, payment of cash to the owner of such bonds or crediting of funds to the notary's deposit.

The established sequence of fulfillment of obligations under mortgage-backed bonds of various issues is also applied in cases of receipt of funds from the sale of mortgage-backed bonds and in case of early redemption of bonds, unless otherwise provided by the decision on the issue of mortgage-backed bonds.

Federal Law No. 141-FZ of July 27, 2006 amended Article 12 of this Federal Law

Federal Law No. 193-FZ of December 29, 2004 reworded Article 12 of this Federal Law

Issue of mortgage-backed bonds

1. Mortgage-backed bonds are issued in accordance with the Federal Law "On the Securities Market", this Federal Law and the regulations adopted in accordance with them. legal acts federal executive body for the securities market. At the same time, regulatory legal acts of the federal executive body in charge of the securities market regarding the issue of bonds with mortgage coverage by credit institutions are adopted in agreement with central bank Russian Federation.

2. The conditions for issuing mortgage-backed bonds may contain a limitation on the total number of issues of such bonds, the performance of obligations on which is secured by this mortgage coverage. Violation of this restriction by the issuer of mortgage-backed bonds is grounds for denial of state registration of issues of bonds with this mortgage coverage.

3. The decision to issue mortgage-backed bonds must specify the maturity date ( partial repayment) bonds and the value (procedure for determining the value) paid (paid) for each bond upon its redemption (partial redemption).

Federal Law No. 141-FZ of July 27, 2006

Federal Law No. 193-FZ of December 29, 2004 amended Article 13 of this Federal Law

Bond mortgage requirements

1. Mortgage coverage of bonds may be property provided for by this Federal Law, as well as government securities and real estate.

The amount (amount) of mortgage-backed claims constituting the mortgage coverage of the bonds may not be less than 80 percent of the outstanding face value bonds. If the amount (amount) of mortgage-backed claims is reduced below 80 percent of the outstanding nominal value of the bonds, the issuer is obliged, within a period of not more than three months, to increase the share of mortgage-backed claims in the mortgage coverage of bonds to the amount (amount) established by this part, including by acquiring secured mortgage claims and/or early repayment(partial redemption) of bonds, if the relevant right is provided for by the decision to issue such bonds. If this requirement is not met, the owners of mortgage-backed bonds shall have the right to demand their early redemption in the manner prescribed by Article 16 of this Federal Law.

Real estate can constitute mortgage coverage of bonds only as a result of its acquisition (reservation) by the issuer in accordance with the civil legislation of the Russian Federation when foreclosure is applied to it in case of non-fulfillment or improper fulfillment of an obligation secured by a mortgage, if such acquisition does not contradict the requirements established by federal laws , and for no more than two years from the date of such acquisition.

2. Mortgage coverage of bonds, as well as the terms of obligations, the claims on which constitute mortgage coverage, must ensure the proper fulfillment of obligations under bonds with this mortgage coverage.

To ensure proper fulfillment of obligations under mortgage-backed bonds, the amount of mortgage coverage of such bonds during the entire period of their circulation must not be less than their total outstanding nominal value. The decision to issue mortgage-backed bonds may provide for securing the fulfillment of obligations under such bonds in a larger amount. In this case, the amount of mortgage coverage of the said bonds during the entire period of their circulation must be not less than the amount established by the decision on the issue of bonds with mortgage coverage.

In case of issuing bonds with one mortgage coverage of two or more issues, in respect of which a different order of fulfillment of obligations is established, the sufficiency of mortgage coverage for the fulfillment of obligations under bonds is determined separately for each order. At the same time, the amount of mortgage coverage is considered sufficient to ensure the proper fulfillment of obligations under the bonds of the corresponding queue, if the amount of mortgage coverage is equal to or exceeds the sum of the outstanding par value of bonds of this queue and the outstanding par value of bonds of previous queues or is equal to the amount of mortgage coverage established by the decision on the issue of bonds mortgage-backed, or exceeds it if a decision is made to issue mortgage-backed bonds, which provides for securing the fulfillment of obligations under such bonds in a larger amount.

3. At the time of submission of documents for state registration of an issue of mortgage-backed bonds, the amount (amount) of claims secured by mortgage for the return of the principal amount of the debt, constituting the mortgage coverage of such bonds, must not be less than their total face value.

The amount of mortgage coverage of bonds issued by a credit institution during the entire period of their circulation may exceed the amount of obligations under these bonds by no more than 20 percent.

4. Funds received in fulfillment of obligations secured by a mortgage, the claims on which constitute the mortgage coverage of bonds, are subject to inclusion in the mortgage coverage of bonds in the amount necessary to comply with the requirements for the amount of mortgage coverage established by this Federal Law and regulatory legal acts of the federal body executive power for the securities market, if larger size not provided for by the decision to issue such bonds.

5. The decision to issue mortgage-backed bonds may provide for the possibility of making certain expenses of the issuer (remuneration to a specialized depository, registrar maintaining the register of mortgage-backed bond holders, expenses associated with the management of mortgage coverage, and other expenses) at the expense of property amounting to mortgage coverage of such bonds. In this case, the decision to issue mortgage-backed bonds must contain an exhaustive list of such expenses and an indication of the maximum amount of funds allocated to pay these expenses at the expense of property constituting the mortgage coverage of bonds. Payment of these expenses is allowed only if the issuer of mortgage-backed bonds complies with the requirements for the amount of mortgage coverage of bonds established by this Federal Law.

Federal Law No. 141-FZ of July 27, 2006 amended Article 14 of this Federal Law

Replacement of claims and (or) other property constituting the mortgage coverage of bonds

1. The replacement of claims constituting the mortgage coverage of bonds may be carried out only if at least one of the grounds provided for by Part 4 of Article 3 of this Federal Law arises in respect of such claims, as well as in the event of non-compliance of such requirements with the condition of inclusion in the mortgage coverage provided for in paragraph four of Part 2 of Article 3 of this Federal Law, or delay in making payments under the obligation, the claim for which constitutes the mortgage coverage of bonds, for more than three months or more than three times within twelve months, even if each such delay is insignificant.

2. The replacement of claims constituting the mortgage coverage of bonds is allowed only after registration of the report on the results of the issue of bonds with mortgage coverage.

3. Replacement of claims and (or) other property constituting the mortgage coverage of bonds may be carried out through their sale or other paid alienation to third parties with the obligatory inclusion in the mortgage coverage of bonds of the property received as a result of such alienation.

Foreclosure on mortgage coverage of bonds

1. In the event of non-performance or improper performance of obligations under mortgage-backed bonds, foreclosure on claims and other property constituting the mortgage coverage of bonds shall be carried out by a court decision.

Foreclosure on claims and other property constituting the mortgage coverage of bonds, including their sale, is carried out in the manner prescribed by Federal Law No. 102-FZ of July 16, 1998 "On Mortgage (Pledge of Real Estate)" for foreclosure on mortgaged property and its implementation, taking into account the specifics established by this article.

Federal Law No. 193-FZ of December 29, 2004 amended Part 2 of Article 15 of this Federal Law

2. Realization of the mortgage coverage of bonds from public auctions cannot be carried out earlier than two months after the date of the due date (from the last day of the period, if the fulfillment of the obligation is provided for within a certain period) of the fulfillment of the obligation on bonds with such mortgage coverage.

Owners of mortgage-backed bonds have the right to claim the issuer of such bonds to receive funds from the sale of mortgage-backed bonds.

The proceeds from the sale of mortgage coverage of bonds are sent to persons who are owners of mortgage-backed bonds and who have submitted their claims before the date of the public auction at which such mortgage coverage was sold.

In the event that the amount received from the sale of mortgage coverage of bonds exceeds the amount of claims in respect of mortgage-backed bonds, the difference, after withholding from it the amounts necessary to cover the costs associated with the foreclosure of mortgage coverage and its sale, is returned to the issuer of these bonds . The amount proceeds from the sale of mortgage coverage of bonds and remaining after the satisfaction of the claims of holders of mortgage-backed bonds in the specified order, that is, not exceeding the amount of claims on such bonds, is subject to transfer to the notary's deposit. Owners of mortgage-backed bonds who have not submitted written claims for the sale of mortgage coverage of bonds and have not received funds from its sale are entitled to receive them through a notary's deposit in the manner prescribed by law.

If, on the grounds provided for by the legislation of the Russian Federation, claims and other property constituting mortgage coverage must pass into the ownership of holders of mortgage-backed bonds, the said claims and property shall pass into the common shared ownership of all holders of such bonds.

Federal Law No. 141-FZ of July 27, 2006 supplemented Article 15 of this Federal Law with Part 3

3. In case of issuance of bonds with one mortgage coverage of two or more issues, in respect of which a different order of fulfillment of obligations is established, the claims of holders of bonds with mortgage coverage of each order to levy execution on the mortgage coverage of such bonds shall be subject to satisfaction in the order of priority established by the decision on the issue the said bonds.

