01/08/2014

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Mortgage Securities Mortgage-backed securities (MBS), in English literature MBS (mortgage-backed securities), are special cases of ABS (asset-backed securities). ABS are securities that give their owners the right to receive cash flows from a specific pool (Set) of assets. In the case of MBS assets represent contractual rights to mortgage loans secured by real estate collateral. Mortgage loans are repaid monthly (or quarterly) payments. Owners MBS backed by this pool, get a large portion of these payments on some predetermined pattern. In world practice, a wide variety of MBS, which differ in the type of ensuring assets, warranties, risk-sharing, etc. However, there are only two fundamental ways to distribute cash proceeds from asset MBS: 1. Payments are sent to owners of MBS after will be made for retaining administrative and servicing MBS. Such papers are called 'cross-cutting'. They constitute the vast majority of emitted MBS in the world. 2. The whole issue of MBS is divided into several classes. Payments, and risks redistributed between these two classes in accordance with a set of rules to structure and service. Such securities are called structured. Typical examples are structured MBS CMO (collateralized mortgage obligations) and CMBS (Commercial mortgage-backed securities). In Russia, the only statute providing for such tools, today is the Law "On Mortgage Securities 152-FZ of 11 November 2003. The Act provides for securitization of mortgage loans through mortgage-backed bonds and mortgage participation certificates. The most common form of mortgage-backed securities in Russia - a mortgage. The concept of a mortgage as a free traded in the securities market has appeared in federal law in 1998 "On Mortgage".
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Social Security On the other hand, the period is extended until the 31 of December of 2011 it stops to in force transform subscribed temporary contracts prior to the entrance of the Real Decree into others of promotion of the indefinite hiring; with respect to that they subscribe later, and whenever its duration does not exceed the six months, the term is extended until the 31 of December of 2012. Contract of Formation the contract for the Formation and the learning has centered good part of the explanations of Valeriano Go'mez: it has described it like the measurement " more importante" adopted east Friday within the decree law. The minister has assured that the contract part-time " he is working very well even during crisis" and that grows a 8%. This new contract, for which the Government has paid attention to carried out initiatives in Germany, like " formation model dual" , it will work by means of " alternancia" between formation and use and it will have a normal repayment: it has completely broken ties it to the minister with " contracts basura". The contract is for young people between 16 and 25 years and, transitorily, also it stops young people between 25 and 30 years. The duration will be between one and two years and will be able to prorogue a year more based on the duration of the formative process in which the person is inserted. The labor day will be of 75% of habitual the labor day in the company. The rest of the time will be dedicated to formative activities in a formative center. The social protection, according to the minister, will be the same that stops the rest of contracts, including the protection by unemployment, and of the FOGASA; on the other hand, there will be...

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