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Tenure choice : fundamentals and a simulation

Furtado, Bernardo Alves; Souza, João Gabriel de Moraes - 2020

simulation suggests that the amortization scheme known as SAC for the mortgage system is a better choice in nearly two-thirds of … should acknowledge this level of uncertainty by including explicit mortgage renegotiations within shorter periods. …

Persistent link: https://www.econbiz.de/10012233003

Monetary policy, housing, and collateral constraints

Franz, Thorsten - 2019

decisively on prevailing loan-to-value (LTV) ratios in mortgage markets with borrowing constrained households. Utilizing a smooth … housing sector in times of high LTV ratios, which, through changes in mortgage lending and mortgage equity withdrawals (MEWs …

Persistent link: https://www.econbiz.de/10011963152

Arbitraging the Basel securitization framework : evidence from German ABS investment

Efing, Matthias - 2015

This paper provides evidence for regulatory arbitrage within the class of assetbacked securities (ABS) based on individual asset holding data of German banks. I find that those banks operating with tight regulatory constraints pick the securities with the highest yield and lowest collateral...

Persistent link: https://www.econbiz.de/10011391709

Better be careful : the replenishment of ABS backed by SME loans

Fenner, Arved; Klein, Philipp; Mössinger, Carina - 2021

We investigate the replenishment of 102 asset-backed securities (ABS) backed by more than 1.7 million small- and medium-sized enterprise loans. Based on our extensive data set from 2012 to 2017 obtained from the first and only central loan-level repository for ABS in Europe, we reveal that loans...

Persistent link: https://www.econbiz.de/10012617561

Real estate transaction taxes and credit supply

Koetter, Michael; Marek, Philipp; Mavropoulos, Antonios - 2021

price changes on mortgage credit supply. Based on approximately 33 million real estate online listings, we construct a … isolate the effect on mortgage credit supply by all local German banks. First, a RETT hike by one percentage point reduces HPI … the RETT leads to a 1.4% decline in mortgage lending. This transmission of fiscal policy to mortgage credit supply is …

Persistent link: https://www.econbiz.de/10012433677

Round-number effects in real estate prices : evidence from Germany

Englmaier, Florian; Roider, Andreas; Schlereth, Lars; … - 2023

Round numbers affect behavior in various domains, e.g., as prominent thresholds or focal points in bargaining. In line with earlier findings, residential real estate transactions in Germany cluster at round-number prices, but there are also interesting (presumably cultural) differences. We...

Persistent link: https://www.econbiz.de/10014495027

Banks' foreign homes

Schmidt, Kirsten; Tonzer, Lena - 2024

We study whether the low interest rate environment paired with booming housing markets affected banks' foreign activities in terms of commercial and residential real estate backed lending. Using a unique dataset covering systemically relevant banks in the euro area over the period 2015-2022, we...

Persistent link: https://www.econbiz.de/10015205418

A model of mortgage losses and its applications for macroprudential instruments

Hott, Christian - 2013

We develop a theoretical model of mortgage loss rates that evaluates their main underlying risk factors. Following the … mortgage loss rates. In addition, we show potential applications of the model for different macroprudential instruments: stress …

Persistent link: https://www.econbiz.de/10010192836

The distribution of debt across euro area countries : the role of individual characteristics, institutions and credit conditions

Bover, Olympia; Casado, Jose Maria; Costa, Sónia; Du … - 2014

the main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We … youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low …

Persistent link: https://www.econbiz.de/10010249770

Risk heterogeneity and credit supply : evidence from the mortgage market

Besley, Timothy; Meads, Neil; Surico, Paolo - 2010

This paper uses a unique data set on more than 600,000 mortgage contracts to estimate a credit supply function which … are suggestive of considerable risk heterogeneity with riskier borrowers penalised more for borrowing more. -- mortgage …

Persistent link: https://www.econbiz.de/10008695862