O déficit habitacional e a falta de acesso ao crédito habitacional, notadamente para a população de baixa renda, são problemas marcantes nos países emergentes, em especial no Brasil. A dificuldade em aliar as condições de pagamento das famílias e o preço da habitação demanda a necessidade de intervenção do Estado por meio de políticas de subsídios. Experiências em outras nações emergentes, que poderiam ser adaptadas à realidade brasileira, indicam que muitos avanços podem ser alcançados nessa área. Diante desse panorama, o presente trabalho tem por objetivo analisar a evolução do sistema de financiamento habitacional brasileiro, com foco nas políticas públicas implantadas a partir da década de 1990, além de efetuar uma comparação com as soluções encontradas pelo México a partir da década de 2000. A conclusão do trabalho indica que, para a faixa de renda analisada, de até cinco salários mínimos, o crescimento do crédito habitacional, a recente estabilidade macroeconômica e alterações no quadro institucional brasileiro não foram suficientes para solucionar o acesso da população à moradia. Propõe-se, portanto, destacar quais os principais aspectos que dificultam este acesso e como seria possível alcançar um resultado positivo nesse âmbito. / The housing deficit and the lack of access to credit, notably for the low-income population, are striking problems in emerging economies, especially in Brazil. The difficulty in combining the families\' capacity to pay and the price of housing requires the need for intervention by the State through subsidy policies. Experiences in other emerging economies - that could be adapted to the Brazilian reality - indicate that many advances can be achieved in that area. In face of this, the present study aims at analyzing the evolution of the Brazilian housing finance system, focusing on public policies held since the 1990s, as well as making a comparison to the solutions found by Mexico since the 2000s. In its conclusion, this study indicates that for the income range we chose to analyze - up to five minimum wages - housing credit growth, the recent macroeconomic stability, and changes in the Brazilian institutional framework were not enough to solve this population\'s access to housing. It is proposed therefore to highlight what the main issues that hinder this access and how it would be possible to achieve a positive outcome in that respect.

This diploma thesis discusses about possibilities of housing financing and is especially focusing on mortgage market in Czech Republic. First part of this thesis has theoretical character and describes different types of housing: property housing, cooperative housing and rental housing and their specific features. This part also contains general characteristics of the basic ways of housing financing: building saving and mortgages. Besides, building savings is here compared with mortgages and there are described advantages and disadvantages of those both possibilities of housing financing. In this part there are also put examples of "future mortgages", which are not offered by Czech banks yet. The second part of the diploma thesis is focusing its attention on actual world crisis. Defines reasons of its origin, describes its impact on European and Czech economy. Also, discusses about impact the actual crisis has on estate market and market with loans and mortgages in Czech Republic. The third part of the thesis is concerned on standard procedure while disposing the mortgage and contains short example of buying an apartment by fictive person.

This dissertation consists of three essays on the topic of commercial mortgages. The first paper contributes to the commercial mortgage literature and the multiple factor asset-pricing literature by creating a model for commercial mortgage returns. The result of an initial analysis using the five Fama and French (1993) factors is that the sensitivities of commercial mortgage returns and corporate bond returns to all factors are statistically indistinguishable. However, further analysis was performed using factors associated with real estate returns, and the result is that unlike corporate bonds, commercial mortgage returns are sensitive to the factor that measures growth in personal consumption. In the second paper, I investigate the two potential outcomes that can eventually arise when a commercial mortgage borrower fails to make a scheduled payment. Either the borrower reinstates the loan and resumes payment or the lender forecloses on the property. The following question arises: under which situation does each outcome occ.ur? I investigate this using a game-theoretic model and multinomial logit empirical tests on a disaggregate dataset. My key finding is that the outcome is based on the relative values of variables that include the borrower's equity in the secured property and the rate of property appreciation. Empirical tests confirm that the characteristics of real estate loans across delinquency outcomes are distinguishable. The third paper investigates the role of commercial mortgage guarantees in default. Childs, Ott and Riddiough (1996) use an options-based theoretical model to show that recourse should reduce the likelihood of default. This paper tests that prediction empirically using a database from a Canadian lender. The advantage of using a Canadian dataset is the prevalence of recourse lending not seen in the U.S. I find a negative relationship between default and the presence of a guarantee, supporting the Childs, Ott and Riddiough (1996) prediction. / Business, Sauder School of / Graduate

When purchasing a home, buyer considerations include price of the home, credit rating, mortgage type, and lending agency. The purpose of this phenomenological study was to explore the loan options successful business leaders consider when shifting loan lending from prime mortgage loans to subprime mortgage loans. Systems theory formed the conceptual framework for the study. A purposive sample of 20 participants from Gwinnett County, Georgia completed semistructured interviews and described their personal experiences. Data analysis incorporated van Kaam's technique to code and cluster information into topics. The following themes emerged from the analysis indicating what these business leaders considered when they established subprime mortgage loans: (a) creditable subprime mortgage lending, (b) preferred subprime mortgage type, (c) length of the approval process, (d) pressures and limited options, and (e) the benefits of a subprime mortgage. The findings indicated these creditworthy subprime borrowers received better loans options. Findings also showed that subprime mortgage borrowers preferred fixed rate mortgages, creditworthiness determined the extent of their subprime process, the number of first time homebuyers increased, and mortgage borrowers with credit problems preferred subprime mortgage loans. The information from this study could assist mortgage borrowers looking for loan options and mortgage lenders looking to build stronger relationships with the borrowers and communities they serve. Implications for positive social change include the possibility to lower foreclosures in Gwinnett County, Georgia and increase the mortgage knowledge of future borrowers.

