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EN
The essence of concept of mortgage and the subject of mortgage is examined, classifications of types of mortgage are analysed, the generalized classification of mortgage is given according to the criteria. At the same time the list of basic principles and functions of mortgage credit is given. On the basis of the conducted analysis of existing definitions the authoress' definition of mortgage has been formulated. The criteria of the reference of object of the real estate to the subject of mortgage, interrelation of mortgage and loan under this mortgage have been investigated.
EN
The existence of different mortgage law systems in each of the EU Member States makes cross-border lending difficult and impedes the free development of common capital market in the European Union. One of the solutions to the problem could be a common mortgage for Europe (Eurohypothec). The article presents the results of academic research up to date and analyses models for a Eurohypothec proposed by several research groups. At the same time, the author presents the development and economic importance of a European mortgage market and outlines the history of Eurohypothec. In this context, the documents of the EU Institutions and positions of the Member States regarding the project are discussed. The main focus of the research is the legal structure of the Eurohypothec. Taking into consideration different opinions, the article seeks to establish the best model while examining closely the problems of accessory and independent mortgage. Although the author expresses some reservations, he generally promotes the idea of the Eurohypothec.
EN
The global financial crisis was a very big challenge especially for banking sector. We can say that the young Polish financial sector managed with satisfaction this challenge without many problems which troubled banking environment elsewhere in Europe. Article says that in 2009, the real estate financing market has passed credibility test during the economic slowdown. Even though banks share credit fell to the level from 2006, in whole 2009 consistently were increased sales housing loans banks. Introduced many restrictions on access to credit (increased profit margins, higher requirements for obtaining credits, additional security). Throughout 2009 banks gradually were rebuilding the level of lending, which resulted from well known government program 'Family strike out on their own' which could have been found in banks offers.
EN
In many countries the mortgage banking plays a basic role in the housing funding. The Polish model of the housing funding in large measure grounded on banking loans. However, more than 95% of mortgage loans come from universal banks. Mortgage banks, which have existed in the Polish economy for 10 years still play a small role in housing funding.
EN
The main purpose of this article was to describe the situation in Poland in the field of mortgages taken by households in the years 2006-2010, particularly during the crisis period 2008-2009. Firstly the author characterized economic situation of Poland and chosen UE countries in general means, emphasising strong connections between GDP dynamic and demand for dwellings and mortgages to finance them. Afterwards Polish mortgages' market was described in the context of changes in real estates' prices. The author highlighted specific situation of Polish mortgages' market as very young and risky. Banks' activities on this market, which may be recognized as wrong, were characterized, as well as government program of helping households to take and pay off mortgages.
EN
In our paper, we focus on the credit risk quantification methodology. We demonstrate that the current regulatory standards for credit risk management are at least not perfect. Generalizing the well-known KMV model, standing behind Basel II, we build a model of a loan portfolio involving a dynamics of the common factor, influencing the borrowers’ assets, which we allow to be non-normal. We show how the parameters of our model may be estimated by means of past mortgage delinquency rates. We give statistical evidence that the non-normal model is much more suitable than the one which assumes the normal distribution of risk factors. We point out in what way the assumption that risk factors follow a normal distribution can be dangerous. Especially during volatile periods comparable to the current crisis, the normal-distribution-based methodology can underestimate the impact of changes in tail losses caused by underlying risk factors.
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