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Thesis (Ph. D.)--University of Hong Kong, 1999. / Includes bibliographical references (leaves 108-109).

The aim of this thesis is to describe Czech mortgage market and follow its development from the beginning till now. This thesis does not contain only description of mortgages, but also gives the demographical overview of regions and mortgages analyses provided by competitive banks. Following attention is dedicated to "Hypoteční banka, a.s.", which was the first on the Czech market and this bank is still the number one, following by competitors. This thesis is focused on its strategy, with the detailed description of financial results. Thesis also contains tables and graphical analyses for easier understanding and clear overview.

Master of Arts / Department of Economics / Tracy M. Turner / The recent housing crisis has highlighted the need to better understand the determinants of mortgage default. Concerns about potential sizable differences in default rates by race and ethnicity as well as reports in the popular press regarding the propensity for rising numbers of homeowners to strategically default motivate a careful study of mortgage delinquency in America post-housing bubble. Using longitudinal data from the Panel Study of Income Dynamics (PSID), we examine borrowers in the years 2005, 2007 and 2009 and, controlling for a number of default-related variables, take a closer look at the characteristics of those delinquent on their mortgage by 2009. We find startling racial and ethnic gaps present as well as strong effects from children, education, and the presence of recourse/non-recourse laws in the state of residence on the likelihood of delinquency. In addition, we find evidence that strategic default plays a role in explaining the likelihood that a homeowner in 2005 will be delinquent on his or her mortgage by 2009.

The primary objective of the study was to develop a model which allowed banks to measure home loan risk and determine prices accordingly. A survey among banks revealed: 1. belief that the home loan market is more risky than 5 years ago 2. belief that lending in the "black" market is riskier than lending in the "white" market 3. no model is used which allows risk-measurement for the purpose of home loan pricing 4. mixed feeling as to the value of the proposed model - value, to a large extent, would depend on flexibility. A practical, flexible model has been developed which allows: 1. risk classification of loans in terms of geographical areas, product/client characteristics, and loan performance 2. risk measurement in terms of potential losses relating to each loan category 3. determination of appropriate pricing levels for each risk category. / Department of Economics / M. Com. (Accounting )

This report seeks to outline recent federal policy regarding home mortgage finance, specifically the Home Affordable Refinance Program (HARP), the main tool of the Making Home Affordable Program (MHA), which is aimed at helping the United States recover from the housing crisis it has been experiencing ever since the mid-late 2000s. A modern history of federal policy on home mortgage finance will help to set the stage for the reader for what has been one of the most difficult housing disasters that America has ever seen. After outlining HARP’s background, the background of the housing crisis, the roles of Government-sponsored entities, and the effectiveness of the most current federal responses to the crisis, this report will detail policy recommendations and changes to the current programs that may help to further alleviate the problems discussed in this report, and more effectively achieve the stated goals of the MHA and HARP. / text

Thesis advisor: Patrick H. Byrne / In this dissertation, I attempt to contribute to Lonergan scholarship by bringing greater clarity to his notions of general and group bias. By applying these notions to a concrete event, the subprime mortgage crisis, I intend to shed light on their meaning and significance in a new way. Over the course of this dissertation, I will investigate and employ other theoretical tools that Lonergan provides, such as his notions of transcendental method, self-appropriation, common sense, and values, and especially the destructive impact of group and general bias upon the good of order. The theoretical ideas that are examined in this dissertation have a heuristic value, for they have the potential to help individuals notice areas and respond to issues that might have otherwise been overlooked. The subprime mortgage crisis, which arguably began when American house prices dropped in July of 2006, was the product of an accumulation of biased decisions over time. Lonergan's notion of the general bias of common sense afflicted many of the central parties involved in the subprime mortgage market leading up to the crisis, prompting them to conclude that house prices would interminably rise. Institutional relationships that were impaired by this biased orientation toward the housing market came to be further plagued by Lonergan's notion of group bias. Ultimately, I argue that subprime mortgage crisis was a manifestation of a breakdown in the good of order, which is a component of Lonergan's notion of the invariant structure of the human good. Chapter One consists of a presentation and explication of the set of Lonergan's theoretical tools that are utilized in this study. The chapter begins with an exploration of his transcendental method and then proceeds with a discussion that includes his notions of cognitional structure, self-appropriation, common sense, values and judgments of value, conversion, self-transcendence, authenticity, bias, and the invariant structure of the human good. Chapter Two serves a bridge between these theoretical terms and my analysis of the parties that were involved in the subprime mortgage crisis. In addition to arguing that the general bias of common sense distorted the decision making processes of many of the significant players in the subprime mortgage market, I will also contend that group bias was operative leading up to and during this crisis. The emphasis in this latter section will be on instances of "co-opted" group bias, or arrangements in which different parties cooperated with one another in mutually advantageous ways in the short-term, but to the detriment of the good of order. Chapters Three through Six each focus on one of the parties that played an instrumental role in the development and outbreak of the subprime mortgage crisis: subprime lenders (Chapter Three), arrangers (Chapter Four), credit rating agencies (Chapter Five), and Fannie Mae and Freddie Mac (Chapter Six). I examine key regulatory relationships in these chapters as well and note that, in many cases, they were ensnared by general and group bias. My concluding analysis is that, as an accumulation of biased decisions, the subprime mortgage crisis was an avoidable outcome, for individual submission to bias is not inevitable. / Thesis (PhD) — Boston College, 2012. / Submitted to: Boston College. Graduate School of Arts and Sciences. / Discipline: Philosophy.

