Mortgage Bank ( English Mortgage Bank ; Swiss Hypothekarbank ), the outdated name for Pfandbriefbanken whose banking business involves bond business, as the funding for the lending of real estate used.
Due to the Mortgage Bank Act (HBG) of July 1899, they called themselves mortgage banks . From the compound word, it appeared that it as collateral mortgages or land charges on real estate financing in participated. In § 1 HBG, the law presented a legal definition according to which mortgage banks are credit institutions under private law, "whose business operations are aimed at
- to lend domestic properties and to issue bonds (mortgage Pfandbriefe) on the basis of the mortgages acquired,
- To grant loans to domestic corporations and institutions under public law or against assumption of the full guarantee by such corporation or institution ( municipal loan ) and to issue bonds (municipal bonds) on the basis of the claims acquired ".
The three major banks each owned a major mortgage bank in 1989. The German bank held the majority in Eurohypo , the Dresdner Bank , the German Eurohypo and Commerzbank , the Rheinische Hypothekenbank ; all three mortgage banks have been part of Hypothekenbank Frankfurt since August 2002. The Pfandbrief Act (PfandBG) of July 2005 introduced the term Pfandbrief banks, but the previous mortgage banks are still allowed to keep their names according to Section 43 PfandBG. Mortgage banks are the most important banking group among the specialist banks in Germany and are listed in the banking statistics of the Deutsche Bundesbank under the generic term Realkreditinstitut .
The Prussian mortgage and bankruptcy code of April 14, 1722 regulated the mortgage system for the first time. It stipulated that a complete land and mortgage book should be set up at every court dealing with the mortgage system, which should contain all real estate in the district with precise names and numbers. The name of the owner, the purchase title and the purchase price had to be attached to each property. In April 1748, the system of classification of creditors, taking into account the reason for debt, was eliminated and replaced by a pure priority principle based on the date of entry. It was now essential that the mortgagee should be entered first. Obviously the first mortgage bank was the Schlesische Landschaft , founded in June 1770 , a cooperative public credit institute which lent 50% of the aristocratic real estate value and refinanced these loans with bearer Pfandbriefe. It was followed in June 1777 by the Kur- und Neumärkische Ritterschaftliche Kreditinstitut , then the landscapes in Pomerania in March 1781, West Prussia in 1787 and East Prussia in 1788. The mortgage regulations of December 20, 1783 specified the previous law and dealt with the pledging and assignment of mortgages . The Groning landscape was created in Holland in 1823 based on the German model of the “landscapes” . Shortly afterwards, the Caisse hypothécaire was established in France in 1824 , but it closed in 1841.
The first mortgage banks in Switzerland were the Basellandschaftliche Hypothekenbank in 1849 , in which the canton held a 10% stake, and the Caisse hypothécaire à Genève , which was followed in 1851 by the Thurgauische Hypothekenbank . The first private mortgage bank in Austria was founded in 1863 under the company Oesterreichische Bodenkredit-Anstalt based on the French Credit Foncier model .
On the basis of a law of February 28, 1852, which regulated land loan companies for creditors and debtors in France, the first mortgage bank in the legal form of a joint stock bank was the Banque Foncier (land loan bank ) founded in Paris in July 1852 , which expanded to all departments and then expanded Crédit Foncier de France called. The Allgemeine Deutsche Credit-Anstalt in Leipzig, founded in March 1856, assumed the function of a mixed mortgage bank in 1858, followed by Hypothekenbank Frankfurt in December 1862 . When Bayerische Hypotheken- und Wechselbank received the right to issue Pfandbriefe in 1864, the institute, which had already been founded in 1835, became a mixed mortgage bank. From 1862 on, around thirty mortgage banks had been founded in Germany within a short time. They granted mortgage loans to the landowner and refinanced themselves by issuing Pfandbriefe. The business activity of only a few of these banks was limited to the mentioned sectors; rather, their statutes permitted further, in some cases all types of banking business.
The Braunschweig-Hannoversche Hypothekenbank AG was founded 1871st In 1894, the architect Hermann Otto Pflaume built a three-storey bank building for the newly founded Rheinisch-Westfälische Boden-Credit-Bank in Cologne's bank mile Unter Sachsenhausen 2 .
At the end of the 19th century there were 40 mortgage banks in Germany with a loan portfolio of 5.9 billion marks, 29 of which were purely mortgage banks and 11 were mixed mortgage banks. On July 13, 1899, Kaiser Wilhelm II sanctioned the Mortgage Bank Act (HBG), which came into effect as a special institute law on January 1, 1900 at the same time as the BGB . In the context of creditor protection, it served to protect Pfandbrief creditors and applied to mortgage banks organized under private law and credit institutions under public law. The Deutsche Genossenschafts-Hypothekenbank AG (DG-Hyp) was only founded in May 1921 and is part of the cooperative network . In December 1927, the Public Pfandbrief Act (ÖPG) came into force, which secured the privilege of satisfaction of the Pfandbrief creditors; in April 1943, the Schiffsbank Act regulated this special branch of mortgage loans.
