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At their lowest, monthly interest rates for a 10-year lira loan came down to about 1 percent.
IMF (April 2004).
For example, for lenders to securitize their mortgage loans, the underlying housing collateral must fulfill regulatory license requirements.
Co-movements in property prices and mortgage borrowing were comparatively weak in the 1970s but have become stronger in the 1980s and 1990s (OECD, 2000).
For example, UK, Sweden and Finland experienced severe recessions when house price booms ended in the late 1980s. However, research also shows that real house price movements differ markedly across countries. Furthermore, whether these movements lead, or lag, cycles differs across countries and between cycles. See OECD (2004; 2000).
Housing equity withdrawal is defined as the amount by which the net increment in a household’s mortgage debt exceeds the household’s residential investment.
These structural differences are very significant also in developed markets. As a result, changes in housing wealth strongly affect household consumption in countries like Australia, Canada, the Netherlands, the United Kingdom and the Unites States, but have relatively little impact in France, Germany, Italy and Japan (OECD, 2004).
In contrast, countries with well-developed markets for covered bonds or mortgage-backed securities have a high proportion of FRMs (e.g., the United States, Germany, Denmark). See IMF (2004) and OECD (2004).