Federal Law No. 141-FZ of July 27, 2006 amended Article 16 of this Federal Law

Redemption of mortgage-backed bonds at the request of their holders

1. Owners of mortgage-backed bonds have the right to demand early redemption of such bonds from their issuer in the event that the requirements for the amount of mortgage coverage of bonds established by Article 13 of this Federal Law are violated, established order replacement of property constituting mortgage coverage, established conditions have been violated that ensure the proper fulfillment of obligations under mortgage-backed bonds, and (or) the issuer of such bonds carries out entrepreneurial activities or makes transactions not permitted to him, as well as in other cases provided for by the decision to issue bonds with mortgage coverage.

2. The issuer of mortgage-backed bonds is obliged to inform the owners of such bonds about their right to demand early redemption of their mortgage-backed bonds, the price and procedure for such redemption by sending a notice in writing to the owners of mortgage-backed bonds or publishing information (message) in printed periodicals, the circulation of which is not less than ten thousand copies and which are indicated in the decision to issue such bonds, no later than five days from the date of the occurrence of the event or the commission of the action that entailed the holders of such bonds the right to demand early redemption by the issuer of their mortgage-backed bonds.

3. In case of issuance of bonds with one mortgage coverage of two or more issues, in respect of which a different order of fulfillment of obligations is established, the claims of holders of bonds with mortgage coverage of each order for early redemption of such bonds shall be subject to satisfaction in the order of priority established by the decision on the issue of the said bonds.

Federal Law No. 193-FZ of December 29, 2004 supplemented Chapter 2 of this Federal Law with Article 16.1

Realization of mortgage coverage of bonds in case of insolvency (bankruptcy) of the organization - issuer of bonds with mortgage coverage

1. If an arbitration court decides to declare an organization that is an issuer of mortgage-backed bonds insolvent (bankrupt) and to open bankruptcy proceedings, the property constituting the bankruptcy estate shall be excluded from the property of the said organization, constituting the bankruptcy estate, the pledge of which ensures the fulfillment of obligations under bonds with mortgage coverage.

Claims of creditors - owners of mortgage-backed bonds are not included in the register of creditors' claims of the organization - the issuer of the said bonds. In this case, the register of claims of creditors - holders of mortgage-backed bonds is drawn up on the basis of the data of the register of holders of mortgage-backed bonds, drawn up in the manner prescribed by part 5 of this article.

Owners of mortgage-backed bonds have the right to claim satisfaction of their claims in the course of bankruptcy proceedings only within the limits of the amount shortfall from the sale of mortgage coverage of bonds, in the manner prescribed by this article.

2. Realization of the mortgage coverage of bonds can be carried out by selling the mortgage coverage of bonds with the buyer's obligation to fulfill all the conditions stipulated by the decision to issue mortgage-backed bonds (hereinafter referred to as the replacement of the issuer), or by selling the property constituting the mortgage coverage, with the distribution of the funds received between the owners mortgage-backed bonds (hereinafter referred to as the sale of mortgage coverage).

The replacement of the issuer of mortgage-backed bonds is carried out in accordance with the procedure established by federal law.

Sale of mortgage coverage is carried out in the manner prescribed by Article 16.2 of this Federal Law.

3. The method of realizing the mortgage coverage of bonds in order to satisfy the claims of holders of mortgage-backed bonds is determined by the bankruptcy trustee in accordance with this article.

4. From the date of entry into force of the decision arbitration court on the recognition of the organization - the issuer of bonds with mortgage coverage as insolvent (bankrupt) and on the opening of bankruptcy proceedings, it is prohibited to replace the rights of claims constituting mortgage coverage.

5. After the date of entry into force of the decision of the arbitration court on the recognition of the organization - issuer of mortgage-backed bonds as insolvent (bankrupt) and on the opening of bankruptcy proceedings, it is obliged to send to the registrar maintaining the register of owners registered bonds mortgage-backed, and in the case of issuing mortgage-backed bearer bonds with obligatory centralized custody, the depository responsible for centralized custody of the said bonds, the requirement to prepare a register of holders of mortgage-backed bonds. The specified requirement determines the date on which the specified register is compiled. Such a date cannot be set earlier than 30 days and later than 45 days after the date of entry into force of the decision of the arbitration court on declaring the organization - issuer of mortgage-backed bonds insolvent (bankrupt) and on opening bankruptcy proceedings.

In order to compile the register of holders of mortgage-backed bonds, the nominal holder of the bonds shall provide data on the persons in whose interests he owns the bonds, as of the date of the compilation of the specified register.

The registrar maintaining the register of holders of registered mortgage-backed bonds, and in the case of issuing mortgage-backed bearer bonds with obligatory centralized custody, the depository carrying out centralized custody of the said bonds, no later than 10 days after the date of compiling the register of holders of mortgage-backed bonds, is obliged transfer the specified register to the bankruptcy trustee.

In case of issuance of mortgage-backed bonds to bearer in documentary form without mandatory centralized storage, the register of claims of creditors - holders of the said bonds shall be drawn up by the bankruptcy commissioner on the date established in accordance with this part, on the basis of the claims of the holders of the said bonds who have presented the certificates of the said bonds.

6. Information on the date on which the register of claims of creditors - owners of mortgage-backed bonds is compiled is subject to publication by the bankruptcy trustee in the periodicals specified in the decision to issue such bonds, no later than 20 days before the date of compilation of this register.

In the event that the decision to issue mortgage-backed bonds does not indicate specific periodicals, this information is subject to publication in the publication provided for by the legislation of the Russian Federation on insolvency (bankruptcy).

8. Current liabilities associated with the sale of mortgage coverage of bonds, including the bankruptcy trustee's remuneration, are repaid at the expense of funds constituting mortgage coverage, in the manner prescribed by Federal Law No. 127-FZ of October 26, 2002 "On Insolvency (Bankruptcy)" to cover expenses associated with the repayment of current liabilities.

Federal Law No. 193-FZ of December 29, 2004 supplemented Chapter 2 of this Federal Law with Article 16.2

Sale of mortgage coverage in case of insolvency (bankruptcy) of the organization - issuer of mortgage-backed bonds

1. The bankruptcy commissioner is obliged to sell the property constituting mortgage coverage and make settlements in accordance with this article no later than nine months after the day on which the decision of the arbitration court on declaring the organization issuing mortgage-backed bonds insolvent (bankrupt) and on opening competitive production.

2. The sale of property constituting mortgage coverage is carried out in accordance with the procedure established by Federal Law No. 127-FZ of October 26, 2002 "On Insolvency (Bankruptcy)".

3. Cash composing the mortgage collateral and received from the sale of the mortgage collateral, after redemption current liabilities in the manner prescribed by Article 16.1 of this Federal Law, are sent to satisfy the claims of owners of mortgage-backed bonds included in the register of claims of creditors - owners of mortgage-backed bonds, compiled in the manner prescribed by Article 16.1 of this Federal Law, and in the case of issuance of mortgage-backed bonds coverage to the bearer in documentary form without mandatory centralized storage - the holders of the said bonds who have presented the certificates of the said bonds.

If, when issuing mortgage-backed bonds, the order of fulfillment of obligations under bonds with one mortgage coverage of two or more issues was established, the claims of the owners of such bonds are satisfied in the order of the established order. Claims of holders of mortgage-backed bonds of each turn are satisfied after full satisfaction of the claims of holders of mortgage-backed bonds of the previous turn.

4. The property remaining after satisfying the claims of holders of mortgage-backed bonds and paying off current obligations related to the sale of mortgage coverage is included by the bankruptcy trustee in the bankruptcy estate of the organization issuing mortgage-backed bonds.

Chapter 3. Issuance and circulation of mortgage participation certificates

Persons Eligible to Issue Mortgage Participation Certificates

Federal Law No. 193-FZ of December 29, 2004 amended Part 1 of Article 17 of this Federal Law

1. Issuance of mortgage participation certificates can be carried out only by commercial organizations that have licenses to carry out activities for the management of investment funds, mutual investment funds and non-state pension funds as well as credit institutions.

2. The issuance of mortgage participation certificates is the basis for the emergence of a common fractional ownership holders of mortgage participation certificates for the mortgage coverage under which they are issued, and institutions of trust management of such mortgage coverage. Common shared ownership of mortgage coverage arises simultaneously with the establishment of trust management of this mortgage coverage.

3. Trust management of mortgage coverage is established by concluding an agreement on trust management of mortgage coverage.

