Mortgage Securities In Emerging Markets

Author : Loic Chiquier,Olivier Hassler,Michael J. Lea
Publisher : Unknown
Page : 48 pages
File Size : 42,7 Mb
Release : 2004
Category : Housing
ISBN : UCSD:31822032313058

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Mortgage Securities in Emerging Markets by Loic Chiquier,Olivier Hassler,Michael J. Lea Pdf

"Despite its recognized economic and social importance, housing finance often remains underdeveloped in emerging economies. Residential lending remains small, poorly accessible, and depository-based. Lenders remain vulnerable to significant credit, liquidity, and interest rate risks. As a result, housing finance is relatively expensive and often rationed. The importance of developing robust systems of housing finance is paramount as emerging economy governments struggle to cope with population growth, rapid urbanization, and rising expectations from a growing middle class. The capital markets in many economies can provide an attractive and potentially large source of long-term funding for housing, and solutions to better allocate part of the risks. The advent of institutional investors is creating large and rapidly growing pools of funds that may facilitate the development of mortgage-related securities. Despite such a strong appeal, there are significant barriers to the development of mortgage securities in emerging markets. Their success is dependent on many factors, starting with a strong legal and regulatory framework and liberalized financial sector, and including a developed primary mortgage market. The experience in developing mortgage securities in emerging markets has been mixed. Chiquier, Hassler, and Lea review the experience of introducing mortgage securities in emerging markets and explore the policy issues related to this theme. This paper - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to provide housing finance information"--World Bank web site.

Author : Anonim
Publisher : Unknown
Page : 64 pages
File Size : 47,5 Mb
Release : 2007
Category : Electronic government information
ISBN : MINN:31951P01007315B

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Mortgage Securitization by Anonim Pdf

Author : Loic Chiquier,Michael J. Lea
Publisher : World Bank Publications
Page : 540 pages
File Size : 46,6 Mb
Release : 2009
Category : Social Science
ISBN : 9780821377512

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Housing Finance Policy in Emerging Markets by Loic Chiquier,Michael J. Lea Pdf

Housing finance markets have been changing dramatically in both emerging and developed economies. On the one hand, housing finance markets are expanding and represent a powerful engine for economic growth in many emerging economies. However, the unfolding sub-prime mortgage crisis highlights the risks and potential turbulence that this sector can introduce into the financial system when expanding without proper infrastructure and regulation. As housing finance keeps growing in emerging economies to match a rising demand for housing, new risk management approaches, business models, funding tools, and policy instruments can help. Yet many questions remain about the right balance between innovation and regulation, the extent of risks to the financial system, the appropriate role of the state to promote affordable housing, and the effects of the sub-prime crisis. This book provides a guide for policymakers dealing with housing finance in emerging markets. It highlights the prerequisites for an effective housing finance system; it lays out several policy alternatives and models of housing finance; and it explores the role of governments in expanding access to housing finance for lower-income households. There is no "best" model set out in this book. The aim is to provide a developmental roadmap that can be tailored and sequenced to each country's situation and timing.

Author : Doris Köhn,J. D. Pischke
Publisher : Springer Science & Business Media
Page : 244 pages
File Size : 48,5 Mb
Release : 2011-01-21
Category : Business & Economics
ISBN : 9783540778578

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Housing Finance in Emerging Markets by Doris Köhn,J. D. Pischke Pdf

The growth of urban areas and population in middle and low income countries is a continuing trend. Urbanization expands as rural to urban migration offers better income opportunities in cities. This trend is both a source of development opportunities and challenges for the housing sector. On the one hand, housing is a large and growing market, and on the other, massive slums confirm the poor housing conditions in many developing countries. These adverse conditions mirror inadequate housing policies, inefficient or absent property registration, as well as limits to access to housing finance. Provision of affordable housing is therefore an important topic in the fight against poverty. This book focuses on solutions that improve the enabling environment for the poor in accessing housing finance. It explores how to develop and integrate housing finance into a sustainable financial system for developing countries and offers ways in which low-income families can obtain better access to housing finance. This book provides a conceptual framework for housing finance development and addresses practical solutions in the provision of housing finance and compares different approaches.

