Housing Finance Systems for Countries in Transition: Principles and Examples

PRINCIPLES AND EXAMPLES......Page 1
LIST OF FIGURES......Page 6
B.  Supply of market-based housing finance......Page 10
2.  Legal framework and property registration......Page 11
3.  Residential mortgage loans extended by universal banks......Page 12
5.  Contractual savings for housing......Page 13
C.  Demand for market-based housing finance and future challenges......Page 14
Owner self-finance......Page 18
Third-party finance: MBS......Page 19
A.  Deposit-based housing finance systems......Page 21
B.  Bond market-based mortgage institutions \(“m......Page 22
C.  Securitization......Page 24
E.  Other financial sources......Page 25
(a)  The legal basis for the activity and the normative basis principles......Page 27
(b)  General terms and business principles......Page 28
(b)  Importance in the housing finance sector......Page 29
(a)  Standard product(s) for housing finance......Page 30
(b)  Conditions concerning the contractual relationship with the borrower......Page 31
(b)  Risks taken by the institution at the granting of the loan......Page 32
7.  Tendencies for further development of the technique......Page 33
Legal framework conditions for the use of the mortgage bond technique by the mortgage banks......Page 34
(a)  General terms and business principles......Page 35
(b)  Their importance in the housing finance sector......Page 36
(c)  Complementary products and channels of distribution......Page 37
7.  Tendencies for further development of the mortgage bond technique......Page 38
The development of the technique in the United States of America after the Second World War......Page 39
(b)  General terms and business principles......Page 40
(a)  Their importance in the credit sector (role of credit supply)......Page 41
(b)  Their importance in the housing finance sector (market share, destination of loans)......Page 42
(a)    Basic principles of refinancing......Page 43
(b)  Risks taken by the institution on the granting of the loan......Page 44
7.  Tendencies for the further development of the technique......Page 45
A.  Introduction......Page 47
(a) Housing credit portfolio......Page 48
(c)    Market shares......Page 49
Collateral requirements......Page 50
(d)  Third-party lending......Page 51
(b)  Spreads and real interest rates......Page 52
(e)   Summary of checklist; sub-goals, criteria and assessment......Page 53
1.  Investment attractiveness......Page 54
(d)    Spreads and real interest rates......Page 55
(b)    Solvency......Page 56
(d)  Capital adequacy......Page 57
Net income and margins......Page 58
(e)   Summary of checklist; sub-goals, criteria and assessment......Page 59
1.  Government assessment of private housing financing systems......Page 60
(b)   Institutional prerequisites......Page 61
(e)    Housing subsidies......Page 62
3.  Concluding remarks......Page 64
Figure VII.......Page 67
Annex I.  Mortgage lenders, funding methods, market shares......Page 71
2.  Start loans......Page 72
5.  Funding of the housing bank......Page 73
3.  ARAVA loans......Page 74
8.  Equity grants......Page 75
11.  Guarantees......Page 76
Total benefit value......Page 81
Publications......Page 85
Informal papers......Page 93