Contract of trust management of mortgage coverage

1. The terms and conditions of the contract for trust management of mortgage coverage (hereinafter referred to as the rules for trust management of mortgage coverage) are determined by the person issuing mortgage participation certificates (hereinafter referred to as the manager of mortgage coverage) in standard forms and can be accepted by the purchaser of mortgage participation certificates - the founder of trust management of mortgage coverage under which mortgage participation certificates are issued, only by joining said agreement generally.

Accession to the contract of trust management of mortgage coverage is carried out by acquiring mortgage participation certificates issued by the manager of mortgage coverage.

2. Claims and other property constituting the mortgage coverage are the common property of the holders of mortgage participation certificates and belong to them on the basis of common share ownership. The division of the property constituting the mortgage coverage and the separation of a share in kind from it are not allowed.

The condition of the contract of trust management of mortgage coverage is the refusal of an individual or legal entity from exercising the pre-emptive right to acquire a share in the right of common shared ownership of the property constituting the mortgage coverage. In this case, the corresponding right is terminated.

Owners of mortgage participation certificates bear the risk of non-fulfillment or improper fulfillment of obligations, the requirements for which constitute mortgage coverage.

3. The mortgage collateral manager shall carry out trust management of mortgage collateral by receiving (accepting) payments for obligations, the claims for which constitute mortgage collateral, transferring (paying) funds to holders of mortgage participation certificates at the expense of these payments, ensuring the proper fulfillment of obligations, the claims for which constitute mortgage coverage, including foreclosure on the debtor's property, including that pledged as security for the said obligations, in the event of non-fulfillment or improper fulfillment of such obligations, as well as by performing other related actions that do not contradict this Federal Law and the rules of trust management of mortgage coverage.

The manager of mortgage coverage has the right to bring claims and act as a defendant in claims in court in connection with the implementation of activities for the trust management of mortgage coverage.

4. In addition to those provided Civil Code of the Russian Federation and the present Federal Law of the essential terms of the agreement on trust management of mortgage coverage, the rules of trust management of mortgage coverage must contain an indication that the owner of mortgage participation certificates does not have the right to demand that the manager of mortgage coverage terminate the agreement on trust management of mortgage coverage before its expiration, otherwise than in cases provided for by this Federal Law.

Term of the contract of trust management of mortgage coverage

The validity period of the agreement on trust management of mortgage coverage, established by the rules of trust management of mortgage coverage, must not be less than one year and more than forty years.

Mortgage participation certificate

1. Each mortgage participation certificate certifies the same scope of rights, including the same share in the common ownership of the mortgage coverage.

2. A mortgage participation certificate is not an equity security.

The rights certified by the mortgage certificate of participation are recorded in non-documentary form.

The number of mortgage participation certificates certifying a share in the common ownership of mortgage coverage is indicated in the rules for trust management of this mortgage coverage.

3. The mortgage certificate of participation has no face value.

4. Issue of securities derivatives from mortgage participation certificates is not allowed.

5. Mortgage participation certificates are freely circulating, including through trade organizers on the securities market.

Accounting for rights to mortgage participation certificates is carried out on personal accounts in the register of holders of mortgage participation certificates and, if it is provided for by the rules of trust management of mortgage coverage, on depo accounts by depositories for which, for these purposes, personal accounts of nominal holders are opened in the register of holders of mortgage participation certificates. At the same time, depositories, with the exception of depositories that record rights to mortgage participation certificates circulated through a trade organizer on the securities market, are not entitled to open depo accounts for other depositories that act as nominal holders of securities of their clients (depositors).

The registrar maintaining the register of holders of mortgage participation certificates, at the request of the holder of mortgage participation certificates, a person authorized by him or a nominal holder, is obliged to confirm the rights of these persons to mortgage participation certificates by issuing an extract from the register of holders of mortgage participation certificates within five days.

Federal Law No. 141-FZ of July 27, 2006 amended Article 21 of this Federal Law

Mortgage Cover Requirements for Mortgage Participation Certificates

1. Mortgage coverage of mortgage participation certificates may include only claims on mortgage-secured obligations, mortgage participation certificates certifying a share in common ownership of another mortgage coverage, and funds received in connection with the fulfillment of obligations, claims on which constitute mortgage coverage. , enforcement of such claims and fulfillment of obligations under mortgage participation certificates constituting mortgage coverage.

2. Sale of claims constituting mortgage coverage of mortgage participation certificates is allowed in the cases specified in Part 1 of Article 14 of this Federal Law, if such sale of claims is provided for by the rules of trust management of this mortgage coverage.

Segregation of property constituting mortgage coverage

1. Claims and other property constituting mortgage coverage shall be separated from the property of the manager of mortgage coverage, the property of holders of mortgage participation certificates, property constituting other mortgage coverage in trust management of the specified manager, as well as from other property in trust management or under other grounds from the specified manager. The property constituting the mortgage coverage is accounted for by the manager of the mortgage coverage on a separate balance sheet, and an independent accounting is maintained for it.

2. A separate bank account (separate bank accounts) shall be opened for settlements on transactions related to trust management of mortgage coverage, and separate depo accounts shall be opened for recording rights to securities constituting mortgage coverage. Such accounts, with the exception of cases established by the legislation of the Russian Federation, are opened in the name of the manager of mortgage coverage with an indication that he acts as a trustee, and an individual designation identifying mortgage participation certificates. The names (names) of holders of mortgage certificates of participation are not indicated.

During the state registration of a pledge of real estate that secures the claims constituting mortgage coverage, an individual designation is indicated in the Unified State Register of Rights to Real Estate and Transactions Therewith, identifying mortgage participation certificates, in the interests of whose owners the trust management of mortgage coverage, which includes the relevant requirements, is carried out. , and the following entry is made: "The pledgees of this property and data on them, provided for by the Federal Law of July 21, 1997 N 122-FZ "On State Registration of Rights to Real Estate and Transactions with It", are established on the basis of data personal accounts holders of mortgage certificates of participation in the register of holders of mortgage certificates of participation and depo accounts of holders of mortgage certificates of participation".

3. For the debts of owners of mortgage participation certificates, including in the event of their insolvency (bankruptcy), foreclosure on property constituting mortgage coverage is not allowed. For the debts of holders of mortgage participation certificates, execution is levied on their mortgage participation certificates. In case of insolvency (bankruptcy) of holders of mortgage participation certificates, the bankruptcy estate shall include their mortgage participation certificates.

In the event that mortgage participation certificates constitute a mortgage coverage of other mortgage participation certificates and belong to their owners on the right of common shared ownership, the debts of such owners are foreclosed and, accordingly, mortgage participation certificates certifying a share in the common ownership of such mortgage coverage are included in the bankruptcy estate. .

4. If the mortgage collateral manager is recognized as insolvent (bankrupt), the property constituting the mortgage collateral shall not be included in the bankruptcy estate.

If the manager of mortgage coverage is declared insolvent (bankrupt) or the license of the manager of mortgage coverage is annulled, the property constituting the mortgage coverage is subject to transfer to trust management of the state management company determined in accordance with the legislation of the Russian Federation on the investment of pension savings. The specified trust management is established due to the need for ongoing management of mortgage coverage in the interests of ensuring the rights of holders of mortgage participation certificates. The conclusion of a new contract of trust management of mortgage coverage is not required.

The property constituting the mortgage coverage is subject to transfer to the state management company in the manner determined by the Government of the Russian Federation. At the same time, the funds constituting the mortgage coverage are subject to transfer to the state management company within a period not exceeding three days from the date the mortgage coverage manager is declared insolvent (bankrupt).

Restrictions on the activities of a mortgage collateral manager

The manager of the mortgage coverage may not:

dispose of property constituting mortgage coverage without the consent of a specialized depository;

acquire any other property at the expense of the property constituting the mortgage coverage;

gratuitously alienate the property constituting the mortgage coverage;

receive, on the terms of loan agreements and credit agreements, funds to be returned at the expense of property constituting mortgage coverage;

provide loans at the expense of property constituting mortgage coverage;

use the property constituting mortgage coverage to ensure the fulfillment of one's own obligations or obligations of third parties;

acquire property constituting mortgage coverage, except for cases of receiving remuneration in accordance with the rules of trust management of mortgage coverage;

alienate its own property as part of the property constituting the mortgage coverage, which is in its trust management.

Responsibility of the mortgage manager

The manager of mortgage coverage shall be liable to the owners of mortgage participation certificates in the amount of real damage in case of infliction of losses by them as a result of violation of this Federal Law, other federal laws, rules of trust management of mortgage coverage, including incorrect determination of the amount of funds subject to transfer (payment) the owner of the mortgage participation certificate, and the amount of money to be paid in connection with the redemption of the mortgage participation certificate.

