Mortgage securities - mortgage securities

Japanese: 抵当証券 - ていとうしょうけん

Based on the Mortgage Securities Law, it is a securitization of mortgages on real estate and the claims secured by them. Only if there is a special agreement between the creditor who lends the funds and the debtor who borrows the money, it is issued by the registry office upon the creditor's application for registration, and can then be endorsed and transferred to a third party. It was institutionalized with the aim of making mortgaged claims liquid, making it easier for creditors to recover their funds and for debtors to raise funds. It was not used much because of the complicated procedures, but with the establishment of mortgage securities companies that handle various operations, it developed into a financial product sold in small amounts to general investors from around the 1970s. It became popular due to its high yield, but due to the rampant use of fraudulent business practices, it was regulated in 1987 by the "Law Concerning the Regulation of Mortgage Securities Business," and purchasers are now required to deposit the original certificate with the Mortgage Securities Depository and receive a deposit certificate issued by the mortgage securities company. In the late 1980s, during the bubble economy, mortgages were very popular as a profit-making product, but they lost popularity when the bubble burst. In addition, mortgage securities cannot be issued in cases such as when there is a root mortgage (→ root mortgage) (Article 2 of the Mortgage Securities Law).

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

抵当証券法に基づき，不動産などの抵当権とそれに担保される債権を証券化したもの。資金を貸し付ける債権者と借り手である債務者との間に特約がある場合にかぎり，債権者の登記申請によって登記所から発行され，その後は裏書して第三者に譲渡することができる。抵当権付き債権に流通性をもたせることにより，債権者の資金回収，債務者の資金調達を容易にすることを目的に制度化された。手続きが煩雑なためあまり利用されてこなかったが，諸業務を代行する抵当証券会社の設立によって，1970年代頃から一般投資家に向けて小口販売される金融商品として発展。高利回りで人気が高まったが，悪徳商法（悪質商法）が横行したため 1987年に「抵当証券業の規制等に関する法律」によって規制され，購入者は抵当証券保管機構に原券を預けて発行される保管証と，抵当証券会社が発行するモーゲージ証書（預かり証）を受け取ることになった。1980年代後半のバブル経済期には利殖商品として高い人気を得たものの，バブル経済崩壊とともに人気を失った。なお，根抵当権（→根抵当）の場合などには抵当証券を発行することができない（抵当証券法2条）。

出典　ブリタニカ国際大百科事典小項目事典ブリタニカ国際大百科事典小項目事典について　情報

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