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Exposure to Real Estate Losses; Evidence from the US Banks

Pinheiro, Marcelo; Igan, Deniz - International Monetary Fund (IMF) - 2009

We implement a three-step procedure to assess the extent of exposure to real estate in commercial banks. First, we demonstrate interest rates and income to be the major determinants of delinquency. Then, we adopt a stress testing approach to calculate the impact of any adverse changes in these...

Persistent link: https://www.econbiz.de/10008541450

Canadian Residential Mortgage Markets; Boring But Effective?

Kiff, John - International Monetary Fund (IMF) - 2009

Klyuev (2008) concluded that the Canadian market for housing finance is highly advanced and sophisticated, but financing options were somewhat limited, particularly at terms longer than five years. This paper argues that the paucity of longer-term loans is caused by a five-year maturity cap on...

Persistent link: https://www.econbiz.de/10008528667

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

Mortgage product innovation in advanced economies: more choice, more risk

Scanlon, Kathleen; Lunde, Jens; Whitehead, Christine M. E. - London School of Economics (LSE) - 2008

has worsened. It is in this context that the standard annuity mortgage is increasingly being supplanted by mortgages with … a standard product. Moreover, such mortgages can also be more risky: the interest-only borrower does not accumulate … market share of mortgages with these new features. It analyses trends over the last ten years and discusses the risks of …

Persistent link: https://www.econbiz.de/10010745801

Global Housing Cycles

Igan, Deniz; Loungani, Prakash - International Monetary Fund (IMF) - 2012

Housing cycles and their impact on the financial system and the macroeconomy have become the center of attention following the global financial crisis. This paper documents the characteristics of housing cycles in a large set of countries, and examines the determinants of house price movements....

Persistent link: https://www.econbiz.de/10010790415

How to Manage the Mortgage Credit Risk in Turkey? Can Dual-indexed Mortgages be a Remedy?

Alp, Ali; Doganay, M. Mete - In: Istanbul Stock Exchange Review 9 (2007) 35, pp. 1-10

different types of mortgages that have been used in developed and developing countries to select the one that is most …

Persistent link: https://www.econbiz.de/10010764137

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

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

Latin America; Vulnerabilities Under Construction?

Cubeddu, Luis M.; Mora, Camilo Ernesto Tovar; Tsounta, … - International Monetary Fund (IMF) - 2012

This paper documents developments in mortgage credit and the housing sector in Latin America over the past decade, and compares them with those of other emerging economies. In particular, it examines the real estate and mortgage markets to assess whether (i) growth in mortgage credit is...

Persistent link: https://www.econbiz.de/10011242412

United States; Selected Issues

International Monetary Fund (IMF); International … - 2011

The note delves on the U.S. housing market outlook, the potential benefits of mitigating distressed sales household deleveraging, and the recovery. Policies to facilitate labor market adjustment to reduce the large employment volatility without affecting efficient labor allocation could prevent...

Persistent link: https://www.econbiz.de/10011242497