Rules for Trust Management of Mortgage Coverage

1. The rules for trust management of mortgage coverage must contain the following information:

an individual designation identifying mortgage participation certificates with this mortgage coverage;

full company name of the mortgage coverage manager;

full corporate name of the specialized depository;

the full corporate name of the registrar maintaining the register of holders of mortgage participation certificates;

rights and obligations of the manager of mortgage coverage;

the duration of the trust management agreement;

the number of mortgage participation certificates and the procedure for issuing them;

the procedure and terms for the payment of funds in connection with the redemption of mortgage participation certificates;

the procedure for payment for each mortgage participation certificate of funds from payments received under obligations, claims on which constitute mortgage coverage, as well as the period of such payment, which should not exceed three months from the date of receipt of the relevant payments;

the procedure for determining the amount of money to be paid in connection with the redemption of the mortgage participation certificate;

the procedure and terms for making records on the acquisition, transfer and redemption of mortgage participation certificates in the register of holders of mortgage participation certificates;

rights of holders of mortgage certificates of participation;

procedure for convening and conducting general meeting holders of mortgage participation certificates;

the amount of remuneration for the manager of mortgage coverage, the specialized depository, the registrar maintaining the register of holders of mortgage participation certificates;

types and maximum amount of expenses related to trust management of mortgage coverage and payable at the expense of property constituting mortgage coverage;

the procedure for disclosing information related to the trust management of mortgage coverage, including the name of the printed periodical in which the relevant information is published;

other information in accordance with the requirements established by this Federal Law.

2. The mortgage collateral manager has the right to make changes and additions to the rules for the trust management of mortgage collateral, which come into effect only after they are approved by the general meeting of holders of mortgage participation certificates.

In the event of cancellation of the license of a specialized depository maintaining the register of mortgage coverage, the manager of mortgage coverage is entitled to amend the rules for trust management of mortgage coverage related to the replacement of the specialized depository. At the same time, the manager of mortgage coverage must make a decision to convene a general meeting of holders of mortgage participation certificates to resolve the issue of approving a new specialized depository.

3. The rules for trust management of mortgage coverage must comply with the standard rules for trust management of mortgage coverage approved by the Government of the Russian Federation.

General meeting of holders of mortgage certificates of participation

1. The general meeting of holders of mortgage participation certificates is convened by the manager of mortgage coverage on his own initiative or at the request in writing of the holders of at least ten percent of mortgage participation certificates as of the date of filing the request to convene the general meeting.

The written request of holders of mortgage certificates of participation to convene a general meeting must contain the reasons for its convening, as well as the agenda of the general meeting. The announcement of the convocation of a general meeting must be published in a periodical publication specified in the rules for trust management of mortgage coverage.

The General Meeting of Owners of Mortgage Participation Certificates makes decisions by a majority of votes of holders of mortgage participation certificates, unless otherwise provided by this Federal Law.

3. By a decision of three-quarters of the votes of all present holders of mortgage participation certificates, the rights and obligations of the manager of mortgage coverage may be transferred to another person who, in accordance with this Federal Law, has the right to issue mortgage participation certificates, and changes may be made to the rules for trust management of mortgage coverage. relating to supplementing the composition of the mortgage coverage with new requirements and (or) mortgages and the proportional issuance of additional mortgage participation certificates.

4. Decisions of the general meeting of holders of mortgage certificates of participation are documented in a protocol, a copy of which must be sent to federal agency executive power on the securities market no later than three days from the date of the general meeting.

5. Additional requirements for the procedure for preparing, convening and holding a general meeting of holders of mortgage participation certificates are established by a regulatory legal act of the federal executive body in charge of the securities market.

6. Expenses associated with convening and holding a general meeting of holders of mortgage participation certificates shall be reimbursed at the expense of mortgage coverage.

Registration of rules for trust management of mortgage coverage and amendments and additions to them

1. The manager of mortgage coverage shall be entitled to issue mortgage certificates of participation only on condition that the federal executive body for the securities market registers the rules for trust management of mortgage coverage, the share in the common ownership of which these certificates certify.

Changes and additions made to the rules for trust management of mortgage coverage come into force on the condition that they are registered by the federal executive body for the securities market.

Federal Law No. 141-FZ of July 27, 2006 amended Part 2 of Article 27 of this Federal Law

2. Registration of the rules for trust management of mortgage coverage, as well as amendments and additions made to them, is carried out at the request of a person who, in accordance with this Federal Law, has the right to issue mortgage participation certificates.

3. The decision to register the rules of trust management of mortgage coverage or amendments and additions to them, or to refuse to register them, must be made no later than thirty days after the date of acceptance of the documents submitted for their registration. The decision to refuse registration of the rules for trust management of mortgage coverage or amendments and additions to them must be motivated.

During the specified period, the federal executive body for the securities market has the right to verify the information contained in the rules for trust management of mortgage coverage and other submitted documents.

Notification of the decision to register the rules for the trust management of mortgage coverage or amendments and additions to them, or the refusal to register them, shall be sent to the applicant within three days from the date of the relevant decision.

4. Registration of the rules for trust management of mortgage coverage, as well as amendments and additions to them, may be refused in the following cases:

inconsistencies of the submitted documents with this Federal Law, standard rules for trust management of mortgage coverage;

the presence in the rules of trust management of mortgage coverage, changes and additions made to them, and other documents submitted for their registration, information that does not correspond to reality or is misleading;

the applicant, the specialized depository maintaining the register of mortgage coverage, the registrar, who intends to maintain the register of owners of mortgage participation certificates, does not have the relevant licenses.

Refusal to register the rules of trust management of mortgage coverage or amendments and additions to them, as well as evasion of making a decision on their registration may be appealed to the court.

5. The requirements for the composition and content of documents submitted for registration of the rules for trust management of mortgage coverage, as well as for amendments and additions made to them, are established by the federal executive body for the securities market.

The federal executive body for the securities market maintains a register of the rules of trust management of mortgage coverage registered by it, and is also responsible for the compliance of the rules of trust management of mortgage coverage registered by it, as well as amendments and additions made to them, with the requirements of this Federal Law.

Entry into force of amendments and additions to the rules for trust management of mortgage coverage

1. A notice on the registration of amendments and additions made to the rules for the trust management of mortgage coverage, including the full text of these amendments and additions, must be published in the printed periodical indicated in the rules for the trust management of mortgage coverage.

2. Amendments and additions made to the rules of trust management of mortgage coverage and related to an increase in the remuneration of the manager of mortgage coverage, a specialized depository, a registrar maintaining the register of holders of mortgage participation certificates, with an increase in the types of expenses and an increase in maximum size expenses related to the trust management of mortgage coverage come into force after a month from the date of publication of a notice of their registration.

3. Other changes and additions made to the rules of trust management of mortgage coverage shall enter into force from the date of publication of a notice of their registration.

Issuance of mortgage participation certificates

1. Mortgage participation certificates are issued to the person who owns the rights of claim constituting the mortgage coverage.

2. If the mortgage coverage is formed from the rights of claims of several persons, the rules for the trust management of mortgage coverage must provide for the number of mortgage participation certificates to be acquired by each of them.

Remuneration and costs associated with the trust management of mortgage coverage

1. The remuneration for the manager of mortgage coverage, the specialized depository, the registrar maintaining the register of holders of mortgage participation certificates shall be paid at the expense of the property constituting mortgage coverage, and the amount of remuneration shall not exceed five percent of the amount of fulfilled obligations, claims on which constitute mortgage coverage.

2. Expenses associated with trust management of mortgage coverage, including foreclosure on real estate pledged to secure the fulfillment of obligations, claims on which constitute mortgage coverage, as well as transactions with the said property in the cases provided for by this Federal Law and the rules of trust management of mortgage coverage are carried out at the expense of the property constituting the mortgage coverage.

Register of holders of mortgage certificates of participation

1. Register of holders of mortgage certificates of participation- a system of records on mortgage participation certificates issued in accordance with the relevant rules for the trust management of mortgage coverage, on the total number of issued and redeemed mortgage participation certificates, on the holders of mortgage participation certificates and on the number of mortgage participation certificates owned by them, on nominal holders, on other registered persons and on the number of mortgage participation certificates registered on them, as well as records of acquisition, transfer, encumbrance or redemption of mortgage participation certificates.

2. Only a legal entity holding a license to carry out professional activities in the securities market for maintaining a register of registered securities holders (hereinafter referred to as the registrar) is entitled to maintain the register of holders of mortgage certificates of participation.

3. An agreement on maintaining the register of holders of mortgage certificates of participation may be concluded with only one registrar.

4. The procedure for maintaining the register of holders of mortgage certificates of participation is determined by the regulatory legal acts of the federal executive body for the securities market.

5. The registrar maintaining the register of holders of mortgage participation certificates and the administrator of mortgage coverage shall bear subsidiary liability to the holders of mortgage participation certificates for failure to perform or improper performance of the obligations to maintain the said register, as provided for by this Federal Law, the rules of trust management of mortgage coverage and the agreement with the manager of the mortgage coated.