The Pfandbrief Act (PfandBG) , which has been in force since July 2005, summarized these special provisions , especially since the special banking principle no longer had to be adhered to due to the strengthening of the cover pool through the last amendment to the HBG and the ÖPG in April 2004. The PfandBG therefore enables all credit institutions to issue Pfandbriefe if the legal requirements are met. In addition, the PfandBG introduced a name change to Pfandbrief banks, while the mortgage banks were allowed to keep their name and their banking license according to PfandBG in conjunction with KWG, as well as the continued validity of the transactions according to (2) PfandBG. The Association of German Pfandbrief Banks e. V. (vdp) was called the Association of German Mortgage Banks until 2005 and today represents 41 member institutions. In 2005, SEB AG was the first commercial bank to receive a license from BaFin to issue Pfandbriefe and then merged its previous mortgage bank with the parent institution.
Mortgage banks are also known abroad. In most European countries there is a special name for the Pfandbriefe covered by land and land rights , which is regulated by special laws in Austria , France , Denmark , Greece , Italy , Spain , Sweden and Germany . In Austria only a small number of mortgage banks are allowed to issue Pfandbriefe. The mortgage banks are not allowed to issue more Pfandbriefe than are covered by mortgages of the same amount (“ordinary cover”). France has known the “Obligation Foncière” since December 1988, which is issued by the “Crédit Foncière de France” (CFF). Since December 1998 there has been a specific legal framework for mortgage banks in France.
The two largest mortgage banks in the USA, Fannie Mae and Freddie Mac , were insolvent in August 2008 after the financial crisis in 2007 , so that the US government had to step in with state aid. In England in September 2007, the Northern Rock mortgage bank had to be supported with an emergency loan from the Bank of England . When the liquidity problem of the mortgage bank became known to the public, thousands of customers stormed the bank branches, the bank run resulted in the withdrawal of 2 billion pounds in two days. In February 2008, Northern Rock was nationalized.
- Albrecht Schmidt : Future of the mortgage banks. From a pure mortgage bank to a universal bank with Pfandbrief privilege . In: Real Estate & Financing 56 (2005) 2, pp. 52–53.
- Stefan Kofner , Housing Market and Housing Industry , 2004, p. 95.
- Deutsche Bundesbank, Directory of Credit Institutions , Banking Information 2, January 2015, p. 4.
- Leopold-Michael Marzi, The Law of the Pfandbriefe and Mortgage Banks in the Past and Present , 2002, p. 7.
- Association for the History of the Mark Brandenburg, Research on Brandenburg and Prussian History , Volume 46, 1934, p. 38.
- Leopold-Michael Marzi, The Law of Pfandbriefe and Mortgage Banks in the Past and Present , 2002, p. 8.
- Leopold-Michael Marzi, The Law of the Pfandbriefe and Mortgage Banks in the Past and Present , 2002, p. 13.
- Karl Heinrich Rau, Principles of Economic Policy , 1854, p. 224.
- Robert von Mohl, Journal for the Entire Political Science , Volume 15, 1859, p. 489.
- Michael Golodetz, The State Supervision of Mortgage Banks , Part 1, 1905, p. 16.
- Leopold-Michael Marzi, The Law of Pfandbriefe and Mortgage Banks in the Past and Present , 2002, p. 20.
- Anton Pavlicek, Das Pfandbriefrecht , 1895, p. 21 f.
- Waldemar R. Röhrbein : Braunschweig-Hannoversche Hypothekenbank. In: Klaus Mlynek, Waldemar R. Röhrbein (eds.) U. a .: City Lexicon Hanover . From the beginning to the present. Schlütersche, Hannover 2009, ISBN 978-3-89993-662-9 , p. 81.
- Dieter Bellinger / Volker Kerl, Hypothekenbankgesetz , 1995, p. 27.
- Leopold-Michael Marzi, The Law of Pfandbriefe and Mortgage Banks in the Past and Present , 2002, p. 93.
- Helmut Kaiser / Anja Heilenkötter / Markus Herrmann / Werner Krämer, Der Euro-Kapitalmarkt , 1999, p. 89.
- addition to the 8 state mortgage banks, Bank Austria , Erste Bank and the Pfandbriefstelle of the Austrian state mortgage banks
- Eberhard von Eine, Wohnen , 2016, p. 175.