Abstract
The issue and circulation of increasing numbers of securities is evidence of intensified securitization, which is among the most important trends in global finances today. Promising areas for securitization in today’s Russia are mortgage loans, followed by lease payments and consumer credits. Russia lacks mortgage note circulation despite legislative consolidation of two of their possible forms. A major economic reason behind the underdevelopment of the Russian mortgage security market is that large commercial banks do not operate in the domestic mortgage lending system. As a consequence, a critical mass of debt obligations for securitization has not accumulated in Russia yet. This and other circumstances determine the shift of the Russian mortgage market toward the American model of refinancing of mortgage loans, which depends on infrastructural hypothecary institutions, whose role can be assigned to Bank Control Pools (BCPs).
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