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Author: Madzirerusa Kenell Publisher: LAP Lambert Academic Publishing ISBN: 9783659796166 Category : Languages : en Pages : 76
Book Description
The study aimed to assess the feasibility of mortgage securitisation as a housing finance mechanism in Zimbabwe. The main problem under investigation was to determine the applicability of mortgage securitisation as a solution to the housing crisis in Zimbabwe. An exploratory study was carried out on the building society sector to establish its readiness to embrace the development of mortgage securitisation. The study used both primary and secondary data obtained from the four building societies. Primary data was obtained through detailed personal interviews with experts from each building society. The research findings were not consistent with the proposition that the development of mortgage securitisation is feasible in Zimbabwe. It was observed that the two major preconditions of mortgage securitisation namely, a stable macroeconomic environment, and a vibrant and competitive primary mortgage market, are not present in Zimbabwe. The adverse macroeconomic conditions characterized by high inflation, high interest rates, skyrocketing prices of residential properties, and eroded purchasing power of consumers, have destroyed the primary mortgage market in Zimbabwe.
Author: Madzirerusa Kenell Publisher: LAP Lambert Academic Publishing ISBN: 9783659796166 Category : Languages : en Pages : 76
Book Description
The study aimed to assess the feasibility of mortgage securitisation as a housing finance mechanism in Zimbabwe. The main problem under investigation was to determine the applicability of mortgage securitisation as a solution to the housing crisis in Zimbabwe. An exploratory study was carried out on the building society sector to establish its readiness to embrace the development of mortgage securitisation. The study used both primary and secondary data obtained from the four building societies. Primary data was obtained through detailed personal interviews with experts from each building society. The research findings were not consistent with the proposition that the development of mortgage securitisation is feasible in Zimbabwe. It was observed that the two major preconditions of mortgage securitisation namely, a stable macroeconomic environment, and a vibrant and competitive primary mortgage market, are not present in Zimbabwe. The adverse macroeconomic conditions characterized by high inflation, high interest rates, skyrocketing prices of residential properties, and eroded purchasing power of consumers, have destroyed the primary mortgage market in Zimbabwe.
Author: Alexandre Gallopin Publisher: ISBN: Category : Languages : en Pages : 9
Book Description
The object of this paper is to discuss the introduction of securitization in emerging markets and the lessons that can be drawn from the global financial crisis. In the first section of the document, Part I looks at the general advantages of securitization -- as perceived prior to the global crisis -- and the acceptance of U.S. (legal) institutions as role model. Part II explores the challenges faced by emerging markets in implementing the U.S. model. This pre-crisis assessment is based primarily on the analysis of the following three articles: DOUGLAS W. ARNER, Emerging Market Economies and Government Promotion of Securitization (2002); GEORGETTE CHAPMAN POINDEXTER & WENDY VARGAS-CARTAYA, En Rut Hacia El Desarrollo: The Emerging Secondary Mortgage Market in Latin America (2002); YUWA WEI, Asset-Backed Securitization in China (2007).In the second section of the document, Part III suggests several lessons that can be learned from the financial crisis. Part IV raises questions about the future of securirtzation in emerging economies.
Author: Loic Chiquier Publisher: ISBN: Category : Housing Languages : en Pages : 48
Book Description
"Despite its recognized economic and social importance, housing finance often remains underdeveloped in emerging economies. Residential lending remains small, poorly accessible, and depository-based. Lenders remain vulnerable to significant credit, liquidity, and interest rate risks. As a result, housing finance is relatively expensive and often rationed. The importance of developing robust systems of housing finance is paramount as emerging economy governments struggle to cope with population growth, rapid urbanization, and rising expectations from a growing middle class. The capital markets in many economies can provide an attractive and potentially large source of long-term funding for housing, and solutions to better allocate part of the risks. The advent of institutional investors is creating large and rapidly growing pools of funds that may facilitate the development of mortgage-related securities. Despite such a strong appeal, there are significant barriers to the development of mortgage securities in emerging markets. Their success is dependent on many factors, starting with a strong legal and regulatory framework and liberalized financial sector, and including a developed primary mortgage market. The experience in developing mortgage securities in emerging markets has been mixed. Chiquier, Hassler, and Lea review the experience of introducing mortgage securities in emerging markets and explore the policy issues related to this theme. This paper - a product of the Financial Sector Operations and Policy Department - is part of a larger effort in the department to provide housing finance information"--World Bank web site.
