International Conference on Eurasian Economies
12-14 October 2011 – Bishkek, KYRGYZSTAN
Paper detail
Paper ID : 359
Status : Paper published
Language : Turkish
Topic : Finance and Financial Crises
Presenter: Prof. Dr. Mustafa Topaloğlu
Session : 6D Finansal Hukuk
An Evaluation of Turkish Mortgage System from the Perspective of Global Economic Crisis
Türkiye’de Mortgage Sistemi ve Ekonomik Kriz Açısından Değerlendirilmesi
- Prof. Dr. Mustafa Topaloğlu (Özyeğin University, Türkiye)
Abstract
Turkish mortgage system was established by the law number 5582 and the title of "The Law Amending the Laws Related to Housing Finance System" in 2007. Even though the entry into force of this act expressed as "Pay the rent as the landlord-performing”, no bring up short of the interest rates of a housing loan were observed. In fact, Mortgage application could not be branch out yet. The distinguishing feature of the mortgage system, mortgage collateral pools of consumer loans with guaranteed by mortgage backed securities to be issued, sold in the capital market, also called the mortgage money is the safeguard of cheap funds. Using this fund for financing provided by banks as a result of re-housing resource for the consumer to pay the cost of housing loan interest rate is relatively go into a decline. Meanwhile, after the abundance of finance in the world, the so-called subprime mortgage, loans to non-qualified borrower, triggered the world economic crisis occurred. May well be, Turkey was unimpressed the crisis because of the not being set secondary mortgage market. All the public in charge of economy has introduced prevention of packages of measures.
JEL codes: K22
Topaloğlu, Mustafa (2011). "An Evaluation of Turkish Mortgage System from the Perspective of Global Economic Crisis" in Proceedings of International Conference of Eurasian Economies 2011, pp.456-462, Bishkek, KYRGYZSTAN.
DOI: https://doi.org/10.36880/C02.00359
