Filip Sobotka Mortgage law Abstract The aim of this thesis is the reflection of the mortgage law with the accent to current legal basis in the Czech Republic. The thesis is composed of two basic chapters, each of them dealing with different aspects of mortgage law. Firstly, the paper contains introductory. Chapter One focuses on historical development, both czech law and roman law. Chapter Two deals with the mortgage law in general. The chapter is subdivided into eight parts. Part one and part two deal with general description of the mortgage and explain function and principles which creates the fundamentals of the mortgage. Part three investigates the immovable property and its legal specification. Part four carries out the analysis of the formation procedure of the mortgage. Part five and part six deal with rights and commitments of the both contractual parties. And finally part seven and eight analyze the constituent point of view of the mortgage termination. Conclusions and recommendations are drawn in final chapter, but also through the whole paper.

Le droit commun de la vente, caractérisé par l’effet immédiat du transfert de propriété dès la rencontre des consentements s’est avéré une source de difficultés en matière immobilière au XIXème siècle. Cette simplicité excessive qui rend le transfert de propriété instantané et occulte heurte la réalité et les difficultés inhérentes aux mutations immobilières. Le recours à de nombreuses exceptions dans le Code civil de 1804 a rendu l’économie générale du transfert illisible pour les praticiens, la sécurité des transmissions immobilières nécessitant de reconstituer un instrument de preuve efficace. Si l’opération de transfert réside dans une conception volontariste en se focalisant sur la formation du contrat par une dématérialisation de l’obligation de donner, son efficacité reste tributaire d’aménagements contractuels et de formalités postérieures au contrat. Cette refondation qui se fera sur la notion d’authenticité et qui érige un contrôle de légalité incarné par le notaire aura pour avantage de préserver la fiction consensuelle et de repousser tout schéma dualiste comme les livres fonciers considérés par une majorité de la doctrine française comme contraire à l’esprit du droit français. / Common Sales Law , characterized by the immediate effect of the transfer of ownership from the meeting consents has been a source of difficulties in real estate in the nineteenth century. This excessive simplicity that makes transferring ownership instant hits and occult reality and the difficulties inherent in immovables . The use of many exceptions in the Civil Code of 1804 has made the general economy unreadable transfer practitioners , security estate transmissions requiring reconstitute an effective instrument of evidence. If the transfer operation lies in a deliberate design by focusing on the formation of the contract by a dematerialization of the obligation to give, its effectiveness is dependent on contractual arrangements and post- contract formalities . This overhaul will be done on the notion of authenticity and erects a review of legality embodied by the notary will have the advantage of preserving the consensus fiction and repel any scheme as dualistic land books considered by a majority of the French doctrine as contrary the spirit of French law.

This thesis analyzes the causes and impacts of recent financial crisis, which originated in the U. S. in 2007. It deals with the theoretical view and the specification of the financial crisis. A significant part is devoted to analyzing the root causes of the emergence of the recent financial crises. Here we find important implications in the functioning and structure of the financial system, in which we see many long-term unhealthy factors which largely contributed to the crisis. The paper also deals with analysis of the financial crisis on the real economy. It analyzes the impact of the crisis on the main macroeconomic indicators in the U. S. and Europe. Here we find an analysis of the measures taken in the U. S. and the EU in order to stabilize the financial sector. Find negative effects of state aid to public debt and government budget deficits.

The present thesis deals with different methods of financing home constructions in the Czech Republic provided through mortgage loans and loans from building societies. In the first part of the thesis, I describe both main products, mentioning briefly their history in the territory of the Czech Republic. The advantages and disadvantages of both options are also pointed out. In the empirical part, I used comparative analysis to compare both products' profitability with respect to the client. The aim of the present thesis is not only to give specific details on the functioning of mortgage loans and building society accounts, but also and most importantly to discover, which one of the studied products is more beneficial for the client, once the client chooses to finance a new home through this kind of products.

The crisis of the mortgage market and the mortgage-backed security (MBS) market in 2008 had dramatic negative effects in dragging down all of the economy on a worldwide scale. Many researches have, therefore, attempted to explore the influencing factors on mortgage default risk. This project, in cooperation with the company EnerScore, revolves around discovering a correlation between portfolios of mortgages to underlying energy expenditures. EnerScore€™s core product provides an internal dataset related to home energy efficiency for American homes and gives their corresponding home energy efficiency rating to every home, which is called an €œEnerScore.€� This project involves discovering a correlation between default within portfolios of mortgages based on underlying energy expenditures. The goal is to show that energy efficient homes potentially have lower default risks than standard homes because the homes which lack energy efficiency are associated with higher energy costs. This leaves less money to make the mortgage payment, and thereby increases default risk. The first phase of this project involves finding a foreclosure dataset that will be used to design the quantitative model. Due to limited availability and constraints related to default data, Google search query data is used to develop a broad based and real-time index of mortgage default risk and establish a meaningful scientific correlation. After analyzing several statistical models to explore this correlation, the regression tree model showed that the EnerScore is a strong predictor for mortgage default risk when using city-level mortgage default risk data and EnerScore data.

