Mortgage Markets Worldwide

Author : Danny Ben-Shahar,Charles Leung,Seow-Eng Ong
Publisher : John Wiley & Sons
Page : 312 pages
File Size : 51,7 Mb
Release : 2009-01-28
Category : Business & Economics
ISBN : 9781444302318

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Mortgage Markets Worldwide by Danny Ben-Shahar,Charles Leung,Seow-Eng Ong Pdf

The book provides a theoretical and empirical evaluation ofdifferent housing finance systems, presenting a collection ofstudies that describe various aspects of selected mortgage marketsaround the world. The uniqueness of the chosen markets lies in thefact that they represent not only different regions around theglobe (Africa, the Middle East, Asia, and Eastern Europe), but alsounderstudied markets in different stages of economic and financialdevelopment. This book examines questions relating to housingfinance efficiency and contract heterogeneity. In addition, itanalyses the securitization experiences in these countries toprovide lessons on how mortgage markets are integrated with capitalmarkets and how particular institutional framework interacts withmortgage markets. Short reviews are provided for each of the selected mortgagemarkets. The review will include institutional aspects of themarkets such as: the size and structure of the market (includingflows and accumulation of funds); a description of the competitionand a presentation of the major competitors (including marketshare, major financial measures, etc.); profitability in themarket, trends, structural changes, the major mortgage instrumentsand their market share, special tax issues, the role of thegovernment in the market, defaults, prepayments, mortgageinsurance, and major regulatory issues. The analysis explores the major existing problems in the mortgagemarket of each country, the current steps adopted to solve theseproblems, possible propositions for dealing with the major issuesin the future, and the implied future developments anticipated inthe market.

Author : Mark J Boleat
Publisher : Routledge
Page : 194 pages
File Size : 43,7 Mb
Release : 2012-05-31
Category : Business & Economics
ISBN : 9781136272998

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Mortgage Market (RLE Banking & Finance) by Mark J Boleat Pdf

Beginning with a theoretical analysis of housing finance in the context of housing markets and financial intermediation generally, the authors then analyse, drawing on international experience, each of the main types of housing finance system: informal, deposit taking, contract and mortgage bank. Various aspects of the market are covered using examples drawn from the UK and elsewhere, including the regulatory framework, contemporary developments and securitization and secondary markets. Critical public policy issues, such as housing and the real economy, and housing subsidies, are analysed in detail. Finally the authors examine the future for housing and the housing finance market.

Author : Anonim
Publisher : Unknown
Page : 500 pages
File Size : 45,5 Mb
Release : 2003
Category : Mortgages
ISBN : 0954443004

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Merrill Lynch Guide to International Mortgage Markets and Mortgage Backed Securities by Anonim Pdf

Author : United States. Congress. House. Committee on Financial Services
Publisher : Unknown
Page : 140 pages
File Size : 40,6 Mb
Release : 2007
Category : Electronic government information
ISBN : PSU:000063504347

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Recent Events in the Credit and Mortgage Markets and Possible Implications for U.S. Consumers and the Global Economy by United States. Congress. House. Committee on Financial Services Pdf

Author : Marco Espinosa-Vega,L. Zanforlin
Publisher : INTERNATIONAL MONETARY FUND
Page : 25 pages
File Size : 41,6 Mb
Release : 2008-04-01
Category : Electronic
ISBN : 1451869665

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Housing Finance and Mortgage-Backed Securities in Mexico by Marco Espinosa-Vega,L. Zanforlin Pdf

This paper reviews the Mexican experience with the securitization of residential mortgages. It highlights the key legislative and institutional reforms leading to the development of primary and secondary mortgage markets and reports the main features and valuation practices of the RMBS markets. The paper identifies areas warranting close attention to improve the outlook for the Mexican RMBS market and draws some lessons from the recent U.S. subprime mortgage market problems.

Author : Mark Boléat,Adrian Coles
Publisher : Unknown
Page : 176 pages
File Size : 47,9 Mb
Release : 1987
Category : Electronic
ISBN : 041552086X

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The Mortgage Market by Mark Boléat,Adrian Coles Pdf

Beginning with a theoretical analysis of housing finance in the context of housing markets and financial intermediation generally, the authors then analyse, drawing on international experience, each of the main types of housing finance system: informal, deposit taking, contract and mortgage bank. Various aspects of the market are covered using examples drawn from the UK and elsewhere, including the regulatory framework, contemporary developments and securitization and secondary markets. Critical public policy issues, such as housing and the real economy, and housing subsidies, are analysed in detail. Finally the authors examine the future for housing and the housing finance market

Author : Ashok Bardhan,Robert H. Edelstein,Cynthia A. Kroll
Publisher : John Wiley & Sons
Page : 576 pages
File Size : 48,9 Mb
Release : 2011-10-27
Category : Business & Economics
ISBN : 9781118144237

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Global Housing Markets by Ashok Bardhan,Robert H. Edelstein,Cynthia A. Kroll Pdf

