Alternatif mortgage teknikleri ve türkiye uygulaması
Alternative mortgage instruments and turkey application
Yazar: ERHAN EROĞLU
Danışman: PROF.DR. İLHAN ULUDAĞ
Marmara Üniversitesi / Bankacılık ve Sigortacılık Enstitüsü / Bankacılık Ana Bilim Dalı
Derece: Doktora, 2007
Konu: Bankacılık = Banking

Özet:
Konut finansmanõnõn temel amacõ, konut sahibi olmak isteyen kişilere,kendi konutlarõnõ satõn almak için ihtiyaç duyduklarõ fonlarõ sağlamaktõr. Bu amaçdoğrultusunda yeterli fona sahip olmayan kişiler ya dolaysõz finansman yönteminikullanarak yakõn akraba veya arkadaş çevresinden borç alacak ya da ipotekkredisi veren kurumlara başvurarak, gerekli inceleme ve değerlendirmeler sonucusatõn aldõğõ konuta ipotek konularak (kredi alarak) fon temin edebileceklerdir.Genel olarak ipotek piyasasõ denildiğinde, hem birinci el hem de ikinci elipotek piyasasõ ifade edilmektedir. Birinci el piyasada konut ipotek kredileridüzenlenmekte, ikinci el piyasada ise düzenlenmiş olan bu krediler işlemgörmekte, diğer bir değişle alõnõp satõlmaktadõr. Düzenlenmiş olan ipotekkredilerinin biraraya toplanmasõ suretiyle oluşturulan ipotek havuzuna dayalõolarak ihraç edilen menkul kõymetlere ipoteğe dayalõ menkul kõymetler (MortgageBacked-Securities - MBS) denilmektedir. İpoteğe dayalõ menkul kõymetler bazenipotekten geçen menkul kõymetler olarak da adlandõrõlõrlar.Bir konut finansman sistemi olarak mortgageõn doğrudan konut kredisisisteminden farkõ, fonlama açõsõndan kendine yeterli olmasõ ve sistemin kendinibesleyebilmesidir. Mortgage sisteminde bankalarõn ve yetkili diğer finansalkuruluşlarõn ipotek karşõlõğõ verdikleri krediler için havuzlar oluşturulur. Buhavuzlara tüketiciler tarafõndan yapõlacak anapara ve faiz geri ödemelerikarşõlõğõnda düzenlenen menkul kõymetler, sermaye piyasalarõnda yatõrõmcõlaraarz edilerek toplanan fonlar yeniden konut kredilerine dönüşür.Ülkemizde konut almak isteyen kişilerin başvurabileceği kaynaklar çoksõnõrlõdõr. Çalõşmamõzda önerilen ve yasanõn da çõkmasõyla son şeklini alan Türkmortgage sisteminde konut kredileri; bankalar, katõlõm bankalarõ, tüketici finansşirketleri ve finansal kiralama şirketleri tarafõndan açõlabilmektedir. Bu çerçevedeçalõşmanõn özellikle son bölümünde de görüleceği gibi, Türkiyede çok uzunyõllardõr, yüksek enflasyon ve dolayõsõyla yüksek faiz oranlarõ ile mücadele edildiğiiçin, konut sektörü ve bir finansman tekniği olan mortgage-ipotekli konutfinansmanõ hep ihmal edilmiştir. Enflasyon problemini çözmüş olan, sadecegelişmiş değil, Türkiyeden daha düşük kişi başõna milli gelir düzeyine sahip bazõülkelerde dahi mortgage-ipotekli konut finansmanõ sisteminin işlediğigörülmektedir.Türkiye için çok büyük yenilik olan ikinci el ipotek piyasasõnõn zamanlagelişmesi ile birlikte, değişik tiplerdeki ipoteğe dayalõ menkul kõymetleştirmetürlerinin uygulanmasõna olanak sağlayacak ve ülkemiz ekonomisinin çok daha iyiyerlere gelmesine imkan tanõyacaktõr.

Abstract:
The common goal and the major focus of housing finance systems is providingfunds for households to buy their own houses. In order to fulfill the fundingrequirement of low/middle income groups, housing finance system offers basically twoalternatives. For the countries which does not have a developed housing financesystem, people usually borrow funds from their relatives within the context oftraditional social support mechanism of family relations which is called directfinance. However in line with the economic development, when there is an effectivehousing finanace system exists, even modest income groups borrow funds fromfinancial institutions utilizing the mortgage loan facilities.In general terms, the mortgage market has two faces, the primary and thesecondary markets. The primary market covers housing mortgage loans. On the otherside of the mechanism, these loans are securitized and issued in financial markets withdifferent form of securities in secondary markets. The common name of theseinstruments is mortgage backed securities - MBS. A mortgage backed security is afinancial instrument issued in capital markets for investors, derived from eitherbacked by the cash flow of the housing loan repayments (which is called pay-through)or backed by directly selling the mortgage pools to the MBS issuers (which is calledpass-through) .The major difference of mortgage system from the direct housing loanmechanism is its ability of self-funding suffeciency. The banking industry and theother financial institutions who are authorized to allocate housing loans with therepayment guarantee of mortgages, build mortgage pools considering the majoruniform characteristics of these loans (i.e. termination of the loans, specific housingprojects). With the help of the cash flow from loan and interest repayments, the passthrough or pay-through mortgage backed securities are issued in capital markets byauthorized financial institutions. The issue income from MBS is the major source ofthe new mortgage loans, therefore the system has self-growing facility.Regarding the low marginal propensity to save multiple of the householdeconomy, the Turkish financial system offers limited alternatives and fundingfacilities for housing finance. The banking industry which is the major power behindour financial system, can only utilize YTL and FX deposits and syndication facilitiesfrom foreign banks in order to fund housing loans. Therefore, a great deal oftermination and currency mismatch risk appears in the balance sheet of the bankingsystem as a consequence of these operations.The infant Turkish Mortgage System which has been in effect since a couple ofmonths offers a new horizon for both supply and demand sides of the housing finance.According to the new mortgage legislation, apart from the banks which still will be themajor engine of the housing finance, financial leasing and consumer financecompanies can also utilize mortgage facility loans.As indicated in the last part of our study, despite the fact that the fallinginflation and interest rates from unbearable to the modest levels in recent years, theseindicators are still too high for the healty operation of our mortgage finance system.As a consequence of these high levels of inflation and interest rates, housing finance ingeneral and mortgage finance was neglected over the past decades. Even thedeveloping countries which have lower per capita GNP than Turkey, could operatetheir mortgage finance system with both primary and secondary markets due to theirlower levels of inflation rates.Turkey is now facing with the problem of building the secondary mortgagemarkets in order to make a self-sufficient housing finance system. Our prospectivesecondary mortgage market will introduce new investment vehicle alternatives for theinvestors who are still continue to play with company stocks and fixed income statebonds. This mission will be a new era for the development of the Turkish economyand financial markets.In our study we tried to envisage the basic operation of our prospectivemortgage finance system. Within this context, we tried to discover the interrelationsamong the financial institutions and their products which will be intoduced in theprimary and secondary mortgage markets. We also tried to build a simple model forthe operation of pass-through and pay-through mortgage bonds related to HousingFinance Funds (KFF) and Mortgage Finance Institutions (IFK).