The registrar maintaining the register of holders of mortgage participation certificates shall be liable to the manager of mortgage coverage for failure to perform or improper performance of the obligations to maintain the said register as provided for by this Federal Law, the rules for trust management of mortgage coverage, and the contract with the manager of mortgage coverage.

Chapter 4. Control over the disposal of property constituting mortgage coverage

Specialized mortgage depository

1. Accounting and storage of property constituting mortgage coverage, as well as control over the disposal of this property, shall be carried out by a specialized depository, unless otherwise provided by this Federal Law.

2. A specialized depository must be a commercial organization that has a license to carry out the activities of specialized depositories investment funds, mutual investment funds and non-state pension funds and a license to carry out depository activities in the securities market.

Accounting and storage of property constituting mortgage coverage

1. The property constituting mortgage coverage shall be accounted for by a specialized depository by keeping a register of mortgage coverage.

The specialized depository is obliged to keep the documents confirming the claims secured by the mortgage and the rights to other property recorded in the register of mortgage coverage.

2. Documentary securities constituting mortgage coverage must be kept in a specialized depository, with the exception of government securities, if the regulatory legal acts of the Russian Federation provide for a different storage procedure for them.

3. Accounting and storage of property constituting one mortgage coverage may be carried out by only one specialized depository.

Accounting and storage of property constituting mortgage coverage cannot be carried out by a specialized depository, which is an affiliated person with respect to the issuer of bonds issued with mortgage coverage or the manager of mortgage coverage.

A specialized depository shall not be entitled to use and dispose of the property constituting mortgage coverage, as well as to make transactions with mortgage-backed securities, the register of mortgage coverage of which it maintains.

4. A specialized depository shall have the right to involve another depository in the performance of its duties of keeping and (or) accounting for rights to securities constituting mortgage coverage, if this is provided for by the decision on the issue of mortgage-backed bonds or the rules of trust management of mortgage coverage. In this case, the specialized depository shall be liable for the actions of the depositary designated by it as for its own.

The manager of mortgage coverage shall be responsible for the actions of the depositary designated by him in the event that the involvement of the depositary was carried out at his instruction in writing.

Control over the disposal of property constituting mortgage coverage

1. A specialized depository is obliged to exercise control over compliance by the issuer of mortgage-backed bonds with the requirements of this Federal Law, the Federal Law "On the Securities Market", other regulatory legal acts of the Russian Federation and the terms of issue established by the registered decision on the issue of such bonds.

The specialized depository is obliged to exercise control over the observance by the manager of mortgage coverage of this Federal Law, other regulatory legal acts of the Russian Federation and the rules of trust management of mortgage coverage.

The specialized depository shall not be entitled to give the issuer of mortgage-backed bonds managing the mortgage coverage consent to the disposal of the property constituting the mortgage coverage, as well as to execute the instructions of the said persons to transfer the securities constituting the mortgage coverage, if such orders and (or) transfer contradict this Federal Law, other regulatory legal acts Russian Federation or a registered decision to issue such bonds or the rules of trust management of mortgage coverage.

2. In the event of failure to fulfill the obligations provided for by this article, the specialized depository shall be jointly and severally liable together with the issuer of mortgage-backed bonds or the manager of mortgage-backed coverage to the owners of mortgage-backed bonds and mortgage participation certificates, respectively.

Responsibilities of a Specialized Depository

1. A specialized depository must act solely in the interests of holders of mortgage-backed securities, the register of mortgage coverage of which it maintains.

Federal Law No. 141-FZ of July 27, 2006 amended Part 2 of Article 35 of this Federal Law

2. A specialized depository is obliged to:

accept for safekeeping and keep documents confirming claims secured by a mortgage, securities in documentary form and documents confirming the rights to other property constituting mortgage coverage, with the exception of government securities, if the regulatory legal acts of the Russian Federation provide for a different storage procedure for them;

give the issuer of mortgage-backed bonds or the manager of mortgage coverage consent to the disposal of property constituting mortgage coverage, as well as execute instructions from the said persons to transfer securities constituting mortgage coverage, in cases where such an order and (or) transfer does not contradict the requirements of this Federal law;

submit reports to the federal executive body for the securities market in accordance with the procedure established by its regulatory legal acts;

provide the issuer of mortgage-backed bonds or the manager of mortgage-backed information and documents necessary for the exercise of rights under mortgage-backed securities and disclosure of information on mortgage-backed securities;

register as a nominal holder of securities constituting mortgage coverage, unless a different procedure for accounting for rights to securities is provided in accordance with the legislation of the Russian Federation;

inform the holders of mortgage-backed bonds in the manner prescribed by Article 16 of this Federal Law about their right to demand early redemption of such bonds no later than ten days from the date of receipt of documentary evidence of the occurrence of an event or the commission of an action that entailed the bond holders to mortgage-backed by the said right, and in the absence of evidence confirming that the issuer of such bonds duly informed the holders of mortgage-backed bonds;

comply with other requirements stipulated by this Federal Law and regulatory legal acts of the federal executive body for the securities market.

3. The specialized depository shall be obliged to notify the federal executive body in charge of the securities market of the violations it has identified in the course of exercising control in accordance with this Federal Law no later than three days from the date of detection of the said violations.

Liability insurance of the issuer of mortgage-backed bonds, manager of mortgage coverage, specialized depository, registrar to owners of mortgage-backed securities

An issuer of mortgage-backed bonds, a manager of mortgage coverage, a specialized depository, a registrar has the right to insure at his own expense his liability to the owners of mortgage-backed securities (liability risk to the owners of mortgage-backed securities). In the case of conclusion of a liability insurance contract to the owners of mortgage-backed securities, information on insurance must be included in the respective decision on the issue of mortgage-backed bonds and the rules for trust management of mortgage coverage.

Chapter 5. Disclosure of information on mortgage-backed securities

Disclosure and provision of information on mortgage-backed bonds

1. Issuers of mortgage-backed bonds are required to disclose and provide information on mortgage-backed bonds in accordance with the Federal Law "On the Securities Market", subject to the requirements of this Federal Law.

2. In case of valuation of mortgage-backed bonds rating agency, recognized in the manner prescribed by the legislation of the Russian Federation, the issuer of mortgage-backed bonds is obliged to disclose and provide information on such an assessment.

Requirements for the Content of Distributed or Published Information on Mortgage Securities

1. Distributed or published information about mortgage participation certificates and the implementation of trust management of their mortgage coverage must contain:

full or abbreviated corporate name of the mortgage collateral manager, individual designation identifying mortgage participation certificates certifying the share of their owners in the common ownership of mortgage collateral, number and date of registration of the rules for trust management of mortgage collateral, as well as the number and date of issue of the relevant license to the mortgage collateral manager ;

information about the places (indicating the address and (or) telephone number) where, before purchasing mortgage participation certificates, one can get acquainted with the rules for trust management of mortgage coverage, the register of mortgage coverage, as well as other documents provided for by this Federal Law and regulatory legal acts of the federal executive body securities market authorities;

information on the assessment of mortgage participation certificates by a rating agency recognized in the manner prescribed by the legislation of the Russian Federation, in the event of such an assessment;

the provision that the value of mortgage participation certificates can increase and decrease, the state does not guarantee the profitability of investments in mortgage participation certificates, as well as information that, before purchasing a mortgage participation certificate, you should carefully read the rules of trust management of mortgage coverage.

2. The issuer of mortgage-backed bonds and the manager of mortgage coverage shall be responsible for the content and form of disseminated or published information about the issue of mortgage-backed securities and their mortgage coverage, including for dissemination or publication of inaccurate, incomplete or misleading information, as well as for its untimely distribution or publication.

Federal Law No. 141-FZ of July 27, 2006 reworded Part 3 of Article 38 of this Federal Law

3. Any information provided for distribution or publication about the issue of mortgage-backed securities and their mortgage coverage must not contain false, incomplete and (or) misleading information.

4. A commercial organization, prior to obtaining an appropriate license that gives it, in accordance with this Federal Law, the right to issue mortgage participation certificates, is not entitled to provide for dissemination or publication information about its activities as a manager of mortgage coverage.

5. Simultaneously with the dissemination or publication of information, the manager of mortgage coverage shall be obliged to submit to the federal executive body in charge of the securities market copies of documents containing the said information.

Federal Law No. 193-FZ of December 29, 2004 reworded Part 6 of Article 38 of this Federal Law

6. Non-observance by the mortgage collateral manager, specialized depository or registrar of the requirements of this Federal Law and regulatory legal acts of the Russian Federation adopted in accordance with it, as well as failure by each of them to eliminate violations in deadlines is the basis for suspension or cancellation of their respective license or revocation of the license to carry out banking operations from the manager of mortgage coverage, if he is a credit institution, in accordance with the Federal Law "On Banks and banking"(as amended by the Federal Law of February 3, 1996 N 17-FZ).