Thesis (M.B.A.)--Boston University / PLEASE NOTE: Boston University Libraries did not receive an Authorization To Manage form for this thesis or dissertation. It is therefore not openly accessible, though it may be available by request. If you are the author or principal advisor of this work and would like to request open access for it, please contact us at open-help@bu.edu. Thank you. / 2999-01-01

Thesis (Ph.D.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1981. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH. / Bibliography: leaves 272-289. / by Harriett Tee Taggart. / Ph.D.

Thesis advisor: Fabio Ghironi / Thesis advisor: Matteo Iacoviello / This dissertation studies the implications of housing market heterogeneity for the trans- mission of shocks, welfare and the conduct of monetary policy. In the first chapter I focus on mortgage contract heterogeneity (fixed vs. variable-rate mortgages). I develop and solve a New Keynesian dynamic stochastic general equilibrium model that features a housing market and a group of constrained individuals who need housing collateral to obtain loans. A given proportion of constrained households borrows at a variable rate, while the rest borrows at a fixed rate. The model predicts that in an economy with mostly variable-rate mortgages, an exogenous interest rate shock has larger effects on borrowers than in a fixed-rate economy. For plausible parametrizations, aggregate differences are muted by wealth effects on labor supply and by the presence of savers. More persistent shocks cause larger aggregate differences. From a normative perspective I find that, in the presence of collateral constraints, the optimal Taylor rule is less aggressive against inflation than in the standard sticky-price model. Furthermore, for given monetary policy, a high proportion of fixed-rate mortgages is welfare enhancing. Then, I develop a two-country version of the model to study the implications of housing market heterogeneity for a monetary union as well as costs and benefits of being in a monetary union when there are asymmetric shocks. Results show that consumption reacts more strongly to common shocks in countries with high loan-to-value ratios (LTVs), a high proportion of borrowers or variable-rate mortgages. I also find that country-specific housing price shocks increase consumption not only in the country where the shock takes place. Welfare analysis shows that housing-market homogeneization is not beneficial per se, only when it is towards low LTVs or predominantly fixed-rate mortgages. As for costs and benefits of monetary unions, when there is a technology shock in one of the countries and they are symmetric, the monetary union regime is welfare worsening. However, results are dependent on whether or not countries are symmetric and on the source of the asymmetry. / Thesis (PhD) — Boston College, 2008. / Submitted to: Boston College. Graduate School of Arts and Sciences. / Discipline: Economics.

The mortgage industry played a major role in the recession faced by the U.S. economy in 2008, with approximately 8.8 million borrowers, or 10.8% of all homeowners, with negative equity in their homes. The purpose of this multiple case study was to explore strategies mortgage loan executives use to prequalify mortgage loan applicants. The target population consisted of 8 mortgage executives at 5 mortgage lending firms located in northwest Arkansas who demonstrated strategies to enhance the prequalification of mortgage loan applicants. The conceptual framework for the study was the theory of asymmetric information. In-depth, face-to-face interviews were conducted and the home loan toolkit and standard disclosure packets were reviewed. The data analysis technique used in this study followed Yin's 5-step data analysis process. Each interview response was interpreted, synthesized, and shared with the participant for validation during the follow-up member checking meeting. I coded the data to identify similarities in the data and prevalent themes, and to align the new data with previous literature. Based on methodological triangulation and thematic analysis, 4 themes emerged: counseling, government guidelines and regulation, disclosure, and literacy. Social change benefits include a more knowledgeable mortgage consumer that will benefit from enhanced education by the mortgage lender, which may result in lower mortgage defaults. This can increase homeowners' self-esteem, provide for community growth and development, and stabilize, and eventually grow, property tax revenues that could strengthen communities by expanding services and improving infrastructure.

Thesis (M.B.A.)--University of Hong Kong, 1997. / Includes bibliographical references (leaf 54-55).

