Mortgage Markets Worldwide / Edition 1

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Overview

Mortgage markets are more than simply the means by which real estate transactions are financed; they are a key indicator of the level of development of a country's entire economy, in which banks are able to manage the associated risk, and where governments use them to promote their social and economic policies.
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Editorial Reviews

From the Publisher
"Throughout the book authors make very good use of tables and conceptual diagrams and make adequate reference to them in the text. Each chapter is well written and the editors have successfully produced a book which provides a fluent chapter-by-chapter insight into international mortgage markets." (Environment and Planning B: Planning and Design, 2010)
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Product Details

  • ISBN-13: 9781405132107
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 6/16/2008
  • Series: Real Estate Issues Series , #22
  • Edition number: 1
  • Pages: 312
  • Product dimensions: 6.90 (w) x 9.70 (h) x 1.00 (d)

Meet the Author

Danny Ben-Shahar – Faculty of Architecture and Town Planning, Technion - Israel Institute of Technology, Israel

Charles Leung – Department of Economics, Chinese University of Hong Kong

Seow Eng Ong – Department of Real Estate, National University of Singapore

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Table of Contents

Preface xi

Contributors xvi

1 The Emerging Mortgage Markets in China Yongheng Deng Peng Fei 1

The evolution of the mortgage markets in China 1

An early assessment of China's residential mortgage loans performance 15

Notes 30

References 32

2 Mortgage Market in India Piyush Tiwari Pradeep Debata 34

Economic overview 34

Demographic trends and housing stock 35

Formal mortgage market 43

Securitization of housing loans 56

Role of government and recent regulatory reforms 58

Other developments 62

Finance to builders 63

Issues in housing finance: reform agenda 64

Acknowledgement 67

Notes 67

References 67

3 Transforming Housing Finance in Japan in the 21st Century Miki Seko 69

Introduction 69

Overview of the Japanese economy, housing markets, the housing finance markets and systems in Japan 69

Restructuring the public housing loan corporation: causes and possible consequences 79

Some recent movements in the Japanese housing finance markets and systems: securitization of real estate in Japan 81

Conclusion 84

Notes 86

References 86

Further reading 87

4 Mortgage Market in Singapore Seow Eng Ong 89

Housing finance in Singapore 89

ARM prepayment for private housing 91

ARM prepayment for public housing 92

The Central Provident Fund 94

ARM delinquency and default within the CPF context 96

Innovations in mortgage products 97

Conclusion 103

References 104

5 The Israeli Mortgage Market: Mortgage Insurance as a Mechanism for Screening Default Risk Danny Ben-Shahar Gilat Benchetrit Eyal Sulganik 106

Introduction 106

Brief review of the Israeli economy and mortgage market 107

Modelling mortgage insurance as ascreening mechanism 112

Summary 119

Notes 119

References 121

6 Housing Finance and Mortgage Markets in The Czech Republic, Hungary, Poland, Slovakia and Slovenia A.R. Ghanbari Parsa Mohammad Ali Mulazadeh 123

Introduction 123

Housing finance 124

Housing mortgage in a socialist economy 126

The Czech Republic 127

Mortgage banking 129

Hungary 131

Housing finance system in Hungary 132

Loan guarantee measures 136

Poland 137

Financial institutions 137

Affordability of mortgage loans 139

Evolution of housing mortgage loans 139

The demand for housing and mortgage credit 140

Short history of mortgage banking 141

Increasing individual housing loans 142

Public mortgage bonds 143

Slovakia 144

Housing finance 145

Slovenia 146

Privatization process 148

Mortgage loan system in Slovenia 148

Housing market in Slovenia 149

Residential loan offered by banking sector 151

Obstacles of the mortgage loan market in Slovenia 151

Discussion 152

Summary and conclusion 154

Abbreviations 156

References 157

7 The Mortgage Lending Market in Poland Ewa Kucharska-Stasiak Magdalena Zaleczna 161

Introduction 161

Determinants underlying expansion of the mortgage loan market 162

The mortgage loan market - a retrospective analysis 167

Current situation on the mortgage loan market 170

The loan insurance system 174

Future of the mortgage loan market 175

Final comments 177

Notes 177

References 178

8 Secondary Mortgage Markets in South Africa Julia Freybote Viola Karoly 179

Introduction 179

Economic and property market fundamentals 180

Primary mortgage markets 184

Secondary mortgage markets 188

Conclusion and outlook 206

Notes 208

References 210

9 The Mortgage Market in Ghana Callistus Mahama 215

Introduction 215

Contractual agreements in the housing market 217

Land and property in the development of capital 217

The housing challenge 219

State housing policy initiatives 219

Formal mortgage in Ghana 223

Features of the mortgage market 224

The legal framework 226

The Home Finance Company (HFC) 227

Conclusions 229

References 229

10 Housing Finance in Emerging Economies: Applying a Benchmark from Developed Countries Ashok Bardhan Robert H. Edelstein 231

Introduction 231

Housing finance and the economy 232

Russia, India and China: defining similarities and contrasts 235

Benchmarking 243

Concluding remarks 249

Notes 250

References 251

11 Mortgage Finance in Emerging Markets: Constraints and Feasible Development Paths Bertrand M. Renaud 253

Introduction 253

Recurring issues in developing mortgage markets 255

Types of mortgage systems observed in developing countries 271

Lessons learned and some strategic priorities 275

Notes 276

References 280

Appendix 1 282

Appendix 2 286

Notes to appendices 288

Index 289

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