7. The federal executive body for the securities market has the right to apply to the court with claims in case of violation of the rights of holders of mortgage-backed securities as a result of non-compliance with the requirements provided for by this chapter.

Federal Law No. 141-FZ of July 27, 2006 amended Article 39 of this Federal Law

Information on mortgage-backed securities provided at the request of interested parties

1. The issuer of mortgage-backed bonds must provide all interested persons at their request, the opportunity to familiarize themselves with the information contained in the register of mortgage coverage, as well as obtain copies of the register or extracts from it.

2. The manager of mortgage coverage at the places of acceptance of applications for the purchase, redemption of mortgage participation certificates shall be obliged to present to all interested persons, at their request, the following original documents or their notarized copies:

the charter of the mortgage collateral manager, the rules for trust management of mortgage collateral, as well as the full text of the registered amendments and additions to them;

rules for maintaining the register of holders of mortgage participation certificates;

certificate of the amount of mortgage coverage, calculated in accordance with the procedure established by the federal executive body for the securities market;

balance sheet of property constituting mortgage coverage, balance sheet and the profit and loss statement of the mortgage collateral manager, the balance sheet and profit and loss statement of the specialized depository, the auditor's report drawn up as of the last reporting date;

a report on the fulfillment of obligations, the claims for which constitute mortgage coverage, documents containing information on the remuneration of the manager of mortgage coverage and expenses subject to reimbursement at the expense of property constituting mortgage coverage, as of the last reporting date;

documents containing other information distributed or published by the manager of mortgage coverage in accordance with the requirements of this Federal Law, regulatory legal acts of the federal executive body for the securities market, the charter of the manager of mortgage coverage or the rules of trust management of mortgage coverage.

The manager of mortgage coverage is obliged to provide all interested persons, upon their request, with the opportunity to familiarize themselves with the information contained in the register of mortgage coverage, as well as to obtain copies of the register or extracts from it.

3. The fee charged by the issuer of mortgage-backed bonds or the manager of mortgage coverage for the provision of copies of the documents provided for by this article may not exceed the costs of their production.

Information to be published

1. An issuer of mortgage-backed bonds publishes information on the issue of such bonds in accordance with the Federal Law "On the Securities Market", other federal laws and regulatory legal acts of the Russian Federation on issue-grade securities.

2. The mortgage collateral manager is obliged to publish the rules for the trust management of mortgage collateral before the commencement of the period for issuing mortgage participation certificates.

3. The manager of mortgage coverage is obliged to publish notices on the registration of amendments and additions to the rules of trust management of mortgage coverage.

the balance sheet of the property constituting the mortgage collateral, the balance sheet and the profit and loss statement of the manager of the mortgage collateral;

a report on the fulfillment of obligations, claims for which constitute mortgage coverage, information on the remuneration of the manager of mortgage coverage and expenses subject to reimbursement at the expense of property constituting mortgage coverage;

other documents in accordance with this Federal Law;

information on the decision to transfer rights and obligations under the contract of trust management of mortgage coverage to another person who, in accordance with this Federal Law, has the right to issue mortgage participation certificates.

5. Information related to the activities of the manager of mortgage coverage must be disclosed in accordance with this Federal Law and regulatory legal acts of the federal executive body for the securities market.

Federal Law No. 193-FZ of December 29, 2004 reworded Article 41 of this Federal Law

Reporting submitted to state bodies on the mortgage-backed securities market

1. The volume, terms, forms and procedure for reporting by issuers of mortgage-backed bonds, managers of mortgage coverage and specialized depositories are determined by the federal executive body for the securities market, and issuers of mortgage-backed bonds and managers of mortgage coverage that are credit institutions are determined by the federal executive authority for the securities market in agreement with the Central Bank of the Russian Federation.

2. Reporting shall be submitted to the federal executive body for the securities market, and if the issuer of mortgage-backed bonds or the manager of mortgage coverage is a credit institution, also to the Central Bank of the Russian Federation.

Chapter 6. Powers of State Bodies in the Mortgage Securities Market

Federal Law of December 29, 2004 No. N 193-FZ Article 42 of this Federal Law has been amended

State regulation and state control in the mortgage securities market

1. State regulation issuance of mortgage-backed securities, activities of mortgage agents and managers of mortgage coverage, as well as state control over their activities, is carried out by the federal executive body for the securities market and, in cases provided for by this Federal Law, by the Central Bank of the Russian Federation in accordance with the legislation of the Russian Federation.

2. Regulatory legal acts that establish requirements for the disclosure of information on the financial and economic condition, financial and economic activities and other financial information of credit institutions that issue mortgage-backed bonds are adopted by the federal executive body for the securities market in agreement with the Central Bank of the Russian Federation. Federation.

Rights of the Federal Executive Body for the Securities Market

Federal Law No. 193-FZ of December 29, 2004 amended Part 1 of Article 43 of this Federal Law

1. The federal executive body for the securities market has the right to:

establish requirements for the amount of own funds of mortgage agents and the procedure for its calculation;

regulate the activities of mortgage agents, mortgage collateral managers and specialized depositories of mortgage collateral in accordance with this Federal Law;

establish requirements aimed at preventing conflicts of interest between managers of mortgage coverage and specialized depositories;

establish, jointly with the federal executive body in the field of finance, the rules for accounting and reporting of mortgage agents managing mortgage coverage, specialized depositories;

establish qualification requirements for employees of mortgage collateral managers, specialized depositories, as well as requirements for the professional experience of persons exercising the functions of the sole executive body of mortgage collateral managers and specialized depositories;

establish requirements for the procedure for the redemption of mortgage participation certificates, including the determination of the amount payable upon redemption of mortgage participation certificates;

exercise control over the activities of mortgage agents managing mortgage coverage, specialized depositories;

establish jointly with the federal executive body responsible for state regulation audit activity, requirements for auditors entitled to provide auditing services mortgage agents, managers of mortgage coverage, specialized depositories;

monitor compliance with this Federal Law, consider complaints from citizens and legal entities associated with violations of this Federal Law;

check the activities of mortgage agents managing mortgage coverage, specialized depositories;

approve the rules for maintaining the register of holders of mortgage participation certificates;

send mortgage agents managing mortgage coverage, specialized depositories orders to eliminate violations of this Federal Law, regulatory legal acts of the federal executive body for the securities market and set deadlines for eliminating such violations;

apply to the court with a demand to liquidate legal entities that carry out activities provided for by this Federal Law without appropriate licenses or activities that are not permitted by them in accordance with this Federal Law or in the manner established by it;

apply to the court with a claim in the interests of owners of mortgage-backed securities in case of violation of their rights provided for by this Federal Law;

establish the procedure for determining the amount of mortgage coverage;

establish additional requirements for the composition of information and rules for maintaining the register of mortgage coverage;

establish additional requirements for the structure and minimum size mortgage coverage;

exercise other powers provided for by this Federal Law.

apply to the Central Bank of the Russian Federation with a proposal to take enforcement measures established by federal laws, including revocation of a banking license, to a credit institution that manages mortgage coverage in case it fails to comply with the requirements of this Federal Law and the regulatory legal acts of the Russian Federation adopted in accordance with it , as well as its failure to eliminate violations in a timely manner.

2. Employees of the federal executive body for the securities market, authorized by the federal executive body for the securities market in the manner prescribed by it, for the purpose of executing official duties have the right to unimpeded access to the premises of issuers of mortgage-backed bonds, managers of mortgage coverage, specialized depositories, registrars and familiarization, on the basis of a written request, with the necessary documents and information specified in the submitted request, provided that they do not disclose state, official and commercial secrets .

Issuers of mortgage-backed bonds, managers of mortgage coverage, specialized depositories, registrars are required to submit to the federal executive body for the securities market documents, other information and give written and (or) oral explanations necessary for the implementation of the activities of the federal executive body for the securities market. the securities market.

Responsibility of the Federal Executive Body for the Securities Market for Compliance with Trade Secrets

1. Components trade secret information received by the federal executive body in charge of the securities market in connection with the performance of activities in accordance with this Federal Law shall not be subject to disclosure.

2. Employees of the federal executive body for the securities market, if they disclose information constituting a commercial secret, shall be liable in accordance with the procedure established by the legislation of the Russian Federation. Losses caused to the organization by such disclosure are subject to compensation in accordance with civil law.

Order of the federal executive body for the securities market to eliminate the violation

The federal executive body in charge of the securities market, in the event of a violation of this Federal Law, the legislation of the Russian Federation on securities and (or) regulatory legal acts of the federal executive body in charge of the securities market, by the issuer of mortgage-backed bonds, the manager of mortgage coverage, the specialized depository to the violator in accordance with the procedure established by federal law, a binding order to eliminate the committed violation.