This dissertation examines several research questions relating to securitization by non-financial firms. Finance theories suggest securitization is most beneficial when there is high demand for liquidity. On the other hand, empirical studies have shown that firms engage in securitization to manage earnings. I find that liquidity demand, not the incentive for earnings management motivates securitization transactions by non-financial firms. I also evaluate whether earnings management in securitization is indeed undesirable from a shareholder's perspective by examining the economic consequences of the practice. Because securitization creates a large infusion of cash, one way to evaluate the economic consequences of earnings management is to examine whether securitization proceeds encourage overinvestment. I find that earnings management in securitization (i.e., recording non-zero securitization income) is unrelated to firms' suboptimal) overinvestment in the post-securitization period. Thus, it appears that earning management in securitization has no negative economic consequence in terms of generating excess securitization proceeds that encourage overinvestment. I also examine the market's valuation of securitizable assets in the accrual components of earnings and the use of securitization proceeds. Because securitizable assets can be converted into cash through securitization, I test whether the market valuation reflects the source of liquidity in securitizable assets that is similar to the cash component of earnings. I find that, for securitization firms, the market valuation of securitizable assets is similar to that of the cash component of earnings. / Lastly, I find some evidence supporting the assertion that firms' liquidity prior to securitization influences the market valuation on securitization proceeds retained on the balance sheet, in that the market assigns a discount to retained proceeds for firms with excess liquidity prior to securitiaztion. / by Qianyun Huang. / Thesis (Ph.D.)--Florida Atlantic University, 2011. / Includes bibliography. / Electronic reproduction. Boca Raton, Fla., 2011. Mode of access: World Wide Web.

O presente trabalho tem por objetivo analisar a securitização imobiliária como uma alternativa viável de captação de recursos para financiamento imobiliário no Brasil. Este trabalho possui uma natureza essencialmente analítica, não sendo estabelecido nenhum modelo empírico de testes e análise dos dados apresentados. Por outro lado, foi realizada uma revisão da literatura sobre crédito imobiliário e securitização imobiliária no Brasil a partir da criação do SFH (Sistema de Financiamento Habitacional), em 1964. O volume de negociações de CRI (Certificado de Recebíveis Imobiliários), principal título securitizado, apresentou alta taxa de crescimento nos últimos anos, passando de R$ 11 milhões em 2000 para R$ 4,1 bilhões em 2010. A Caixa Econômica Federal, agente com a maior carteira de financiamento imobiliário, realizou em 2011 a cessão de 4.324 contratos de financiamento habitacional para securitização, através da emissão de CRIs. Os CRIs emitidos totalizaram R$ 232.766.000,00 (duzentos e trinta e dois milhões, setecentos e sessenta e seis mil reais). A análise realizada indica que as recentes alterações institucionais e o crescimento das operações permitem considerar a securitização como uma alternativa de funding viável para o mercado imobiliário brasileiro. / This paper aims to analyze the real estate securitization as a viable alternative to raise funds for the real estate financing in Brazil. This work has an essentially analytical nature, and no empirical tests model and analysis of the presented data was established. Moreover, a literature review on mortgage and real estate securitization in Brazil was performed since the creation of the SFH (Sistema de Financiamento Habitacional), in 1964. The trading volume of CRI (Certificado de Recebíveis Imobiliários), the main security securitized, showed a high rate of growth in recent years, going from 11 million reais in 2000 to 4.1 billion reais in 2010. The Caixa Econômica Federal, an institution with the largest portfolio of real estate financing, made 4,324 cessions of housing financing contracts for securitization in 2011, through the emission of CRIs. The issued CRIs amounted 232,766,000.00 reais (two hundred and thirty-two million, seven hundred and sixty-six thousand reais). The analysis indicates that recent institutional changes and growth of securitization operations can be considered as a viable funding alternative of funding alternative for the Brazilian real estate market.

O presente trabalho investiga o processo de desenvolvimento do Direito Hipotecário brasileiro, na transição da ausência à consolidação de seu registro público, verificando-se, sobretudo o papel do Código Civil de 1916. A análise histórica dos Direitos Reais é uma importante fonte para a compreensão do desenvolvimento das relações entre pessoas e coisas. Nesse sentido, o estudo histórico da hipoteca no Direito brasileiro permite um exame do embate entre os direitos de propriedade e os direitos de crédito, tornando evidentes elementos sociais, econômicos, da política fundiária e da cultura jurídica do período. Inicialmente, explanou-se sobre o ideário de modernização dos Direito reais, que garantiu a proteção da titularidade individual sobre a propriedade, e sua repercussão no Direito nacional no projeto de modernização do Direito, implementado após a Independência, em 1822. Posteriormente, foram perquiridas as alterações legislativas empreendidas até o Código Civil de 1916, que passaram a prever a publicidade e a especialidade da hipoteca. Por fim, foram efetuadas comparações de dados jurisprudenciais, referentes ao período entre anos de 1912 e 1920. / This text investigates the process of development of the Brazilian Mortgage Law in the transition of its complete lack of registration and the consolidation of its public record, verifying mainly the role of the Civil Code of 1916. The historical analysis of the Property Law is an important source for understanding the development of the relationship between people and things. In this sense, the mortgage history in Brazilian law allows an examination of the conflict between the rights of property and the creditor rights, bringing to light social, economic, land policy and legal culture elements of the period. First, the ideology of modernization of the property rights was explained, which guaranteed the protection of the individual ownership of property, and its impact on national law in the modernization project implemented after independence in 1822. Subsequently, legislative changes undertaken until the Civil Code of 1916 were studied, which begin to provide publicity and specialty to mortgage rights. Finally, comparisons were made between case law data, developed over the years 1912 and 1920.

Thesis. 1975. Ph.D.--Massachusetts Institute of Technology. Dept. of Economics. / Vita. / Bibliography: leaves 337-347. / Ph.D.

This thesis focuses on analyzing the development of mortgage loans which were provided by Czech households. The first chapter is devoted to the theory of mortgage loans and their basic characteristics. In the second chapter I focus on credit risk. Its management, monitoring and reduction methods. The third chapter includes the causes of debt and the amount of elemental analysis based on macroeconomic variables of mortgage loans (mortgage loan rate, GDP, inflation, unemployment, gross wage). Proof of this dependence is part of the last chapter using regression and correlation analysis.