by Lo Chi Wai. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 54). / ABSTRACT --- p.II / TABLE OF CONTENTS --- p.III / LIST OF TABLES/CHARTS --- p.VI / PREFACE --- p.VI / Chapter / Chapter I. --- INTRODUCTION --- p.1 / INTRODUCTION --- p.1 / Structure of the Paper --- p.2 / Chapter II. --- HONG KONG PROPERTY MARKET --- p.3 / The Property Market during 1990's --- p.3 / Supply of Residential Property --- p.4 / The future property price --- p.4 / Mortgage Pool --- p.7 / Chapter III --- MORTGAGE CORPORATION --- p.10 / The Player in Securitization --- p.10 / Mortgage Corporation in U.S --- p.10 / The different between U.S. situation and Hong Kong situation --- p.11 / HONG KONG MORTGAGE CORPORATION --- p.12 / HKMC's share in the residential mortgage market --- p.13 / HKMC's mortgage portfolio --- p.13 / HKMC's Benefit --- p.13 / Originator's and investor's Perspective --- p.16 / Chapter IV. --- THE PROGRESS OF HKMC --- p.20 / Fixed rate mortgage Pilot Scheme --- p.20 / The debt program --- p.21 / Mortgage Guarantee Scheme --- p.23 / Chapter V. --- DIFFICULT OF MBS PRICING --- p.27 / RISK --- p.28 / The Financial institution might find MBS unattractive? --- p.34 / Chapter VI. --- PROSPECT --- p.35 / Fully-fledged credit reference agency --- p.35 / Fixed rate Mortgage promotion --- p.35 / US dollar/Hong Kong dollar Swap --- p.36 / Mortgage lending rate war --- p.36 / Debt Market --- p.37 / Standardization --- p.37 / Credit Rating --- p.38 / Don't let the history repeat itself --- p.38 / CONCLUSION --- p.39 / APPENDIX --- p.40 / BIBLIOGRAPHY --- p.54

For many decades both UK and US politicians have encouraged homeownership supported by mortgage lending. Exuberant borrowing has fuelled housing booms and is central to many recent financial problems. As a consequence macroprudential policies have been developed to improve financial stability using a mixture of measures to deter excessive lending including loan-to-value and debt-to-income restrictions. This thesis considers macroprudential policymaking generally and, more specifically, this latter group of macroprudential measures. It concludes that it is unlikely that these measures can be used to any significant extent in western democracies. At its heart is their political legitimacy and the potential consequences for the institutions promulgating such policies since a major use of these limits would have a direct and very visible effect on home ownership aspirations. Further, the evidence indicates that these measures may well be ineffective. This thesis suggests that conduct of business regulatory policy and the use of mortgage affordability verification may be more effective. However, the successful employment these measures for macroprudential purposes may be hindered by the structure of UK financial services regulation. Moreover, there is a challenge in that historically, UK conduct of business regulation has often failed. Nevertheless, in the area of mortgage affordability, there may be opportunities to use innovative regulatory policies to reduce these risks going forward. Further, there may be lessons for the UK from the US's approach of using the concept of the "qualified mortgage" and, additionally, in considering the role of sound conduct of business policies such as those are used by the US Veterans Administration. Nevertheless, the failure to build sufficient homes over the last forty years is at the heart of UK financial instability. Macroprudential policy may have the unequal task of attempting to suppress house price booms. This raises political issues and highlights the constraints on macroprudential policy with limits on its ability to influence fiscal and socio-economic policy. This thesis seeks to influence the debate on what can be done to help to ensure financial stability.

The wellness of credit risk has great influence on the Value of Mortage-Backed Securities (MBS), but there isn¡¦t any valuator to supervise and to estimate these securities-issued institutions in Taiwan. For earning the trust of the masses, these institutions must have great abilities to control credit risk in an acceptable degree, and then the people will be willing to invest in these MBS. This research makes use of data totaling 20,576 cases (17,425 normal cases and 3,151 default cases) from a certain domestic bank, Bank P, and constructs the Logistic Regression Model to steer the substantial evidence research. With the right prediction of 96.7% in normal, 85.4% in default, and 95% in whole, we find that we can use the borrower¡¦s age, occupation, the object of collateral, the use of collateral, the loan purpose, the year of loan, the line of credit, the category of interest, the interest rate, the source of case and the branch office as key factors for credit risk appraisal of reference provided to banks. In this study, we will determine whether interest rate is the key factor for default, followed by occupation. The other two factors, the category of interest and the source of case, which are not popularly talked about in related studies, are confirmed as the remarkable influence factors for credit risk. The other important discovery is that the influence of the loan condition and the specialities of the collateral have greater impact on credit risk than the personality of the borrower. This research provides some reference for financial institutions on credit evaluation, and makes up a good model for credit control. For previously issued MBS, this research also provides some academic basis for future adaptation.