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Asset Price Bubbles

Asset Price Bubbles »

Source: Asset Price Bubbles : A Selective Survey

Volume/Issue: 2013/45

Series: IMF Working Papers

Author(s): Anna Scherbina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2013

ISBN: 9781475515299

Keywords: Bubbles, Limits to Arbitrage, stock market, discount rate, mortgage, cash flows, financial economics, General,

Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with fric...

Banks' Liability Structure and Mortgage Lending During the Financial Crisis

Banks' Liability Structure and Mortgage Lending During the Financial Crisis »

Source: Banks' Liability Structure and Mortgage Lending During the Financial Crisis

Volume/Issue: 2012/155

Series: IMF Working Papers

Author(s): Jihad Dagher , and Kazim Kazimov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2012

ISBN: 9781475504460

Keywords: Retail funding, Wholesale funding, credit supply, mortgages, matching, mortgage, statistics, mortgage credit, probability, mortgage lending

We examine the impact of banks' exposure to market liquidity shocks through wholesale funding on their supply of credit during the financial crisis in the United States. We focus on mortgage lending to minimize the...

Boom-Bust Cycles in Housing

Boom-Bust Cycles in Housing »

Source: Boom-Bust Cycles in Housing : The Changing Role of Financial Structure

Volume/Issue: 2005/200

Series: IMF Working Papers

Author(s): Calvin Schnure

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2005

ISBN: 9781451862195

Keywords: Mortgage markets, securitization, mortgage, mortgage market, housing finance, mortgage finance, Housing Supply and Markets,

Why are housing markets so prone to boom-bust cycles? The mortgage market structure prior to the Savings and Loan crisis contributed to the volatility in real housing activity which, in turn, amplified the volatili...

Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States?1

Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States?1 »

Source: Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States?

Volume/Issue: 2010/277

Series: IMF Working Papers

Author(s): Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2010

ISBN: 9781455210848

Keywords: Covered bonds, mortgage-backed securities, personal bankruptcy, bond, bonds, mortgage, bond holders, mortgage loans, General Financial Markets: Government Policy and Regulation, Other Substantive Areas of Law: Other

This paper considers the case for mortgage covered bonds as an alternative to the originate-to-distribute mortgage funding model. It argues that the economic incentives provided to market participants under the cov...

Canadian Residential Mortgage Markets

Canadian Residential Mortgage Markets »

Source: Canadian Residential Mortgage Markets : Boring But Effective?

Volume/Issue: 2009/130

Series: IMF Working Papers

Author(s): John Kiff

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2009

ISBN: 9781451872774

Keywords: mortgage, regulations, mortgages, bonds, residential mortgage, mortgage loans,

Klyuev (2008) concluded that the Canadian market for housing finance is highly advanced and sophisticated, but financing options were somewhat limited, particularly at terms longer than five years. This paper argue...

Credit Booms and Lending Standards

Credit Booms and Lending Standards »

Source: Credit Booms and Lending Standards : Evidence From the Subprime Mortgage Market

Volume/Issue: 2008/106

Series: IMF Working Papers

Author(s): Giovanni Dell'Ariccia , Luc Laeven , and Deniz Igan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2008

ISBN: 9781451869675

Keywords: credit boom, lending standards, subprime loans, financial accelerators, applications, mortgage, mortgage market, mortgage lenders,

This paper links the current sub-prime mortgage crisis to a decline in lending standards associated with the rapid expansion of this market. We show that lending standards declined more in areas that experienced la...

Economic and Legal Considerations of Optimal Privatization

Economic and Legal Considerations of Optimal Privatization »

Source: Economic and Legal Considerations of Optimal Privatization : Case Studies of Mortgage Firms (DePfa Group and Fannie Mae)

Volume/Issue: 1999/69

Series: IMF Working Papers

Author(s): John Garrett , Hans-Joachim Beyer , and Claudia Dziobek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1999

ISBN: 9781451849042

Keywords: Privatization, financial regulation, state banks, Fannie Mae, DePfa, mortgage, mortgage banks, private mortgage, mortgages

Successful privatization must be accompanied by the complete removal of privileges and any public policy mission. Bank behavior changes rapidly as profit maximation replaces the bureaucratic objective function. Onc...

Exposure to Real Estate Losses

Exposure to Real Estate Losses »

Source: Exposure to Real Estate Losses : Evidence from the US Banks

Volume/Issue: 2009/79

Series: IMF Working Papers

Author(s): Marcelo Pinheiro , and Deniz Igan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2009

ISBN: 9781451872262

Keywords: Residential and Commercial Real Estate, Delinquency, Distance to Default, real estate, real estate loans, commercial real estate, mortgage, commercial real estate loans,

We implement a three-step procedure to assess the extent of exposure to real estate in commercial banks. First, we demonstrate interest rates and income to be the major determinants of delinquency. Then, we adopt a...

The Fiscal and Economic Effects of Federal Credit Assistance Programs

The Fiscal and Economic Effects of Federal Credit Assistance Programs »

Source: The Fiscal and Economic Effects of Federal Credit Assistance Programs

Volume/Issue: 1990/98

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1990

ISBN: 9781451949063

Keywords: subsidy, mortgage, subsidies, mortgage insurance, mortgage insurance fund

While federal credit programs are varied in form, their fiscal and economic effects arise primarily from the same source—each program’s subsidy component. Recent credit reform proposals would make con...

Foreclosure Mitigation Efforts in the United States

Foreclosure Mitigation Efforts in the United States »

Source: Foreclosure Mitigation Efforts in the United States : Approaches and Challenges

Volume/Issue: 2009/02

Series: IMF Staff Position Notes

Author(s): Vladimir Klyuev , and John Kiff

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 January 2009

ISBN: 9781589068247

Keywords: Fiscal policy, foreclosure, foreclosures, equity, liens, securitization

Home foreclosure rates have risen in the United States to the highest levels since the Great Depression. With house prices falling, lending standards tightening, unemployment rising, and interest rate resets in the...