Canada REAL ESTATE MORTGAGE LOANS BANKS
In Canada savings and loan associations are a traditional kind of credit institutes. They are engaged mainly in crediting of operations with the real estate, and also investments into long-term securities of the state and corporations. In the beginning crediting of agriculture on the security of the earth, subsequently - housing construction crediting was object of their activity. In Argentina the effective scheme of hypothecary crediting is realised by means of the World Bank.

The generalised kind of the scheme looks as follows:

The government creates guarantee Fund for the bonds (promissory notes) emitted by banks-participants of the project. The world Bank for Fund creation grants a 15-year-old loan (including a 7-year-old delay of payment) for the sum of 500 million US dollars. The fund gives out guarantees under the securities emitted by subjects of the hypothecary market. Guarantees under shares of participation in pools of hypothecary credits of savings and loan associations. A payment for a guarantee - 5 % from the credit sum. Certificates of shares have the uniform standard and are nominated to currency of the credit of the World Bank.

The guarantee Fund is created to redeem the bonds let out by them at project banks-participants in case banks do not have possibility to support their course in view of recession in the market. Calculation with Fund is made in all cases when banks decide to exercise the right, fixed in the agreement with Fund, to sell to it the securities.

Banks-participants emit nominated to a course of the USA of the bond to accumulate money resources for crediting of investment projects (as in the field of industrial, and housing construction). The emitter in coordination with the guarantor (Fund) can choose a kind of emitted bonds. Generalising experience of development of hypothecary crediting in foreign countries, it is necessary to note, what exactly hypothecary crediting was one of major factors of economic development in the USA (Roosevelt’s new course), in Germany (post-war reforms of Erharda), in Argentina (”the plan of Kovalo”) and in Chile (reform of Pinocheta).