Author : Frank J. Fabozzi,Franco Modigliani
Publisher : Harvard Business Review Press
Page : 360 pages
File Size : 44,7 Mb
Release : 1992
Category : Business & Economics
ISBN : UOM:49015001393959

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Mortgage and Mortgage-backed Securities Markets by Frank J. Fabozzi,Franco Modigliani Pdf

The U.S. mortgage market, estimated at roughly $3.7 trillion, easily exceeds the values of the U.S. government bond market. Daily trading alone runs in the billions of dollars, and the value of mortgage-backed securities now outstanding is more than $1 trillion. The vastness of this market has inspired a variety of financial innovations, both in the design of mortgages and in the securities that derive from them. These innovations--adjustable rate mortgages (ARMs) and mortgage-backed securities (MBSs), which include passthroughs, collateralized mortgage obligations (CMOs), stripped MBSs, and so forth--have been a great success, created a large and growing industry, and demonstrated how financial engineering can redirect cash flows from a pool of assets to more closely satisfy the asset/liability needs of different classes of institutional investors. MBSs have proven to be a useful model for other forms of asset securitizations such as securities based on auto loans and credit card receivables. Mortgage-backed securities provide many useful benefits to both issuers and investors, but they are among the most complex of securities and appear in many interesting puzzling forms. Success in issuing, trading, and investing in MBSs requires a thorough understanding of their pricing and management of prepayment risks, and Professors Fabozzi and Modigliani have made an important contribution to that understanding in this important new book, . In this state-of-the-art treatment, Frank Fabozzi and Franco Modigliani offer the first book to systematically address the complex subject of mortgages and mortgage-backed securities without being unduly mathematical. Beginning with the basic mortgage, theauthors explain the development of the secondary mortgage market. They show how the market has been transformed from total dependence on local deposits to a market with a broad base of investors in the United States, Europe, and Japan. The business of mortgage origination, servicing, insurance, mortgage pooling, and the historical origins of securitization are fully described. The authors take the reader through the procedure for pricing traditional bonds to the complex process of valuing a variety of mortgage-backed securities. Because the borrower/homeowner has an option to prepay part or all of the mortgage at any time, yields and prices on these instruments can vary dramatically. The conventions used in this market for estimating prepayments are discussed and critically evaluated, as are the factors that affect prepayments. Fabozzi and Modigliani provide a review of the fundamental principles used in valuing fixed-income securities, then extend them to the various frames of analysis used in determining values for MBSs. This book fills an important need for mortgage bankers, institutional investors, and other financial professionals who need to understand the mortgage market and its complex instruments.

Author : Charles Austin Stone,Anne Zissu
Publisher : John Wiley & Sons
Page : 469 pages
File Size : 43,5 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 : S. Ghon Rhee,Yutaka Shimomoto
Publisher : Unknown
Page : 704 pages
File Size : 47,9 Mb
Release : 1999
Category : Asset-backed financing
ISBN : UCSD:31822029980224

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Mortgage-backed Securities Markets in Asia by S. Ghon Rhee,Yutaka Shimomoto Pdf

Author : Danny Ben-Shahar,Charles Leung,Seow-Eng Ong
Publisher : John Wiley & Sons
Page : 312 pages
File Size : 40,8 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 : Lakshman Alles
Publisher : Unknown
Page : 24 pages
File Size : 42,9 Mb
Release : 2001
Category : Asset-backed financing
ISBN : UCSD:31822029658572

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Asset Securitization and Structured Financing by Lakshman Alles Pdf

Author : H. Kent Baker,Peter Chinloy
Publisher : Oxford University Press
Page : 672 pages
File Size : 46,9 Mb
Release : 2014-08-07
Category : Business & Economics
ISBN : 9780199993284

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Public Real Estate Markets and Investments by H. Kent Baker,Peter Chinloy Pdf

