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Author: Mr.Jochen R. Andritzky Publisher: International Monetary Fund ISBN: 1498322344 Category : Business & Economics Languages : en Pages : 37
Book Description
In housing crises, high mortgage debt can feed a vicious circle of falling housing prices and declining consumption and incomes, leading to higher mortgage defaults and deeper recessions. In such situations, resolution policies may need to be adapted to help contain negative feedback loops while minimizing overall loan losses and moral hazard. Drawing on recent experiences from Iceland, Ireland, Spain, and the United States, this paper discusses how economic trade-offs affecting mortgage resolution differ in crises. Depending on country circumstances, the economic benefits of temporary forbearance and loan modifications for struggling households could outweigh their costs.
Author: Mr.Jochen R. Andritzky Publisher: International Monetary Fund ISBN: 1498322344 Category : Business & Economics Languages : en Pages : 37
Book Description
In housing crises, high mortgage debt can feed a vicious circle of falling housing prices and declining consumption and incomes, leading to higher mortgage defaults and deeper recessions. In such situations, resolution policies may need to be adapted to help contain negative feedback loops while minimizing overall loan losses and moral hazard. Drawing on recent experiences from Iceland, Ireland, Spain, and the United States, this paper discusses how economic trade-offs affecting mortgage resolution differ in crises. Depending on country circumstances, the economic benefits of temporary forbearance and loan modifications for struggling households could outweigh their costs.
Author: Christopher Foote Publisher: DIANE Publishing ISBN: 1437928773 Category : Law Languages : en Pages : 53
Book Description
Takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. The authors focus on two key decisions: the borrower's choice to default on a mortgage and the lender's subsequent choice whether to renegotiate or modify the loan. Unaffordable loans, defined as those with high mortgage payments relative to income at origination, are unlikely to be the main reason that borrowers decide to default. The efficiency of foreclosure for investors is a more plausible explanation for the low number of modifications to date. Policies designed to reduce foreclosures should focus on ameliorating the effects of job loss rather than modifying loans to make them more affordable on a long-term basis. Illustrations.
Author: Kim Hin / David Ho Publisher: Partridge Publishing Singapore ISBN: 1543766919 Category : Biography & Autobiography Languages : en Pages : 154
Book Description
The book concludes with my life achievements, then discusses my expanded work experience, my published articles, my published books and citations of my articles.
Author: Adam B. Ashcraft Publisher: DIANE Publishing ISBN: 1437925146 Category : Languages : en Pages : 76
Book Description
Provides an overview of the subprime mortgage securitization process and the seven key informational frictions that arise. Discusses the ways that market participants work to minimize these frictions and speculate on how this process broke down. Continues with a complete picture of the subprime borrower and the subprime loan, discussing both predatory borrowing and predatory lending. Presents the key structural features of a typical subprime securitization, documents how rating agencies assign credit ratings to mortgage-backed securities, and outlines how these agencies monitor the performance of mortgage pools over time. The authors draw upon the example of a mortgage pool securitized by New Century Financial during 2006. Illustrations.
Author: Jihad Dagher Publisher: International Monetary Fund ISBN: 1498367879 Category : Business & Economics Languages : en Pages : 33
Book Description
Laws governing the foreclosure process can have direct consequences on the costs of foreclosure and could therefore affect lending decisions. We exploit the heterogeneity in the judicial requirements across U.S. states to examine their impact on banks’ lending decisions in a sample of urban areas straddling state borders. A key feature of our study is the way it exploits an exogenous cutoff in loan eligibility to GSE guarantees which shift the burden of foreclosure costs onto the GSEs. We find that judicial requirements reduce the supply of credit only for jumbo loans that are ineligible for GSE guarantees. These laws do not affect, however, the relative demand of jumbo loans. Our findings, which also hold using novel nonbinary measures of judicial requirements, illustrate the consequences of foreclosure laws on the supply of mortgage credit. They also shed light on a significant indirect cross-subsidy by the GSEs to borrower-friendly states that has been overlooked thus far.
Author: Richard Koss Publisher: International Monetary Fund ISBN: 1484348559 Category : Business & Economics Languages : en Pages : 33
Book Description
The sharp rise of house prices in China’s Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China’s unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist. These include the setting of land supply and prices by the government, among many others. The presence of overbuilt “ghost cities” greatly complicates the ability of traditional macroeconomic policies to address these concerns. This paper looks at proposals to shore up the mortgage underwriting and legal infrastructure to help China withstand the impact of falling prices, should this occur.
Author: Lee Anne Fennell Publisher: Cambridge University Press ISBN: 1107164923 Category : Business & Economics Languages : en Pages : 357
Book Description
This interdisciplinary volume illuminates housing's impact on both wealth and community, and examines legal and policy responses to current challenges. Also available as Open Access.
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets and Government Sponsored Enterprises Publisher: ISBN: Category : Business & Economics Languages : en Pages : 380
Author: Mr.Jochen R. Andritzky
Author: Mr.Jochen R. Andritzky
Author: Christopher Foote
Author: Kim Hin / David Ho
Author: Adam B. Ashcraft
Author: United States. National Housing Agency
Author: 
Author: Jihad Dagher
Author: Richard Koss
Author: Lee Anne Fennell
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets and Government Sponsored Enterprises