İpotekli piyaslarda GSE modeli: Türkiye için bir alternatif model mi?

Daha çok sayıda hanehalkının konut kredisine erişiminin sağlanması ve ev sahipliğini artırma çabaları, A.B.D. federal konut politikasının temelini oluşturmuştur. Bu amaçları desteklemek için, yaklaşık 60 yıllık süreçte, pek çok program uygulamaya konmuş ve çok sayıda yasal düzenleme yapılmıştır. Bunlardan bir tanesi, konut finasmanında kamu destekli kurum modelinin (government-sponsored enterprise model-GSE model) uygulanmasıdır. Amaç, ikincil ipotek piyasalarının geliştirilmesi, konut finansmanında maliyetleri düşürülmesi ve Amerikan hanehalkının ödenebilir koşullarda konut kredisi alabilmelerinin sağlanmasıdır. GSE Modeli, birincil ipotek piyasalarında konut finansman maliyetlerin düşmesine, sağladıkları fonlarla daha çok sayıda konuta kredi açılmasına, konut alıcılarına daha çok sayıda kredi seçeneği sunulmasına imkân vererek, A.B.D.'nin bugünkü modern konut finansman sisteminin oluşumuna önemli katkı yapmışlardır. Bu çalışmada, konut finansmanı için henüz sermaye piyasalarından kaynak aktarmada başarılı olamayan ülkemizin mevcut koşullarında, gereken altyapı oluşturulduktan sonra GSE Modelinin uygulanmasının, ipotekli piyasalarında fon maliyetlerinin düşürülmesine önemli katkı yapacağı sonucuna ulaşılmıştır.

GSE model in the Mortgage Markets; Can the alternative model be for Turkey?

Efforts to expand access to mortgage credit and to increase homeownership have dominated U.S. federal housing policy. To support of those objectives, many programs were implemented and many regulations were put into the effect during about 60 years. One of these practices was to be established a government -sponsored enterprise model (GSE model). The Model's objective was to develope the secondary mortgage markets and to reduce the cost of residential mortgage loans. GSE Model has contributed very much to develop today's modern housing finance system by increasing the sources of mortgage funding, reducing interest rates on mortgage loans, standardizing lending practices and raising competition among lenders in the primary mortgage markets. In this paper, it has been concluded that GSE Model can make an important contribution as an alternative model to reduce the cost s of funds in the residential mortgage markets of Turkey, where has not been succesful in order to canalise the funds from capital markets to housing finance yet, after establishing the necessary infrastructure for his model.

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