The Global Financial Crisis (GFC) disrupted the real estate (RE) debt market and triggered a retrenchment by traditional lenders such as commercial banks. Since then, this financing void has been filled by private fund vehicles – particularly within the core+ RE market – which has enabled...

In this article, based on the past/current local housing finance initiatives, market conditions, national housing policy and lessons from global financial crisis, we examine whether market based housing finance system may provide efficient policy instrument to solve housing (finance) question of...

The subject of this paper is the contemporary trend in residential real estate markets in European countries and their impact on the quality of banks' housing loan portfolios. Due to the fact that these are the markets that still have not fully recovered from the previous financial crisis, and...

This study seeks to investigate the dynamic impact of commercial real estate loan delinquency (CRELD) rate on the real estate market performance proxied by REIT returns. The results from the analysis of quarterly data from 1991 Q1 to 2011 Q4 show that the value-weighted REIT returns...

Evidence from a range of countries reveals that household inaction in mortgage refinancing can be pervasive despite financial incentives to take action. Inactive households may implicitly cross-subsidize active households, allowing competitive lenders to set lower average mortgage rates. To...

This paper provides evidence for the propagation of idiosyncratic mortgage supply shocks to the macroeconomy. Based on micro-level data from the Home Mortgage Disclosure Act for the 1990-2016 period, our results suggest that lender-specific mortgage supply shocks affect aggregate mortgage, house...

This paper analyses the impact of lending standards for residential real estate (RRE) loans on default rates, using a novel loan-level dataset from the European DataWarehouse (EDW) that covers eight euro area countries. To the best of the authors' knowledge, this paper is the first to use, for...

U.S. House of Representatives Financial Services Committee considered many important banking reforms in 2009-2010 including the Dodd-Frank Act. We show that during this period, the foreclosure starts on delinquent mortgages were delayed in the districts of committee members even though there was...

This paper builds a macro model with a financial sector and a housing market to understand the transmission and effects of macroprudential instruments addressing mortgage credit. The model compares the introduction of a loan-to-value ratio (LTV), a countercyclical capital buffer (CCyB)-style...

We provide new evidence that credit supply shifts contributed to the U.S. subprime mortgage boom and bust. We collect original data on both government and private mortgage insurance premiums from 1999-2016, and document that prior to 2008, premiums did not vary across loans with widely different...