THE CONDITION AND PROBLEMS OF MORTGAGE LENDING

The residential mortgage lending system existing in Russia is the oft-debated topic in the economics. This subject is constantly discussed at the scientific and state levels as the solution of the housing problem, one of the essential socio-economic problems in the country, influences the demographic situation and socio-economic development of the society. The analysis of statistical data of the Central bank shows that the issue of housing improvement is still very topical in Russia, and what is more, in the context of the continuous growth of housing prices, the mortgage is one of the main methods of the housing problem solution. The statistical data show the increase both in the volumes of granted residential mortgage loans and in the loan debts including overdue debts. A mortgage can be considered as the system of long-term credits that are provided by the commercial banks to buy housing in the primary or secondary market, recently on the security of the acquirable housing. In this connection, the problem of the assessment of borrower’s solvency and acquirable housing liquidity arises. Standard statistical methods used for this purpose showed not quite valid results. Consequently, it was suggested to use methods based on fuzzy logic formalism. The authors introduce the results of comparative analysis of two models of the borrower creditworthiness assessment based on the application of the fuzzy logic methods. It is shown that these models are qualitatively and quantitatively consistent with each other but the advantage of one of these models is the simplicity of computer implementation in the electronic Excel spreadsheets.