Un nombre importants de défauts de prêts immobiliers ainsi que l'eff ondrement du march é immobilier ont entraî n é la faillite de plusieurs banques d'investissement aux Etats Unies. Ces facteurs ont aussi d éclench é la derni ère crise fi nanci ère. Ces év énements ont donné lieu à un pan de travaux cherchant à expliquer les facteurs d éterminant les d éfauts simultan és des prêts immobiliers. Cette th èse apporte des preuves suppl émentaires montrant l'importance de la d épendance des d éfauts lors de la gestion des portefeuilles des prêts immobiliers. Cette th èse comporte trois chapitres identifi ant les facteurs cl és d éterminants la d épendance des d éfauts de prêts immobiliers et des prix immobiliers. Nous montrons que mesure plus pr écise du risque de cr édit est possible en tenant compte des facteurs mentionn ées ci-dessous. Dans le chapitre 1, nous analysons la variation de la dépendance de 13 indices de prix r égionaux. Nous estimons une chaîne de Markov cach ée multivari ée avec deux r égimes équid epéndants. Nous mod élisons la probabilit é de transition en utilisant la croissance du taux d'int érêt, et du rapport prêt-valeur. Nos r ésultats montrent que la d épendance r égionale moyenne des prix immobiliers varie dans le temps. De plus cette d épendance est li ée an changement du taux d'int érêt et au rapport prêt-valeur. En consid érant un sous- échantillon de r égions m étropolitaines, nous montrons aussi qu'une baisse du rapport prêt valeur est associ ée à une plus forte probabilit é d'être dans un r égime de forte d épendance d écrite par une copule en arborescence canonique. Dans le Chapitre 2, nous utilisons une vraisemblance composite de copule (composite likelihood copula), et une fonction Mat érn, nous analysons la d épendance de d éfaut par paires d'un ensemble de prêts immobiliers titris és, a haut risques (subprime mortgages), provenant de la r égion de Los Angeles, entre 2000 et 2011. Nos r ésultats montrent que la d épendance des d éfauts est aff ect ée par la distance g éographique entre les prêts, la moyenne et la di fférences dyadiques de variables telle que le rapport prêt-valeur, le cr édit scoring FICO et le revenu au niveau l'arrondissement. De plus nous identifi ons un eff et de contagion o u un indice de changement des prix immobiliers r égionaux n égatifs et un haut taux de d éfauts augmente la d épendance des d éfauts. En fin notre mod èle donne une bonne estimation de la Value at Risk du nombre de d éfauts dans un bloc de prêts titris és. Dans le chapitre 3, nous analysons l'éfficacit e d'un portefeuille de prêts immobiliers titris és à haut risque (subprime). Nous estimons l'ésp erance et la variance des rendements en utilisant des probabilit e de d éfauts obtenu a partir d'un mod èle de d épendance de d éfaut par paires. Nous analysons les 13 plus larges bloc de prêts immobiliers, titris és entre 2001 et 2005. Nos r ésultats montrent que la diversi cation des blocs de prêts n' étaient pas optimale. De plus, nous montrons qu'il est possible de d'avantage diminuer le risque associ é bloc de prêts en tenant compte des risque non g éographique. / The high number of mortgage defaults along with the collective collapse in regional house prices have led to bankruptcies of Wall Street investment banks and triggered the last financial crisis. This phenomenon have led to a growing body of research seeking to understand how such mortgage defaults tend to occur together. This thesis adds to the body of evidence that dependence between mortgages as well as house prices needs to be seriously taken into consideration in managing the risk of mortgage pools. This thesis consists of three chapters that focus on identifying the factors affecting the dependence between house prices and mortgage defaults. We show how less risky mortgage portfolios can be constructed if we consider the factors mentionned below. In Chapter 1, we analyze time variations in the dependence of 13 regional house price indices. We estimate a multivariate hidden Markov copula model, with two equidependent regimes, and we allow the Markov transition probabilities to vary with changes in interest rates and leverage, measured by the Loan to value ratio (LTV). Our results provide evidence of time-variation in the average dependence in regional house prices. Besides they shows that house price dependence is strongly related to leverage and changes in interest rates. In addition, using a reduced set of Southwestern metropolitan statistical areas (MSAs), we further show that a decrease in leverage is associated with a higher probability of being in an asymmetric high dependence regime, described by a canonical vine copula. In Chapter 2, using a composite likelihood copula approach and a Mat'ern function, we analyze the pairwise dependence of defaults within a set of securitized subprime mortgages originated in Los Angeles between 2000 and 2011. Our results show that default dependence is affected by geographic proximity, as well as dyadic averages and differences in a number of mortgage-specific and local economic variables, such as FICO credit scores, Loan to Value (LTV) and zip code level income. In addition, we find evidence of a contagion effect, whereby negative local house price index returns and high lagged default rates increase default dependence. Our pairwise dependence model also delivers good estimates of Value at Risk for the number of defaults in a pool of mortgages. In Chapter 3, we analyze the mean variance efficiency of pools of securitized subprime mortgages. We estimate the means and variances of the returns from the default probabilities derived from a multinomial logit and a copula-based pairwise default dependence model. We examine the 13 largest mortgage pools that were securitized between 2001 and 2005. Our results first show that the mortgage portfolios were not optimally diversified. Secondly considering non-geographic risk factors leads to less risky optimal portfolios.