Publication: Mortgage sistemi ve mortgage kredilerinin gelişimini etkileyen faktörlerin analizi : Türkiye örneği
Abstract
Mortgage sistemi, konut finansmanında tüm dünyada başarılı şekillerde uygulanan en önemli model olarak kabul edilmektedir. Esasen ölü yatırımlar olarak kabul edilen konut sektörü yatırımları, mortgage sistemi ile hareket kazanarak ekonomik sisteme dâhil olmaktadırlar. Sermaye piyasaları ile bütünleşmiş ipotek piyasalarıyla işleyen sistemde, ipotek kredileri birincil piyasalarda üretilmekte ikincil piyasalarda da sonradan işlem görerek alım-satımlara konu olmaktadır. Bu süreç sonunda yaratılan yeni kaynaklar tekrar ekonomiye döndürülerek hem konut sektörü giderek canlandırılmakta hem de sermaye piyasaları derinlik kazanarak gelişim kaydetmektedir. Türkiye’de yakın zamana kadar uygulamada olan konut edinme sistemleri çoğunlukla geleneksel nitelikte olup özellikle uzun vadeli kredi kullanımına imkân vermemektedir. Bu noktada ekonomideki kırılgan yapı ve sık aralıklarla yaşanan ekonomik krizler önemli rol oynasa da yıllar geçtikçe artan konut ihtiyacı, artık yeni ve gelişmiş ülkelerde başarıyla uygulanan bir konut sistemi olan mortgage sistemini gerekli kılmış olup söz konusu sistem, 21.02.2007 tarihinde yasalaşarak yürürlüğe girmiştir. Bu doğrultuda hazırlanan çalışmada, mortgage sisteminin kavramsal çerçevesi verildikten sonra sistemin dünyadaki iki temel uygulaması karşılaştırmalı olarak incelenmiştir. Ardından ipotekli konut kredilerinin Türk bankacılık sektöründeki yeri irdelenerek bu bilgiler ışığında ülkemizde yeni uygulamaya konan mortgage sisteminin gerek ekonomik gerekse de sosyo-kültürel olarak önemi ortaya konmuş ve sistemin gelişimde rol oynayacak önemli makro ekonomik değişkenlerin mortgage kredilerine olan etkileri analiz edilmiştir. Mortgage sistemi, ipotek bankacılığı, ipotekli konut kredileri, menkul kıymetleştirme, ipotekli sermaye piyasası araçları.
Mortgage system is one of the most successful housing finance method in the world. Mortgage system is a system which gives a motion to housing sector investments and bring them into economy. By the integration of capital and mortgage markets in the system, mortgages are produced in the primary markets and transformed to capital market instruments in the secondary markets. At the end of this process, the new funds are getting created and then returned back to economy to finance housing sector again. Furtheremore, by the creation of new capital market instruments in the system, the scale of capital markets are getting larger. Until recent past, most of housing systems in Turkey were generally traditional and insufficient to create long term credits for customers. Some of reasons such as delicate economic structure and experienced often economic crisises are the main reason for this circumstance. But beside that reasons, by the growing need of house in recent years, the Turkish parliament decided to accept a mortgage law which starts a high standard mortgage system in 21.02.2007. In this study, firstly the conseption of mortgage system is given and then two main applications of the system are compared detailly. After that, the size of the housing credits in Turkish banking sector examined with the economic and social importance of mortgage system for Turkey. Finally by the help of application of econometric models considering the macro economic variable effects on mortgage credits, the future of the system in Turkey.is forecasted sciencetifically. Key words: Mortgage system, mortgage banking, mortgage credits, securitization, mortgage backed securities.
Mortgage system is one of the most successful housing finance method in the world. Mortgage system is a system which gives a motion to housing sector investments and bring them into economy. By the integration of capital and mortgage markets in the system, mortgages are produced in the primary markets and transformed to capital market instruments in the secondary markets. At the end of this process, the new funds are getting created and then returned back to economy to finance housing sector again. Furtheremore, by the creation of new capital market instruments in the system, the scale of capital markets are getting larger. Until recent past, most of housing systems in Turkey were generally traditional and insufficient to create long term credits for customers. Some of reasons such as delicate economic structure and experienced often economic crisises are the main reason for this circumstance. But beside that reasons, by the growing need of house in recent years, the Turkish parliament decided to accept a mortgage law which starts a high standard mortgage system in 21.02.2007. In this study, firstly the conseption of mortgage system is given and then two main applications of the system are compared detailly. After that, the size of the housing credits in Turkish banking sector examined with the economic and social importance of mortgage system for Turkey. Finally by the help of application of econometric models considering the macro economic variable effects on mortgage credits, the future of the system in Turkey.is forecasted sciencetifically. Key words: Mortgage system, mortgage banking, mortgage credits, securitization, mortgage backed securities.