Real estate is typically classified as an alternative to more traditional investments such as stocks and bonds. Real estate investing involves the purchase, ownership, management, rental, or sale of real estate for profit. Real estate investments can be both income producing and non-income producing. Although real estate can produce income like a bond and appreciate like a stock, this tangible asset has several unique characteristics as well as advantages and disadvantages relative to other investment alternatives. Benefits of including real estate in a portfolio include diversification, yield enhancement, risk reduction, tax management, and inflation hedging. Unlike traditional investments, investors in real estate have the ability to influence performance. Real estate has drawbacks in that it requires management, is costly and difficult to buy, sell, and operate, and sometimes has lower liquidity. Additionally, measuring the relative performance of real estate can be challenging. The purpose of this 14-chapter book is to provide an overview and synthesis of public real estate markets and investments in a global context. The book discusses the major types and the latest trends within public real estate markets and presents the results of research studies in a straightforward manner. It has three sections: (1) foundations of public real estate, (2) public debt markets and investments, and (3) public equity markets and investments. The book should be interest to various groups including academics, practitioners, investors, and students. Readers should gain a greater appreciation of what is needed for success when investing in public real estate markets. For more information about private real estate, read Private Real Estate Markets and Investments.

Author : Frank J. Fabozzi,David P. Jacob
Publisher : Irwin Professional Publishing
Page : 0 pages
File Size : 43,6 Mb
Release : 1997
Category : Commercial loans
ISBN : 1883249112

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The Handbook of Commercial Mortgage-backed Securities by Frank J. Fabozzi,David P. Jacob Pdf

The Handbook of Commercial Mortgage-Backed Securities is a cornerstone reference in this emerging sector of the structured finance market. This Second Edition provides updated coverage of the market, the instruments, the tools used to assess these securities, and tax accounting issues. In addition to an overview of the commercial real estate finance and commercial property markets, this book also covers property-market framework for bond investors, the role of the servicer, an investor's perspective on commercial mortgage-backed coupon strips, defaults on commercial mortgages, assessing credit risk, an options approach to valuation and risk analysis, legal perspectives on disclosure issues, and federal income taxation.

Author : Doris Köhn
Publisher : Springer Science & Business Media
Page : 160 pages
File Size : 43,9 Mb
Release : 2011-06-28
Category : Business & Economics
ISBN : 3540922253

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Mobilising Capital for Emerging Markets by Doris Köhn Pdf

Is structured finance dead? Many have asked this question after the financial crisis. Or is structured finance “evil” and therefore should it be dead? This book suggests neither nor. Even if structured finance can be misused or applied under inappropriate conditions, it can also be an effective tool for reaching development objectives. The authors in this volume focus on the potential of structured finance in the aftermath of the financial crisis. They explore the conditions under which structured finance is suitable for emerging markets highlighting both its benefits and risks. The book combines professional and scientific perspectives and points towards various useful applications of structured finance in support of small and medium-sized enterprises and microfinance. This also includes activities as diverse as infrastructure development, remittances, rural livelihood, and Shari’ah-compliant Islamic finance.

Author : Anonim
Publisher : World Bank Publications
Page : 43 pages
File Size : 48,9 Mb
Release : 2024-06-02
Category : Electronic
ISBN : 9780040826174

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Mortgage Securities in Emerging Markets by Anonim Pdf

Author : Frank J. Fabozzi,Anand K. Bhattacharya,William S. Berliner
Publisher : Wiley
Page : 304 pages
File Size : 54,5 Mb
Release : 2007-09-28
Category : Business & Economics
ISBN : 9780470179741

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Mortgage-Backed Securities by Frank J. Fabozzi,Anand K. Bhattacharya,William S. Berliner Pdf

An in-depth look at the latest innovations in mortgage-backed securities The largest sector of the fixed-income market is the mortgage market. Understanding this market is critical for portfolio managers, as well as issuers who must be familiar with how these securities are structured. Mortgage-Backed Securities is a timely guide to the investment characteristics, creation, and analysis of residential real estate-backed securities. Each chapter contains cutting-edge information for investors, traders, and other professionals involved in this market, including discussions of structuring mortgage products-such as agency CMOs and new types of mortgages-and an in-depth explanation of the concept of option-adjusted spreads and other analytical concepts used to assess relative value.

Author : John Edward Bowen,Charlene G. Valenza
Publisher : Irwin Professional Publishing
Page : 168 pages
File Size : 46,6 Mb
Release : 1989
Category : Bank investments
ISBN : PSU:000019435138

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Investing in Mortgage Securities by John Edward Bowen,Charlene G. Valenza Pdf