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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

How to Deal with Real Estate Booms; Lessons From Country Experiences

Rabanal, Pau; Crowe, Christopher W.; Dell'Ariccia, Giovanni - International Monetary Fund (IMF) - 2011

The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on this front would be justified. Then, we offer tentative insights on the pros and cons as well as...

Persistent link: https://www.econbiz.de/10009019603

Prepayment and delinquency in the mortgage crisis period

Krainer, John; Laderman, Elizabeth - Federal Reserve Bank of San Francisco - 2011

We study the interaction of borrower mortgage prepayment and mortgage delinquency during the period between 2001 and 2010. We show that when house prices flattened and began their subsequent decline, borrowers had increasingly slow prepayments and that this decline in prepayment rates roughly...

Persistent link: https://www.econbiz.de/10009366925

What Fuels the Boom Drives the Bust; Regulation and the Mortgage Crisis

Dagher, Jihad; Fu, Ning - International Monetary Fund (IMF) - 2011

We show that the lightly regulated non-bank mortgage originators contributed disproportionately to the recent boom-bust housing cycle. Using comprehensive data on mortgage originations, which we aggregate at the county level, we first establish that the market share of these independent non-bank...

Persistent link: https://www.econbiz.de/10009327868

Complex mortgages

Amromin, Gene; Huang, Jennifer; Sialm, Clemens; Zhong, … - Federal Reserve Bank of Chicago - 2010

Complex mortgages became a popular borrowing instrument during the bullish housing market of the early 2000s but … mortgages) enable households to postpone loan repayment compared to traditional mortgages and hence relax borrowing constraints … contract terms. We document that complex mortgages were chosen by prime borrowers with high income levels seeking to purchase …

Persistent link: https://www.econbiz.de/10008764399

Changes in the mortgage market since the crisis

Sengupta, Rajdeep; Noeth, Bryan J. - In: Economic Synopses (2011)

It appears that mortgage origination and securitization is currently “in limbo”: Private securitization has all but disappeared and is being absorbed by government- sponsored enterprises

Persistent link: https://www.econbiz.de/10009292976

Home Sweet Home; Government's Role in Reaching the American Dream

Tsounta, Evridiki - International Monetary Fund (IMF) - 2011

This paper investigates the role of government intervention in achieving the American dream of homeownership. The study analyzes the role of tax deductions in housing finance, including their impact on homeownership and housing consumption. The role of the Government Sponsored Enterprises in...

Persistent link: https://www.econbiz.de/10009293771

Mortgage Defaults

Martinez, Leonardo; Hatchondo, Juan Carlos; Sanchez, Juan M. - International Monetary Fund (IMF) - 2012

This paper incorporates house price risk and mortgages into a standard incomplete market (SIM) model. The model is …

Persistent link: https://www.econbiz.de/10009650640

Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States?

Surti, Jay - International Monetary Fund (IMF) - 2010

This paper considers the case for mortgage covered bonds as an alternative to the originate-to-distribute mortgage funding model. It argues that the economic incentives provided to market participants under the covered bonds model are less susceptible to moral hazard even while retaining the key...

Persistent link: https://www.econbiz.de/10008777017

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