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Scherbina, Anna - International Monetary Fund (IMF) - 2013

Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with frictions. Unlike the standard rational models, the new literature is able to model...

Persistent link: https://www.econbiz.de/10011242201

Opening remarks at The Spread between Primary and Secondary Mortgage Rates: Recent Trends and Prospects Workshop

Dudley, William C. - Federal Reserve Bank of New York - 2012

Remarks at The Spread between Primary and Secondary Mortgage Rates: Recent Trends and Prospects Workshop, New York City.

Persistent link: https://www.econbiz.de/10010724956

Testimony on housing finance reform: essential elements of a government guarantee for mortgage-backed securities

Tracy, Joseph S. - Federal Reserve Bank of New York - 2013

Testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Washington, D.C.

Persistent link: https://www.econbiz.de/10010725003

The capital structure and governance of a mortgage securitization utility

Mosser, Patricia C.; Tracy, Joseph; Wright, Joshua - Federal Reserve Bank of New York - 2013

We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government reinsurance for systemic or “tail” risk. The structure we propose for the replacement of the GSEs focuses on aligning incentives for appropriate pricing and transfer of...

Persistent link: https://www.econbiz.de/10011027203

Credit Booms and Lending Standards; Evidence From the Subprime Mortgage Market

Dell'Ariccia, Giovanni; Laeven, Luc; Igan, Deniz - International Monetary Fund (IMF) - 2008

This paper links the current sub-prime mortgage crisis to a decline in lending standards associated with the rapid expansion of this market. We show that lending standards declined more in areas that experienced larger credit booms and house price increases. We also find that the underlying...

Persistent link: https://www.econbiz.de/10005769083

Show Me the Money; Access to Finance for Small Borrowers in Canada

Klyuev, Vladimir - International Monetary Fund (IMF) - 2008

This paper examines access to business finance by Canadian small and medium-sized enterprises (SMEs) and to housing … finance by Canadian households (particularly non-prime borrowers) against the background of a fairly concentrated and … SMEs. The paper also finds the market for housing finance to be highly advanced and sophisticated. However, non …

Persistent link: https://www.econbiz.de/10005769089

Money for Nothing and Checks for Free; Recent Developments in U.S. Subprime Mortgage Markets

Mills, Paul S.; Kiff, John - International Monetary Fund (IMF) - 2007

After a number of warning signs, the U.S. "subprime mortgage crisis" became a headline issue in February 2007. Notwithstanding the bankruptcy of numerous mortgage companies, historically high delinquencies and foreclosures, and a significant tightening in subprime lending standards, the impact...

Persistent link: https://www.econbiz.de/10005605115

Belgium; Selected Issues

International Monetary Fund (IMF); International … - 2006

This Selected Issues paper for Belgium evaluates whether price increases in Belgium are excessive. It assesses the household and bank balance sheets and their vulnerability to a slowdown in housing prices, and identifies differences in real estate markets between Belgium and other countries. The...

Persistent link: https://www.econbiz.de/10005825451

The Use of Mortgage Covered Bonds

Avesani, Renzo G.; Ribakova, Elina; Pascual, Antonio Garcia - International Monetary Fund (IMF) - 2007

The rapid mortgage credit growth experienced in recent years in mature and emerging countries has raised some stability concerns. Many European credit institutions in mature markets have reacted by increasing securitization, particularly via mortgage covered bonds. From the issuer's perspective,...

Persistent link: https://www.econbiz.de/10005826294

House Price Developments in Europe; A Comparison

Hilbers, Paul Louis Ceriel; Banerji, Angana; Shi, Haiyan; … - International Monetary Fund (IMF) - 2008

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...

Persistent link: https://www.econbiz.de/10005826322