8 November passed a bill that would facilitate the development of refinancing mortgage loans by issuing mortgage securities, told the press service of the Government of Russia.
Government of Russia approved a draft federal law «On Making Amendments to the Federal Law" On Mortgage (mortgages), the Federal Law "On mortgage securities and the Federal Law" On state registration of rights to immovable property and transactions with it "and decided to make it to the State Duma.
main idea and purpose of the bill is to increase legal security and reducing the time to implement the transfer of large "pools" of mortgages. The bill is aimed at defining the rights and duties of the rightful owners of mortgages, the rights to which are recorded in depository, the debtor in such mortgages, and an appropriate depository.
The bill set out two procedures immobilization mortgage. The first of the mortgagor in the mortgage, it indicates that the right to a mortgage to be constant (necessarily) in the depository account. The second procedure is designed for situations where the mortgage has already been issued and is in circulation. In this case, the legal owner of the mortgage is entitled to make a mortgage on a special transfer label according to which mortgage to take into account the rights to it passed the depositary.
Adoption of the bill would create the conditions for the effective creation and transfer of mortgage cover, which serves as the enforcement of obligations to owners of mortgage-backed securities. The decline related to the mortgage covering the risks and costs would improve the reliability and efficiency of mortgage-backed securities. In general, the bill on the introduction of depository accounting mortgages will contribute to the development of refinancing mortgage loans by issuing mortgage securities.
Source: ChelReal.ru
