stringent bank regulation and supervision consistent with regulatory arbitrage, but that they prefer to originate loans in …-border syndicated loan market. Lending provided through a foreign subsidiary is subject to subsidiary-country regulation and …

"This paper discusses some of the key characteristics of the U.S. subprime mortgage boom and bust, contrasts them with … characteristics of emerging mortgage markets, and makes recommendations for emerging market policy makers. The crisis has raised … questions in the minds of many as to the wisdom of extending mortgage lending to low and moderate income households. It is …