This thesis deals with current issues relating to the mortgage market. The aim of the thesis is to analyse factors which influence the mortgage market in the Czech Republic and to describe their influence on the quantities of mortgages within last 10 years (2002-2011). The theoretical part introduces basic concepts related to the mortgage market, the legislation and chosen factors that could have an influence on the quantities of mortgages. Among these factors were chosen GDP, the rate of unemployment, the inflation rate and the interest rate of mortgage loans. One part deals with mortgage crises which came into existence in the USA in 2007 and had an impact on economics of other countries. In practical part there is an introduction into development of chosen factors and then there is finding out whether these factors influence the quantity of mortgages.

Submitted by Guilherme Lisboa Ramirez (guilherme.ramirez@uol.com.br) on 2013-02-27T17:11:14Z No. of bitstreams: 1 Dissertacao_Guilherme_Ramirez_vf.pdf: 937329 bytes, checksum: ad15d191716d7337747bcc3f83b75fa0 (MD5) / Approved for entry into archive by Vera Lúcia Mourão (vera.mourao@fgv.br) on 2013-02-27T17:30:52Z (GMT) No. of bitstreams: 1 Dissertacao_Guilherme_Ramirez_vf.pdf: 937329 bytes, checksum: ad15d191716d7337747bcc3f83b75fa0 (MD5) / Made available in DSpace on 2013-02-27T17:58:58Z (GMT). No. of bitstreams: 1 Dissertacao_Guilherme_Ramirez_vf.pdf: 937329 bytes, checksum: ad15d191716d7337747bcc3f83b75fa0 (MD5) Previous issue date: 2013-01-29 / The analysis of the evolution of housing affordability indexes is important in monitoring variations in the capability of a household to purchase a house. The methodology used in this study allows the analysis of housing affordability indexes for different income classes, once it takes into account the whole distribution of household income and house prices, since they have different skewness. The analysis of the Brazilian market under this methodology has shown a decrease in housing affordability in recent years, due to a steeper rise in house prices when compared to the combined effect of household income variations and the loosening of credit constraints. / A análise da evolução dos indicadores de housing affordability permite acompanhar o comportamento do poder de compra de um imóvel. A metodologia utilizada nesta dissertação, ao considerar toda a distribuição da renda domiciliar e do preço dos imóveis, uma vez que as mesmas possuem assimetrias diferentes, possibilita analisar estes indicadores para diferentes segmentos da população. A aplicação desta metodologia para o mercado brasileiro possibilitou observar que a capacidade de compra se reduziu nos últimos anos devido, principalmente, ao aumento do preço dos imóveis a uma taxa maior do que a variação da renda combinada com a flexibilização das condições de credito imobiliário.

The Diploma thesis is focused on the mortgage loan as a part of national economy. It deals with the main features of the mortgage market in the Czech Republic. The objective/aim of this thesis is to analyze the dependence of the mortgage loans on the development of the selected macroeconomic indicators. This dependence will be firstly described theoretically and verified by the statistical methods afterwards. The first part of the thesis is dedicated to the theoretical characteristics of the mortgage loans. The next part, which deals with the analysis of the mortgage market, is divided into several stages according to the mortgage market development. The third part deals with the macroeconomic importance of the mortgage loans and examines the dependence of the mortgage market development on the selected quantities. The hypotheses expressed in the previous part are verified by using statistical analysis in the last part of this thesis.

