System of land and mortgage relations: characteristics of formation and development prospects in Russia
In the vast majority of the world's countries today, law allows to use land as a collateral or a collateral for the loan. The advantages of land as a collateral are constancy of location, trend of continuously rising prices; physically land as a laid object can be left in the possession and use of the mortgagor. The article deals with the system of the land and mortgage relations as a set of institutions and mechanisms for the implementation of a particular form of credit relations; they are interconnected and form a kind of integrity which ensures the transfer of financial resources in the mortgage market from lenders to borrowers secured by land with the active participation of the infrastructure and the state. Land and mortgage relationship system includes two subsystems: primary and secondary. The subjects of primary mortgage relations are the creditor, the pledgee, the debtor and the pledger. The object of the relations is mortgage obligation and the subject of mortgage. Direct mortgage relations are implemented through the conclusion and implementation of a mortgage agreement, as well as through the issuance of mortgage payments. The secondary subsystem is mortgage refinancing claims through relationships with mortgages or mortgage-backed securities. Mortgage backed securities are only indirectly related to mortgage of immovable property. In the world practice the basic organizational and financial schemes of mortgage development are: one-level (German or European, continental) scheme when the attraction of means into the system occurs through mortgage banks; and two-level (American, Anglo-American) scheme when the attraction of the necessary resources is achieved by means of the organization of the second market for mortgages through credit organizations: mortgage agencies. The one-level organizational and financial scheme of mortgage lending was historically formed in the European countries, where land-mortgage crediting is traditionally made through special mortgage banks, as well as through savings bank associations, cooperatives of mutual crediting, insurance companies, etc. The investors can be other credit and financial organizations, insurance companies, pension funds, and also population. In the two-level scheme, the initial operations of mortgage companies are financed from their