أثر توريق الديون الرهنية السكنية على تكلفة الائتمان : دراسة مقارنة لبعض دول شمال إفريقيا

الملخص EN

This research paper aims to analyze and compare the variation in the impact of residential mortgage securitization on the Cost of Credit granted to individuals in some North African countries, as that the change in the cost of credit financed by securitization is a reflection of the performance of the secondary market.

We do this by evaluating in a practical way the effect of securitization on the fall in the interest rates of mortgage loans offered to consumers in Algeria, Tunisia and Morocco.

And by resorting to the use of induction, deduction and extrapolation, after making a comparison between these markets, we concluded in this study after monitoring the developments of both the global effective rate and the Yield Spreads that there is a variation in the effect of securitization on the cost of credit, even if the size of this effect is small, which reflects a variation in the performance of the secondary real estate markets of these three North African countries.