Measures applied by the federal executive body for the securities market

1. If an issuer of mortgage-backed bonds, a manager of mortgage coverage, a specialized depositary violates this Federal Law, other federal laws and other regulatory legal acts of the Russian Federation on securities, regulatory legal acts of the federal executive body for the securities market, or fails to comply with the instructions of the federal of the executive body in charge of the securities market, refusal to provide information, provision of incomplete or inaccurate information, as well as false and misleading information, the federal executive body in charge of the securities market has the right to require these persons to eliminate the violations identified, to take measures that are established the legislation of the Russian Federation on administrative offenses.

2. In case of non-execution of the order to eliminate violations within the period established by the federal executive body for the securities market, and also if these violations created a real threat to the legitimate interests of holders of mortgage participation certificates, the federal executive body for the securities market has the right to suspend the issuance of mortgage participation certificates for up to six months.

Chapter 7. Final Provisions

The procedure for the entry into force of this Federal Law

This Federal Law shall enter into force on the day of its official publication.

President of the Russian Federation V. Putin

Moscow Kremlin

Mortgage bonds are well known abroad. Securities gradually come to our country. Indeed, back in 2016, the director of AHML JSC announced cooperation with Sberbank and the issue of bonds in the amount of 50 billion rubles. In the future, real estate securities will become an effective mechanism for raising funds for long term financing. This will allow large participants to expand their activities in the primary lending market.

What it is?

The securities market of the Russian Federation, unfortunately, is only at the very beginning of its development, so many citizens are not even aware of what it is. However, it is quite profitable for the owner of this kind of securities.

Consider the release procedure with an example. The bank provided mortgage loans in the amount of 100 million rubles secured by real estate for a period of 25 years. For the same amount, a credit institution issues bonds to investors, including private ones. The maturity of the securities is 25 years, so after this time, the investor who invested in bonds will receive the money back. In addition, every year he will receive coupon income or interest on the use of his money.

To pay coupons, the bank allocates funds that borrowers pay in the form of interest on mortgage loans.

Who benefits from mortgage-backed bonds?

The payout to investors depends on the rate. Today it differs in banks, but on average it is 9-9.5%. This is much more and more profitable than a private investor could receive by placing funds on a deposit.

The bank wins, because the funds issued to the borrower are returned much earlier than after 20 years. The bank will provide the money received during the sale to another mortgage borrower. The number of transactions is increasing, and so is the profitability.

For borrowers, further growth in mortgage transactions, including bonds, is beneficial, since there is a high probability of a decrease interest rate on real estate loans. Of course, no one expects that the percentage will drop sharply. However, even a slight decrease to 1.5% will affect the final overpayment on the loan.

How are debt obligations secured?

For investors, mortgage bonds benefit from the liquidity of the collateral, as mortgage-backed securities are the most popular today. As long as the real estate market of the Russian Federation is in a stable state without sharp jumps and falls, investors are protected from the loss of invested funds.

Mortgage bonds in Russia

Last time mortgage market began to develop quite rapidly. All thanks to special programs for families with children, reduction key rate, availability of programs for military mortgage. Due to the sharp increase in mortgage transactions, banks simply do not have enough money to issue more and more loans. That is why it takes a lot of investors willing to buy mortgage bonds.

The market began to revive after the major players: Sberbank, Raiffeisenbank, BinBank conducted several mortgage securitization deals at once.

Alternatives to mortgage bonds

An alternative to mortgage-backed bonds is a mortgage participation certificate, which are not debt securities. They enable the investor to receive a certain percentage of the assets. For such certificates, the yield can be even higher than for bonds, but the risks are much higher.

Features and problems of securities in Russia

For a long time, mortgage lending developed without the use of securities. That is why it takes some time to introduce mortgage bonds into the existing system. For investors, this will be a good step to invest their own funds in a profitable enterprise. Banks are expanding opportunities for issuing loans to new customers.
Impact of mortgage-backed securities on the 2008 crisis

After the 2008 crisis that began in the United States, it was bonds that helped to get out of the crisis with minimal losses, since part of the funds was issued by the state, and the other part by private investors.

However, significant shortcomings of the system prevent obtaining a decent benefit:

1. Early repayment by the borrower of all or part of the debt negatively affects the market, since investors cannot receive the expected profit. Some banks compensate for the difference between the expected and received income in order to retain investors.
2. Mortgage lending usually does not stand still, so incomes can either decrease or increase again.

The mortgage bond market of the Russian Federation is developing thanks to the participation major players, such as Sberbank, VTB 24 and others.

Mortgage Securities is the general name for securities secured by mortgage loans. From traditional debt instruments - corporate and government (treasury) bonds, mortgage-backed securities primarily differ in that:

• The balance of the principal debt (nominal value) on them is paid in part on a monthly or quarterly basis, and not in full at the end of the circulation period.
• The size and number of regular payments on them changes during the circulation period depending on the speed of early repayment of mortgage loans that provide MBS.
• The interest rate of a periodic payment on them can change over time, in contrast to a fixed coupon bond.

Types of mortgage-backed securities

Covered mortgage bond(Mortgage Bond, Covered Bonds) - a bond secured as collateral by mortgage loans or mortgages on the issuer's balance sheet.

To protect investors cost collateral regularly checked and, if necessary, replenished so that it is enough to pay the face value and current interest on the bond.

Mortgage bonds pay semi-annual interest payments, and the face value is redeemed at the end of the circulation period. The maturity and payment dates for such bonds are known in advance.

Pass-Through Mortgage-Based Securities(Mortgage Backed Securities, MBS) - securities, payments for which coincide with cash flows from the pool of mortgage loans, less the commission for servicing these securities and guarantees on them.

• The most important feature of MBS is the fact that when they are issued, the pool of mortgage loans "leaves" the issuer's balance sheet, while when issuing mortgage-backed bonds, the collateral remains on the issuer's balance sheet.

Pass-through mortgage-backed securities may be issued:

• Directly by the bank based on its portfolio of mortgages involving Jeannie Mae, as state organization providing US government guarantees. As a result, Ginny Mae-guaranteed papers are rated as risk-free (in terms of credit risk).

• A specialized mortgage fund based on mortgage loans purchased from lending banks, with organizations such as Fannie Mae or Freddie Mac providing their own MBS guarantees. The papers guaranteed by Fannie Mae and Freddie Mac are called Agency Pass-Throughs.

Pass-through mortgage-backed securities differ from mortgage-backed bonds in that the frequency and amount of payments, as a result, the exact period until their maturity, are not known in advance. This is due to the fact that the borrower has the possibility of early repayment of the loan at any time and in any parts. Thus, the end investor assumes the risk of early repayment of mortgage loans.

• Prepayment risk - the risk of a decrease in the return on investment due to the fact that part or all of the invested amount will be paid before the due date.

Mortgage participation certificate(Mortgage Pass-Through Сertificate) - is a registered security, certifying the share of its owner in the ownership of a pool of mortgage loans. The mortgage participation certificate has no nominal value, is available for circulation on the securities market and cannot be used to issue derivative securities.

• Unlike mortgage-backed bonds, for which the face value is redeemed at maturity, mortgage participation certificates pay both interest and amortization payments on the principal on a monthly basis (less a pool service fee).

Pass-Through Mortgage Bond(Mortgage Pay-Through Bond) - bonds that combine the properties of mortgage bonds and mortgage certificates. On the one hand, it is a debt security secured by a pool of mortgage loans on the issuer's balance sheet. On the other hand, certificate payments depend on collateral pool payments.

Secured mortgage obligations(Collateralized Mortgage Obligation, CMO) is a structured security consisting of pools of mortgage-backed securities grouped into classes depending on the type of payment (interest only, principal only, interest and principal), maturity and risk level.

Payments for each class of securities are accrued monthly and distributed according to the established rules. First, payments are directed to the class with a higher rank, and then redirected to the next classes in rank. That is, class “A” is extinguished first, then “B”, etc.

Payment of debt and interest in this case is carried out with the help of funds received from secured loans.

MBS are one of the types of secondary securities. They are used as a universal tool for refinancing investments and contributions to the construction of new residential facilities.

There are 4 main stages of work with PIBs:

1. release;
2. extradition;
3. appeal;
4. fulfillment by the borrower of its obligations.