A global look at the reasons behind the recent economic collapse, and the responses to it The speculative bubble in the housing market began to burst in the United States in 2007, and has been followed by ruptures in virtually every asset market in almost every country in the world. Each country proposed a range of policy initiatives to deal with its crisis. Policies that focused upon stabilizing the housing market formed the cornerstone of many of these proposals. This internationally focused book evaluates the genesis of the housing market bubble, the global viral contagion of the crisis, and the policy initiatives undertaken in some of the major economies of the world to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals with the housing sector in addition to the financial sector of individual economies. Countries in many parts of the world were players in either the financial bubble or the housing bubble, or both, but the degree of impact, outcome, and responses varied widely. This is an appropriate time to pull together the lessons from these various experiences. Reveals the housing crisis in the United States as the core of the meltdown Describes the evolution of housing markets and policies in the run-up to the crisis, their impacts, and the responses in European and Asian countries Compares experiences and linkages across countries and points to policy implications and research lessons drawn from these experiences Filled with the insights of well-known contributors with strong contacts in practice and academia, this timely guide discusses the history and evolution of the recent crisis as local to each contributor's part of the world, and examines its distinctive and common features with that of the U.S., the trajectory of its evolution, and the similarities and differences in policy response.

Author : Richard L. Florida
Publisher : Routledge
Page : 520 pages
File Size : 55,8 Mb
Release : 1986
Category : Business & Economics
ISBN : UCAL:B4422038

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Housing and the New Financial Markets by Richard L. Florida Pdf

The 1990s witnessed a revolution in the way the United States finances housing. Gone is the insulated system of thrifts whose special job was to collect savings deposits and issue mortgages. Gone too are the institutional foundations of this system - the passbook account and the fixed-rate mortgage. Mortgage lending in this new financial environment is increasingly the province of a shrinking group of large financial firms. These firms compete for funds in domestic and international markets as well as issue and sell the new adjustable-rate mortgages.Richard L. Florida notes that it is not surprising that the reorganization of the housing finance system has become the focus of a policy debate and a growing academic literature. A host of questions have been raised by policymakers. What are the driving forces behind the financial deregulation? How does deregulation affect housing finance? What are the new institutions and instruments being used to allocate housing credit and how do they work? How does the new housing finance system influence the cost and affordability of shelter? What is the future of housing finance? These are the core questions addressed in this book.Housing and the New Financial Marketsis divided into seven sections. The first examines the basic institutions and operations of the New Deal system. A second section turns to early deregulation efforts - including the Commission on Money and Credit, the Friend Study, the Hunt Commission, and the FINE Study. Florida then presents a detailed examination of the new financial regulation, focusing on the Depository Institutions Deregulation and Monetary Control Act and the Garn-St. Germain Act. He examines the reorganization of the thrift industry in the wake of these developments and analyzes the rise of the secondary mortgage market. He concludes by providing a number of tentative visions on the future of housing finance.

Author : Angana Banerji,Haiyan Shi,Mr.Paul Louis Ceriel Hilbers,Mr.Alexander W. Hoffmaister
Publisher : International Monetary Fund
Page : 66 pages
File Size : 50,7 Mb
Release : 2008-09-01
Category : Business & Economics
ISBN : 9781451870695

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House Price Developments in Europe by Angana Banerji,Haiyan Shi,Mr.Paul Louis Ceriel Hilbers,Mr.Alexander W. Hoffmaister Pdf

House prices in Europe have shown diverging trends, and this paper seeks to explain these differences by analyzing three groups of countries: the "fast lane", the average performers, and the slow movers. Price movements in the first two groups are found to be driven mostly by income and trends in user costs, and housing markets in these countries seem relatively more susceptible to adverse developments in fundamentals. Real house price declines among the slow movers are harder to explain, although ample supply, low home ownership, and less complete mortgage markets are likely factors. The impact of macroeconomic, prudential and structural policies on housing markets can be large and should be a factor in policy decisions.

Author : Charles Austin Stone,Anne Zissu
Publisher : John Wiley & Sons
Page : 469 pages
File Size : 52,7 Mb
Release : 2012-09-25
Category : Business & Economics
ISBN : 9781118006740

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The Securitization Markets Handbook by Charles Austin Stone,Anne Zissu Pdf

A comprehensive guide to the continuously evolving world of securitization The Second Edition of The Securitization Markets Handbook is a valuable resource for both experienced money managers trying to put a securitization strategy into place as well as newcomers looking to acquire a broad and strong foundation in this discipline. This edition takes a close look at the pre- and post-crash mortgage market and the mortgage-backed securities based on those mortgages, as well as other asset-backed securities including commercial paper or credit cards. The crash of the subprime market and the failure of the asset-backed markets offer an opportunity to learn about banking finance, specifically off-balance sheet finance, and the many costly mistakes that resulted in one of the most severe downturns in financial markets. With this book, you'll discover why certain mortgage and asset-backed securities imploded and others didn't. This new edition examines why the market failed and how the next crisis can be averted or made less severe. It also explains why securitization remains a primary source of capital for the mortgage market, credit card market, home equity market, auto loan market, and segments of the commercial paper market. Offers an informed overview of how the securitization market works, how to make money in it, and what's next for asset- and mortgage-backed securities after the crisis Contains new chapters on CDOs and SIVs, along with a history of the growth and crash of the subprime market, asset-backed securities, and home equity lines of credit Written by securitization experts Charles Stone and Anne Zissu Updated to reflect the current market environment, the Second Edition of The Securitization Markets Handbook offers clear, comprehensive guidance to these complex markets.