Recent reports from the Swedish Financial supervisory authority and the Swedish competition agency suggest that while bank profitability is high in Sweden, the dominant position of a handful of actors have created a situation where consumers are left displeased. The mortgage market has been highlighted as one of the most concerning markets and yet, gross margins on mortgages are reaching record levels. However, as of recent, two new actors have announced their intention to challenge the incumbent banks by importing a new mortgage financing method from the Netherlands. The financing model is rooted in the creation of a mortgage fund and could have several particularly interesting implications for the Swedish mortgage market. Thus, the purpose of this thesis is to examine mortgage funds and its ability to change current market structures in Sweden. By examining the relationship between return on assets and cost-to-income ratios for Swedish mortgage brokers during 2011-2017, the level of competition on the Swedish mortgage market is estimated and examined in relation to the introduction of mortgage funds. It is found that the introduction of mortgage funds in Sweden have caused a structural shift of the market by altering the value-chain of Swedish mortgages. The conclusion of this study is that mortgage funds, if managed correctly, can be a helpful addition to the Swedish mortgage market by bolstering competition and diversity. / Finansinspektionen och konkurrensverket har nyligen konstaterat en rad problematiska områden gällande den svenska bolånemarknaden. I sina rapporter konstateras det bland annat att den dominanta positionen som storbankerna håller hämmar konkursen och begränsar konsumenternas valmöjligheter. Samtidigt har storbankerna genererat rekordvinster med just bolån som kassako under det senaste året. Emellertid så har ett antal nya nisch aktörer börja dyka upp på marknaden, där vissa använder sig av alternativa finansieringsmetoder som konkurrensfördel. En sådan finansieringsform är bolånefonder där utgivandet av bolån finanserna genom en fond som riktar sig till institutionella investerare. Modellen med bolånefonder är intressant utifrån et flertal perspektiv, inte minst för dess framgångar på den holländska marknaden där det den lyckats öppna bryta upp marknaden. Syftet med denna studie är således att undersöka bolån som finansieringsmetod i Sverige samt dess möjligheter att bryta upp konkurrensen på den svenska bolånemarknaden. Genom att undersöka förhållandet mellan avkastning på eget kapital och kostnadsinkomstförhållande bland svenska bolåneaktörer under 2011–2017 uppskattas konkurrensen på den svenska bolånemarknaden i relation till bolånefonder. Resultaten indikerar att bolånefonder är ett tydligt exempel på ett skifte av värdekedjan för bolån. Vidare så visar studien att bolånefonder under rätt förhållanden kan vara ett positivt tillskott till den svenskan bolånemarknaden genom att öka effektiviteten och främja konkurrensen.

This thesis deals with the problem of banks in connection with mortgage loans and mortgage bonds. Its main aim is the research and analysis ot the market with mortgage bonds and mortgage loans in the Czech and Slovak Republic. The work also takes into concern the so discussed integration of European mortgage markets. The thesis is divided into five chapters. The first two chapters are theoretical and are focused on the legislature and the feature of bonds and mortgage bonds. One of the components is the problem of mortgage banks and mortgage loans. The practical section is divided into three chapters. The first chapter is focused on the position of mortgage banks in the Czech and Slovak Republics in the framework of the bank´s sector in the given country. The banks are evaluated on the basis of economic criteria including balance sheets, net profit, initial capital, capital feasibility, number of branches and number of employees. The final part of this section is the evaluation and comprison of the Czech and Slovak bank sectors and their comparison with the European Union. The second chapter deals with entities conducting in the field of mortgage banking and the evaluation of their position in the framework of the Czech and Slovak Republic. The third chapter evaluates the present state and predicts further developments of the bank market in the area of mortgage bonds and mortgage loans. The problem of the integration of mortgage markets in the European Union is included.

The diploma thesis clarifies main causes of the mortgage market meltdown in the USA as a starter to the global financial problems. The objective of the thesis is to analyze the American mortgage and housing market price bubble according to the views of the Austrian school of economics, which claims that problems were caused by inappropriate intervention of the U.S. Federal Government, Federal Reserve System and other government institutions in the markets. Furthermore, the thesis criticize the actions and measures taken by the U.S. government to stabilize the economy, which only seeks to alleviate the consequences, not to prevent the causes. Last chapter of the thesis analyze the impact of the subsequent financial crisis and global economic downturn on financial market, real economy and international trade of Czech republic.

The aim of this diploma thesis is an analysis of the contemporary mortgage crisis in the USA. The thesis consists of four sections. The first part describes historical developments of the American mortgage market with the emphasis on securitization. The second chapter deals with the market failures occurring within the securitization process. The third chapter is dedicated to the primary mortgage market, in particular to the causes of the previous credit boom, "running" house prices. Moreover, this chapter analyzes the "subprime" and "Alt-A" mortgage market, their products and practices prevailing on these markets. The last chapter is devoted to the secondary mortgage markets. The aim of this chapter is to describe how "subprime" and "Alt-A" mortgage deals were structured. The case study offers an example and its results are presented.