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Mortgage Markets Worldwide

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312 pages
The book provides a theoretical and empirical evaluation ofdifferent housing finance systems, presenting a collection ofstudies that describe various aspects of selected mortgage marketsaround the world. The uniqueness of the chosen markets lies in thefact that they represent not only different regions around theglobe (Africa, the Middle East, Asia, and Eastern Europe), but alsounderstudied markets in different stages of economic and financialdevelopment. This book examines questions relating to housingfinance efficiency and contract heterogeneity. In addition, itanalyses the securitization experiences in these countries toprovide lessons on how mortgage markets are integrated with capitalmarkets and how particular institutional framework interacts withmortgage markets.

Short reviews are provided for each of the selected mortgagemarkets. The review will include institutional aspects of themarkets such as: the size and structure of the market (includingflows and accumulation of funds); a description of the competitionand a presentation of the major competitors (including marketshare, major financial measures, etc.); profitability in themarket, trends, structural changes, the major mortgage instrumentsand their market share, special tax issues, the role of thegovernment in the market, defaults, prepayments, mortgageinsurance, and major regulatory issues.

The analysis explores the major existing problems in the mortgagemarket of each country, the current steps adopted to solve theseproblems, possible propositions for dealing with the major issuesin the future, and the implied future developments anticipated inthe market.
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Contents
Preface Contributors
1
2
3
The Emerging Mortgage Markets in China Yongheng Deng and Peng Fei
The evolution of the mortgage markets in China An early assessment of China’s residential mortgage loans performance Notes References
Mortgage Market in India Piyush Tiwari and Pradeep Debata
Economic overview Demographic trends and housing stock Formal mortgage market Securitization of housing loans Role of governmentand recentregulatory reforms Other developments Finance to builders Issues in housing finance: reform agenda Acknowledgement67 Notes References
Transforming Housing Finance in Japan in the 21st Century Miki Seko Introduction Overview of the Japanese economy, housing markets, the housing finance markets and systems in Japan Restructuring the public housing loan corporation: causes and possible consequences Some recent movements in the Japanese housing finance markets and systems: securitization of real estate in Japan Conclusion Notes References Further reading
xi xvi
1
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15 30 32
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34 35 43 56 58 62 63 64
67 67
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81 84 86 86 87
viii
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Contents
Mortgage Market in Singapore Seow Eng Ong Housing finance in Singapore ARM prepaymentfor private housing ARM prepaymentfor public housing The Central Provident Fund ARM delinquency and default within the CPF context Innovations in mortgage products Conclusion References
The Israeli Mortgage Market: Mortgage Insurance as a Mechanism for Screening Default Risk Danny Ben-Shahar, Gilat Benchetrit and Eyal Sulganik Introduction Brief review of the Israeli economy and mortgage market Modelling mortgage insurance as a screening mechanism Summary Notes References
Housing Finance and Mortgage Markets in The Czech Republic, Hungary, Poland, Slovakia and Slovenia A.R. Ghanbari Parsa and Mohammad Ali Mulazadeh Introduction Housing finance Housing mortgage in a socialist economy The Czech Republic Mortgage banking Hungary Housing finance system in Hungary Loan guarantee measures Poland Financial institutions Affordability of mortgage loans Evolution of housing mortgage loans The demand for housing and mortgage credit Short history of mortgage banking Increasing individual housing loans Public mortgage bonds
89
89 91 92 94 96 97 103 104
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106 107 112 119 119 121
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123 124 126 127 129 131 132 136 137 137 139 139 140 141 142 143
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Slovakia Housing finance Slovenia Privatization process Mortgage loan system in Slovenia Housing marketin Slovenia Residential loan offered by banking sector Obstacles of the mortgage loan market in Slovenia Discussion Summary and conclusion Abbreviations References
The Mortgage Lending Market in Poland Ewa Kucharska-Stasiak and Magdalena Zaleczna Introduction Determinants underlying expansion of the mortgage loan market162 The mortgage loan market – a retrospective analysis Current situation on the mortgage loan market The loan insurance system Future of the mortgage loan market Final comments Notes References
Secondary Mortgage Markets in South Africa Julia Freybote and Viola Karoly Introduction Economic and property market fundamentals Primary mortgage markets Secondary mortgage markets Conclusion and outlook Notes References
The Mortgage Market in Ghana Callistus Mahama Introduction Contractual agreements in the housing market
Contents
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144 145 146 148 148 149 151 151 152 154 156 157
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167 170 174 175 177 177 178
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179 180 184 188 206 208 210
215
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x
10
Contents
Land and property in the development of capital The housing challenge State housing policy initiatives Formal mortgage in Ghana Features of the mortgage market The legal framework The Home Finance Company (HFC) Conclusions References
Housing Finance in Emerging Economies: Applying a Benchmark from Developed Countries Ashok Bardhan and Robert H. Edelstein Introduction Housing finance and the economy Russia, India and China: defining similarities and contrasts Benchmarking Concluding remarks Notes References
11 Mortgage Finance in Emerging Markets: Constraints and Feasible Development Paths Bertrand M. Renaud Introduction Recurring issues in developing mortgage markets Types of mortgage systems observed in developing countries Lessons learned and some strategic priorities Notes References Appendix 1 Appendix 2 Notes to appendices Index
217 219 219 223 224 226 227 229 229
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253 255 271 275 276 280 282 286 288 289