İpotek kredileri ve ipoteğe dayalı menkul kıymetler yoluyla Türk konut finansman sorununun çözümünde bir model önerisi
A Model suggestion in solving Turkish housing finance problem through mortgage loans and mortgage backed securities
- Tez No: 51589
- Danışmanlar: PROF.DR. ÖZDEMİR AKMUT
- Tez Türü: Doktora
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1996
- Dil: Türkçe
- Üniversite: Ankara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 231
Özet
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Özet (Çeviri)
SUMMARY A MODEL SUGGESTION IN SOLVING TURKISH HOUSING FINANCE PROBLEM THROUGH MORTGAGE LOANS AND MORTGAGE BACKED SECURITIES Housing, as being one of the most important necessities of human beings, has been included in both government programs and universal declarations. When we handle the issue in a global sense it has been noticed that housing problem in developed countries has been solved with a great deal, whereas in developing countries' already existing housing problems augment due to rapid population growth and increasing rate of urbanization. In the developing countries, the main difficulties experienced in owning a house are as follows: 1) The costs of the houses are extremely higher than the people's income level, 2) Saving potential is very limited due to low level of per capita income. Considering that most people in developing countries spent their income on basic needs, the difficulty to accumulate funds on housing can be easily understood. Developed countries have solved the financing problem mentioned above via organizational structures and attractive financing models. Although the developing countries try to take similar steps, the percentage of the people who benefit from these systems are quite low, and so they prefer non-institutional sources for their financial needs. The funds provided by specialized housing institutions and commercial banks can be expressed as formal“institutional housing finance”. On the other hand, non- 219institutional housing finance involves funding from relatives, friends, employers, black market sources...etc. The form of housing finance determines the quality of both houses and residential environments. For instance, the buildings and residential units constructed by loans provided from financial institutions are organized, clean and do not have infrastructural problems, whereas the ones built by loans provided from non-financial institutions are unorganized, dirty and have infrastructural problems. Long-term financing should be provided to people because of the extremely high cost of houses comparing the people's income level. These long-term housing loan practices are similar in some aspects but they differ according to economical and social situations in each countries. In the countries which have strong financial sector and stable economy, loans generally carry fixed interest rates and equal paybacks. On the other hand, in the countries which suffer from high inflation and interest rates, loans usually carry variable interest rates and adjustable installment payments. Besides, in these countries housing mortgage loans which are indexed to income levels can also be used. In order to create a demand for mortgage loans, they should be convenient for users present and future income levels. On the other hand, supply for mortgage loans could be available if financial institutions make profit. In other words, market will be able to function if it is profitable and beneficial for both creditors and borrowers. The institutions raise their funds by collecting deposits, selling loans and issuing mortgage backed securities in the primary market (securitisation). Creating a continuity for the housing finance institutions and extending long-term loans depend on the availability of these sources and deep financial market. Since housing is a social policy, governments usually intervene to this sector. These interventions include generally direct investments and incentives such as tax exemptions and other type of subsidies. 220Throughout the Republican period, governments have tried to make contributions to this sector, but these contributions were, in general, limited due to lack of resources. Even though“collective housing practices”have contributed a great deal to house owning, especially through cooperatives, after 1980, these have been far away from introducing a permanent solution to the problem of non-institutional housing finance system. In fact, instead of spending those limited sources on direct investments which have limited number of users, government should use these funds in order to form an institutional system which will function under free market conditions. From the aspects of fund supply and demand, to ensure the healthy foundation of market oriented housing finance system will require a well defined and specialized firms acting in the sector. On the other hand, for the development of this market and mobilization of additional funds, both legal framework and tax incentives must be implemented. To activate an institutional housing system does not mean that the problem is solved. To support the system, along with the governmental action as mentioned above, the integration of people to the system who have low income will certainly take time. The market and the system will be considered mature and perfect when the financing requirements of the whole society for housing are covered, and residential areas and modern houses are spread over through the country. 221
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