Peculiarities

• Payments to holders of securities occur regularly. As a rule, they are carried out monthly (sometimes - quarterly). Late payments are extremely rare.
• The payments from the pooled assets are summed up in two parts. The first (interest) includes a fee for the use of the loan, the second (amortization) - repayment of the principal amount of the debt. Depreciation payments can be early and regular.
• Regular depreciation payments are calculated in such a way that over the period of validity mortgage lending the entire amount of debt obligations was paid in full. In this they differ from payments corporate bonds, which involve the payment of the entire balance only at the end of the validity period.
• The level of profitability of securities directly depends on the term of their circulation, as well as the degree of risk of non-payment of payments. In turn, such risks depend on the collateral of the MBS.
• To carry out early repayment of debt obligations, the borrower is given the right to sell real estate, which acts as a guarantee for a loan obligation.

Kinds

ICB is divided into:

• Mortgages are registered papers secured by a pledge of real estate, which confirm the owner's rights to fulfill the obligations assumed by the borrower. Main function of such securities is to accelerate the turnover of real estate on the basis of a cession. An important advantage of such documents is the possibility of adjusting and changing their content. Mortgage bonds may be invalidated if the procedure for issuing them is violated.
• Mortgage-backed bonds. With their help, potential investors receive guarantees that their requirements will be met. The main feature of this type is the presence of collateral to ensure the fulfillment by the borrower of its obligations. In most countries, there are legal regulations according to which overall size liabilities under such financial instruments cannot be more than the amount mortgage coverage;
• mortgage certificates. Confirm the rights of their holders to receive interest from appraised value mortgage objects, as well as high-quality management from organizations that issued and issued mortgage coverage (such activities can only be carried out by commercial organizations that have received an appropriate license to manage various investment objects).

Advantages and disadvantages

The main advantages of the ICB are:

• long term;
• general availability;
• transparent and understandable mechanisms of work;
• high level of legal protection.

Along with this, the ICB also has some disadvantages:

• high probability of long-term repayment, makes settlement impossible additional grants and income;
• low liquidity.

Mortgage-Backed Securities - MBS) - debt securities, refinanced with the help of obligations under one or more mortgage loans. Interest and principal payments on such securities are made from funds received under secured loans.

Mortgage-backed securities(ancient Greek ὑποϑήκη - pledge, instruction) - a kind of secondary securities that serve universal tool refinancing of investments in housing construction, that is, a means for the short-term recovery of financial injections into residential properties that are purchased on the market through mortgages. At the same time, securities maintain the stability of refinancing mortgage construction due to the fact that the return of funds to the investor is carried out within a period shorter than the maturity of the mortgage loan amount.

Relations arising from mortgage-backed securities differ in the issue, issuance, circulation of such securities and the fulfillment of obligations under them. On the territory of the Russian Federation, all of the listed types of relations regarding any mortgage-backed securities, with the exception of mortgages, are regulated by the Federal Law of November 11, 2003 No. 152-ФЗ “On Mortgage-Based Securities”.

Encyclopedic YouTube

1 / 5

Overview of mortgage-backed securities

Mortgage-backed securities, part I

Evgeny Chepenko: mortgage and mortgage-backed securities

IncomePoint.tv: mortgage-backed securities

38 Securities

Subtitles

Let's assume that I - investment bank. I start working and buy a whole range of mortgages. Here are the mortgage loans of the population. When I say I'm buying mortgage This means that the homeowners who have borrowed money, instead of giving it to the mortgage broker they borrowed from or the intermediary who gets the bills paid, will have to pay me because I bought those mortgages. I basically became a homeowner lender. So now homeowner's mortgage payments will trickle down to me. To an investment bank. Now these homeowners owe me. But I don't want to be the final owner of the bills. I want to be an intermediary, so I'm setting up a special purpose vehicle. It's just a corporation that I'm founding. And then I tie all mortgages to this company. Now they are all attached to her. Now the special purpose vehicle is the owner of the loans, and the investment bank, finally launched, will own all the shares in this company. So the bank can then sell the shares, break up the special purpose vehicle into a million or 10 million shares, and sell those shares to investors. He will sell them to investors. The shares would then be called mortgage-backed securities, or sometimes MBS. They form part of a general class called asset-backed securities. What will now happen is that all payments coming in from the homeowners will go towards paying off the mortgage, which is now owned by the special purpose vehicle. So they all settle down inside this company. Some borrowers will meet their obligations, some will not. But, on average, the company will be able to pay dividends. Essentially, you can think of it as the interest the owner receives from the mortgage-backed securities.

Purpose of mortgage-backed securities

The purpose of mortgage-backed securities is to minimize the risks of late repayment borrowed money when investing in mortgage construction, carried out according to the mechanism of securitization (from the English. securities - securities). The essence of the securitization mechanism is the procedure for converting debt obligations associated with refinancing into securities with acceptable collateral and relatively high liquidity. The procedural side of securitization consists in the implementation of one of two tactics. In the first case, collateralized securities are issued by credit institutions engaged in mortgage lending. In the second case, there is a sale by mortgage investors of debt obligations to a mortgage agent - a specialized commercial organization, which ultimately issues secured securities, since it has the right to issue mortgage-backed bonds.

The use of mortgage-backed securities in the process of refinancing mortgage capital is carried out in three ways. The legislation provides for the issuance of mortgage-backed bonds by banks providing mortgage loans. But it is also possible for banks to cede to mortgage agents the rights of claims on credits (loans) secured by mortgages and/or mortgages. And finally, it is possible to assign the indicated rights of demand to the management company in exchange for mortgage certificates of participation.

Characteristics of mortgage-backed securities

In spite of different kinds mortgage-backed securities, typically most MCBs have the following common characteristics:

1) in almost all cases, the payments paid to holders of MBS are periodic. More often the period is monthly, less often quarterly;

2) payments from a pool of assets usually consist of two parts: interest (fee for using loans) and depreciation (repayment of loans). Depreciation payments can be planned or early, full or partial;

This is the amount of funds that must be paid to the bank (creditor) by all of its mortgage borrowers under their loan agreements, including principal and interest payments. This indicator is used by the bank as a basis for calculating the possible volume of issue of mortgage-backed securities.

Types of mortgage-backed securities

Mortgage-backed securities include: a mortgage-backed bond and a mortgage participation certificate.

Mortgage backed bonds

A mortgage-backed bond is a security, the fulfillment of obligations under which is secured in whole or in part by a pledge of mortgage coverage. This paper is issued both in documentary and non-documentary forms. Housing bonds are mainly traded on the market, that is, rights of claim secured by a pledge of residential premises are covered. At the same time, housing bonds cannot be secured by a pledge of immovable property, the construction of which has not been completed.

Thus, hallmark bonds as a type of mortgage-backed securities is the sign that the fulfillment of obligations under such a bond is secured by a pledge of mortgage coverage (instead of a pledge of real estate), and this coverage in most cases is composed of rights of claim secured by a mortgage.

This implies, in particular, that to confirm the claim included in the mortgage coverage for the obligation secured by the mortgage, it is sufficient to have a mortgage. Therefore, if the obligations arising from such bonds are violated (for example, when the bank issuing mortgage bonds refused to pay on them), the owner of these securities has the right to foreclose on the mortgage coverage, which is the subject of pledge. Meanwhile, the mortgagor (the owner of the dwelling) is liable for failure to fulfill only his obligation arising from the loan agreement secured by the mortgage of the dwelling.

The amount of liabilities on all mortgage-backed bonds in circulation must not exceed the amount of mortgage coverage, which serves as an essential condition for protecting the rights of holders of these bonds. At the same time, the amount of claims secured by mortgages included in the mortgage coverage of bonds should not be less than 80% of the par value of the issued bonds. However, the principal amount of claims under a loan agreement or loan agreement, secured by a mortgage or mortgage, should not exceed 80% of the market value of real estate that is the subject of mortgage and evaluated by an independent appraiser.

In 2011, the issue of mortgage-backed securities amounted to 46 billion rubles.

So far, there are not so many mortgage securitization transactions. From 2006 to 2012, there were only 16 domestic securitizations of Russian mortgage assets worth more than RUB 122 billion. and 13 cross-border transactions worth more than 61 billion rubles, Semenyaka notes. At the same time, AHML conducted six transactions for the amount of 59.2 billion rubles, VTB and VTB24 - six transactions for 45.3 billion rubles, GPB Ipoteka - four transactions for the amount of 22.8 billion rubles. DeltaCredit Bank made two transactions for the amount of 10.8 billion rubles, Unicredit and Vozrozhdeniye banks - one transaction each for the amount of 5 billion rubles. and 4.1 billion rubles. respectively.

Links

1. Galanov V. A., Basova A. I. Securities market. - M., 2006. - Library of banking.
2. Bushuev A. Securities in the system of mortgage lending. // Lawyer and accountant. 2004. No. 3. P. 6
3. Berdnikova T. B. Securities market and exchange business. - M., 2002. - Library of banking.
4. Galanov V. A., Basova A. I. Decree. op. - Banking Library.
5. Galanov V. A., Basova A. I. Decree. op. - Banking Library.