Author : James Barth
Publisher : John Wiley & Sons
Page : 560 pages
File Size : 42,7 Mb
Release : 2009-06-22
Category : Business & Economics
ISBN : 9780470493885

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The Rise and Fall of the US Mortgage and Credit Markets by James Barth Pdf

The mortgage meltdown: what went wrong and how do we fix it? Owning a home can bestow a sense of security and independence. But today, in a cruel twist, many Americans now regard their homes as a source of worry and dashed expectations. How did everything go haywire? And what can we do about it now? In The Rise and Fall of the U.S. Mortgage and Credit Markets, renowned finance expert James Barth offers a comprehensive examination of the mortgage meltdown. Together with a team of economists at the Milken Institute, he explores the shock waves that have rippled through the entire financial sector and the real economy. Deploying an incredibly detailed and extensive set of data, the book offers in-depth analysis of the mortgage meltdown and the resulting worldwide financial crisis. This authoritative volume explores what went wrong in every critical area, including securitization, loan origination practices, regulation and supervision, Fannie Mae and Freddie Mac, leverage and accounting practices, and of course, the rating agencies. The authors explain the steps the government has taken to address the crisis thus far, arguing that we have yet to address the larger issues. Offers a comprehensive examination of the mortgage market meltdown and its reverberations throughout the financial sector and the real economy Explores several important issues that policymakers must address in any future reshaping of financial market regulations Addresses how we can begin to move forward and prevent similar crises from shaking the foundations of our financial system The Rise and Fall of the U.S. Mortgage and Credit Markets analyzes the factors that should drive reform and explores the issues that policymakers must confront in any future reshaping of financial market regulations.

Author : Eugenio Cerutti,Jihad Dagher,Mr. Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 38 pages
File Size : 55,5 Mb
Release : 2015-06-03
Category : Business & Economics
ISBN : 9781513552071

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Housing Finance and Real-Estate Booms by Eugenio Cerutti,Jihad Dagher,Mr. Giovanni Dell'Ariccia Pdf

The recent global crisis highlighted the risks stemming from real estate booms. This has generated a growing literature trying to better understand the sources and the risks associated with housing and credit booms. This paper complements and supplements the previous work by (i) exploiting more disaggregated data on credit allowing us to dissociate between firm-credit and household (and in some cases mortgage) credit, and (ii) by taking into account the characteristics of the mortgage market, including institutional as well as other factors that vary across countries. This detailed cross-country analysis offers new valuable insights.

Author : Manuel B. Aalbers
Publisher : John Wiley & Sons
Page : 361 pages
File Size : 47,7 Mb
Release : 2012-04-16
Category : Political Science
ISBN : 9781444337761

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Subprime Cities by Manuel B. Aalbers Pdf

Subprime Cities: The Political Economy of Mortgage Markets presents a collection of works from social scientists that offer insights into mortgage markets and the causes, effects, and aftermath of the recent 'subprime' mortgage crisis. Provides an even-handed and detailed analysis of mortgage markets and the recent housing crisis Features contributions from various social scientists with expertise in critical social theories who have assembled and analyzed detailed empirical information Offers a unique and powerful rebuttal to many of the misleading popular explanations of the crisis and its aftermath Reveals how racial minorities and the neighbourhoods inhabited by them are more likely to be targeted by subprime and predatory lenders

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 16 pages
File Size : 52,6 Mb
Release : 2015-07-07
Category : Business & Economics
ISBN : 9781513588452

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United States: Selected Issues by International Monetary Fund. Western Hemisphere Dept. Pdf

This Selected Issues paper analyzes the current state of housing finance in the United States. Although a number of important steps have been taken to address the structural weaknesses exposed by the crisis in mortgage markets, comprehensive housing finance reform remains the largest piece of unfinished business. Mortgage markets, even eight years after the start of the crisis, continue to function with extensive government support. Reform of the government-sponsored enterprises, which remain in conservatorship, has stalled—generating uncertainty and complicating other policy initiatives. However, there has been progress in building other components for a well-functioning housing finance system.

Author : Xiaowei Li
Publisher : INTERNATIONAL MONETARY FUND
Page : 0 pages
File Size : 53,6 Mb
Release : 2001-03-01
Category : Business & Economics
ISBN : 1451845456

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Mortgage Market Development, Savings, and Growth by Xiaowei Li Pdf

Jappelli and Pagano (1994) argues that tightening the borrowing constraints in the mortgage markets promotes savings. Employing a six-period overlapping generations model with endogenous growth and a method of simulation calibrated on the Middle East, this paper demonstrates that the above argument is tenable only if consumers do not alter their tenure choices. Consumers do, however, postpone or forsake the purchase of a house under severely restrictive borrowing constraints, causing the savings and growth rates to fall. Therefore, for countries with scarce mortgage availability like those in the Middle East, expanding the mortgage markets to some extent is conducive to savings and growth.