Author: Lo??c Chiquier Publisher: ISBN: Category : Languages : en Pages :
Book Description
Despite its recognized economic and social importance, housing finance often remains underdeveloped in emerging economies. Residential lending remains small, poorly accessible, and depository-based. Lenders remain vulnerable to significant credit, liquidity, and interest rate risks. As a result, housing finance is relatively expensive and often rationed. The importance of developing robust systems of housing finance is paramount as emerging economy governments struggle to cope with population growth, rapid urbanization, and rising expectations from a growing middle class. The capital markets in many economies can provide an attractive and potentially large source of long-term funding for housing, and solutions to better allocate part of the risks. The advent of institutional investors is creating large and rapidly growing pools of funds that may facilitate the development of mortgage-related securities. Despite such a strong appeal, there are significant barriers to the development of mortgage securities in emerging markets. Their success is dependent on many factors, starting with a strong legal and regulatory framework and liberalized financial sector, and including a developed primary mortgage market. The experience in developing mortgage securities in emerging markets has been mixed. The authors review the experience of introducing mortgage securities in emerging markets and explore the policy issues related to this theme.
Author: Charles Austin Stone Publisher: John Wiley & Sons ISBN: 0470882832 Category : Business & Economics Languages : en Pages : 333
Book Description
In this long-awaited handbook, noted experts Charles Stone and Anne Zissu provide an enlightening overview of how securitization works and explain how future cash flows from various asset classes—from credit card receipts to mortgage payments—can be packaged into bond-like products and sold to investors. Once a marginal source of funds, securitization is now an essential corporate funding technique widely adopted by financial and industrial companies throughout the world to finance both working capital and capital budgets. It is also used as a risk-management tool and a source of liquidity. Securitization has been adapted to fund corporate acquisitions, to capitalize future streams of revenue, and to liquidate pools of nonperforming loans. With examples from companies such as GE Capital, Ford Motor Credit, Countrywide Home Loans, and D&K Healthcare, The Securitization Markets Handbook provides descriptions of all major classes of asset-backed securities and offers a practice-oriented commentary on trends in securitization and the value of asset- and mortgage-backed securities across industries and throughout the global markets. The authors approach the topic from both sides of the market: the supply side, where assets are securitized and mortgage- and asset-backed securities are issued, and the demand side, where investors choose which classes of mortgage and asset-backed securities will enhance their portfolios or serve as efficient hedges. The book’s detailed explanations and practical examples make it a valuable guide both for experienced money managers trying to put a securitization strategy into place and for those new to securitization looking to acquire a broad and strong foundation in the subject.
Author: James A. Rosenthal Publisher: John Wiley & Sons ISBN: 9780471613688 Category : Business & Economics Languages : en Pages : 286
Book Description
The first guide to this new financial trend. Credit securitization (also known as asset securitization) is a financial technology for packaging, underwriting, and selling loans in the form of securities. First used in packaging mortgage loans (as in the case of GNMA and other federally insured mortgage-backed securities), credit securitization has grown rapidly and spread to other forms of credit, including auto loans, student loans, credit-card balances, and so on. This book provides lenders and other financial professionals with clear analyses of many actual credit securitization deals. Includes much information unavailable elsewhere.
Author: Danny Ben-Shahar Publisher: John Wiley & Sons ISBN: 1444302310 Category : Business & Economics Languages : en Pages : 312
Book Description
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.
Author: Madzirerusa Kenell
Author: Madzirerusa Kenell
Author: 
Author: Lakshman Alles
Author: 
Author: Alexandre Gallopin
Author: Loic Chiquier
Author: Lo??c Chiquier
Author: Charles Austin Stone
Author: James A. Rosenthal
Author: Danny Ben-Shahar