Abstract

In the present article author explores characteristics and structure of the secondary mortgage market of the United States of America. The study begins with the history of the development of the market. Thus, the author notes that the practice of issuing securities backed by mortgage assets stared with the work of "Ginnie Mae". Such refinancing helped to provide "Fannie Mae," and then began the development of the turnover of securities, backed by pools of mortgages. Further the author considers: 1. the main features of the securities issued by mortgage institutions; 2. "Fannie Mae": the main types of equity securities (debt instruments); 3. "Fannie Mae": the purchase of mortgage loans on the free market system; 4. Tandem program; 5. Conduits: non-governmental mortgage organizations. In conclusion, the author infers that the experience of the USA arouses the particular interest. Since 1970, the United States achieved significant results and laid the foundation for the economic development of the USA.

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