Format:
1 online resource (540 pages)
ISBN:
9780821377512
,
0821377507
,
0821377515
,
9780821377505
Content:
Housing finance markets have been changing dramatically in both emerging and developed economies. On the one hand, housing finance markets are expanding and represent a powerful engine for economic growth in many emerging economies. However, the unfolding sub-prime mortgage crisis highlights the risks and potential turbulence that this sector can introduce into the financial system when expanding without proper infrastructure and regulation. As housing finance keeps growing in emerging economies to match a rising demand for housing, new risk management approaches, business models, funding tools, and policy instruments can help. Yet many questions remain about the right balance between innovation and regulation, the extent of risks to the financial system, the appropriate role of the state to promote affordable housing, and the effects of the sub-prime crisis.This book provides a guide for policymakers dealing with housing finance in emerging markets. It highlights the prerequisites for an effective housing finance system; it lays out several policy alternatives and models of housing finance; and it explores the role of governments in expanding access to housing finance for lower-income households. There is no "best" model set out in this book. The aim is to provide a developmental roadmap that can be tailored and sequenced to each country's situation and timing.
Content:
Contents -- Foreword -- Acknowledgments -- Abbreviations -- Introduction -- Objectives -- Evolution of Housing Finance Systems -- Policy Recommendations -- Impact and Lessons of the U.S. Subprime Crisis -- Housing Finance Is Interrelated with the Broader Economy -- Structure of the Book -- Summary Conclusions -- Chapter 1 Housing Finance and the Economy -- Developed Economies -- Emerging Economies -- The Importance of Housing Finance -- The Demand for Housing Finance -- Macroeconomic Factors -- Financial Liberalization -- Technological Change -- Concerns and Opportunities -- The Effect of Mortgage Finance on Savings -- The Effect of Mortgage Finance on Investment -- Mortgage Finance and Growth -- Housing Finance, Business Cycles, and Economic Fragility -- Mortgage Finance and the Distribution of Risk -- House Prices, Housing Finance, and Economic Activity -- Lessons for Emerging Markets -- Chapter 2 Structure and Evolution of Housing Finance Systems -- Mortgage Lending Models -- Building Societies/Savings & Loans -- Commercial Banks -- Contract Saving Schemes -- Specialist Mortgage Banks -- Combining Different Systems -- Secondary Mortgage Markets -- Introducing New Lending Models: Mexico and India -- Unbundling of Mortgage Value Chain -- State-owned Lenders -- Conclusions -- Chapter 3 Mortgage Instruments -- Fixed-Rate Mortgages -- Adjustable-Rate Mortgages -- Indexed Mortgages -- Interest-Only Mortgages -- Reverse Mortgages -- Lessons for Emerging Markets -- Chapter 4 Primary Mortgage Market Infrastructure -- Appraisal -- The Importance of Sound Appraisal -- Developing an Appraisal Industry -- International Standardization of Appraisal Methodology -- Appraiser Qualifications, Appraisal Associations, Independence, and Ethics -- Quantitative Appraisal Models and Real Estate Data.
Note:
Description based on publisher supplied metadata and other sources
,
Contents; Foreword; Acknowledgments; Abbreviations; Introduction; Objectives; Evolution of Housing Finance Systems; Figures; Policy Recommendations; Impact and Lessons of the U.S. Subprime Crisis; Housing Finance Is Interrelated with the Broader Economy; Structure of the Book; Summary Conclusions; Chapter 1 Housing Finance and the Economy; Boxes; Tables; Chapter 2 Structure and Evolution of Housing Finance Systems; Chapter 3 Mortgage Instruments; Chapter 4 Primary Mortgage Market Infrastructure; Chapter 5 Enforcement of Mortgage Rights; Chapter 6 Consumer Information and Protection
,
Chapter 7 Construction Finance in Emerging EconomiesChapter 8 Risk Management and Regulation; Chapter 9 Contractual Savings for Housing; Chapter 10 State Housing Banks; Chapter 11 Housing Provident Funds; Chapter 12 Mortgage Securities in Emerging Markets; Chapter 13 Mortgage Insurance; Chapter 14 Residential Rental Housing Finance; Chapter 15 Housing Microfinance; Chapter 16 Housing Finance Subsidies; Bibliography; Contributors
Additional Edition:
ISBN 9780821377505
Additional Edition:
Erscheint auch als Druck-Ausgabe ISBN 9780821377505
Language:
English
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