The main objects of this diploma thesis are basic trends in the mortgage market in the United States and their role in the current mortgage crisis. As a theoretical background in the first part of this work are mentioned asymetric information with the optimal consumer choice regarding mortgage product and the general theory of the securitization. Practical part continues from the description of the main characteristics of the mortgage to the whole mortgage market and the role of government agencies. Following analysis is concerning the significant tendencies in the past years, which dominates in the mortgage market in the USA. The focus is mainly aimed at the growth of alternative mortgage products in connection with strong home price apreciation. Then the position of mortgage brokers and their role in the subprime sector are discusssed. Subprime sector is analysed as well and then the securitization of mortgages as the main trend in the past years is investigated. The development of the current crisis is the object of the last chapter.

This graduation thesis about possibilities of housing financing is focusing in the Czech Republic. The first part of this thesis describes current position on the housing market, different types of housing and their specific feature In the second part, I describe building saving and mortgages including selected products of banks and building savings and their analysis. In this part there is also referred to state support of financing housing.

This thesis is about causes of the current financial crisis and it has four parts. 1st - description of evolution of the US housing market; 2nd - US mortgage market and the originate-to-distribute model; 3rd - evolution of the crisis and its spread into other markets and countries; 4th - proposals of main changes in the regulation and supervision in order to prevent similar crisis to happen

Thesis (Ph. D.)--Massachusetts Institute of Technology. Dept. of Economics and Social Science, 1952. / Typescript. / Includes bibliographical references (leaves 486-491). / by James Warren Hanson. / Ph.D.

No description available.

The National Credit Act (NCA) was promulgated and implemented on 1 June 2007. The purpose of this research study was to outline the residential mort-gage market in South Africa in the context of the NCA and to determine how residential mortgage lending under the new NCA was regulated. The purpose of the NCA was to remove the many unfair practices, inappropriate disclosure and anti-competitive practices from the market and to achieve honesty in the credit market. Low-income groups were held back because they could not gain access to formal finance to build or improve houses or supplement housing subsidies to get bigger houses. This study applied the quantitative research design using time series secondary data. Registered data on monthly residential mortgages was obtained from Lightstone Property for the period January 2001 to August 2011. Secondary data was collected from the BA900 of the SARB to see how many loans were approved and rejected between 2008 and 2014. The statistical analysis techniques used in this study were t-tests, descriptive statistics, trend analysis and correlation analysis. It was found that the NCA had a positive effect on the residential mortgages in SA. / Business Management / M. Com. (Business Management)

Households generally have little or no possibility to unload their real estate risk, which constitutes a large part of  their total portfolio risk. The aim of this study is to analyze a way for households to unload this risk through a socalled index-linked mortgage financed by a fund. The study examines how such a mortgage could be structured, and how it will affect  he bank, the borrower and the fund investor compared to a conventional mortgage. The ominal loan value and therefore also the interest payments of the studied index-linked  ortgage will vary according to the HOX Flats Stockholm Index. Through linear optimization, the structure is optimized from a borrower’s perspective but is subject to a set of constraints on the bank’s and the fund’s profitability and risk levels. The optimal structure is tested through a scenario analysis for different outcomes of apartment price developments and also  hrough a sensitivity analysis to test the effect of shifting conventional mortgage rates. The esults show that the interest rate payment burden will consistently be lower for the index-linked mortgage than for the conventional mortgage. The borrower is insured against house price drops but have to give up some of the upside potential on the property investment if house prices increase. The fund gets a satisfactory payoff in relation to the real estate  arket movement while it is somewhat protected when house prices decline. The bank issuing the mortgages will always experience a profit, but the conventional mortgage is more profitable  or negative index scenarios. Furthermore, the probability of default decreases for the index- inked mortgage holder when prices drop as the loan to value ratio (LTV) always remains  elow 100 percent for index decreases up to 40 percent. The structure is appropriate for  owincome households who will have difficulties paying back the loan when apartment prices  rops. This study contributes to theory in hedging of real estate risk, mortgage risk and  inancial innovation. / Hushåll har generellt få möjligheter att försäkra sig mot husprisrisk som idag utgör en stor del av hushållens totala portföljrisk. Denna studie undersöker en möjlighet för hushåll att försäkra sig mot sådan risk genom ett så kallat index-länkat bolån som finansieras genom en fond. Studien kontrollerar hur ett index-länkat lån kan struktureras och hur det påverkar banken, låntagaren och fondinvesteraren i jämförelse med ett traditionellt bolån. Lånets nominella värde och därmed även räntebetalningarna som är kopplade till lånet varierar enligt förändringar i HOX Flats Stockholm Index. Lånestrukturen optimerats genom linjär optimering med hänsyn till låntagarens lönsamhet och med bivillkor på bankens och fondens risktagande respektive lönsamhet. Den optimerade strukturen testas genom scenarioanalys för olika utfall av lägenhetsprisutveckling samt genom en känslighetsanalys av den  raditionella bolåneräntan. Resultaten visar att den månatliga betalningsbördan för räntebetalningarna alltid kommer att vara lägre för hushåll som håller ett index-länkade bolånet än för de som innehar ett vanligt lån. Det index-länkade lånet innebär att bolånetagare får ge upp en viss del av vinsten då bostadspriser stiger i förhållande till ett vanligt bolån men ger ett skydd mot förluster vid en nedgång i bostadspriser. Fonden visar sig kunna ge en god avkastning i relation till indexets utveckling och ger ett visst skydd mot fall i bostadsmarknaden. Banken som ger ut indexlänkade bolån kommer alltid att gå med vinst, dock är vanliga bolån mer lönsamma vid nedgång i huspriser. Fortsättningsvis minskar risken att ”defaulta” för hushåll med det index-länkade bolånet då huspriser faller eftersom strukturen innebär ett loan to value ratio (LTV) under 100 procent upp till en prisnedgång på 40 procent. Resultatet visar att index-länkade lån passar låginkomsttagare och hushåll som ommer att ha svårt att betala tillbaka sitt lån om bostadspriserna faller. Studien bidrar till teori inom husprisriskförsäkring samt till teori inom finansiell innovation

Thesis (LLD)--Stellenbosch University, 2012. / Includes bibliography / ENGLISH ABSTRACT: The forced transfer of immovable property to enforce judgment debts by way of sale in execution has constitutional implications. Firstly, if the property is residential, section 26 of the Constitution (the housing clause) raises the question whether the current legal framework takes sufficient account of the imperative to respect people‟s access to adequate housing. Read with section 36 (the limitation clause), the requirement is that someone‟s home may only be violated if the result is proportionate based on all the relevant circumstances. Secondly, since the home qualifies as “property” for purposes of the section 25 (the property clause), the law that regulates this forced sale may not permit the arbitrary deprivation of property. In other words, it is necessary to also investigate whether the sale in execution of debtors‟ property satisfies the section 25(1) non-arbitrariness test. Therefore, the research problem that this dissertation addresses revolves around the implications of sections 25 and 26 of the Constitution for the “normal” sale-in-execution process. More specifically, the scope of the investigation is limited to forced transfers of residential property as a result of mortgage foreclosure. What makes this perspective interesting is that, in addition to the debtor‟s constitutional rights, the creditor also enjoys constitutional protection by virtue of the limited real right (the mortgage) that is registered over the debtor‟s home. This real security right is also “property” that is worthy of recognition under section 25. To the extent that the National Credit Act places obstacles in the way of creditors‟ right to enforce their debts, this interference may also amount to a deprivation of property, which must satisfy the requirements of the property clause. This dissertation shows that the traditional common law framework of mortgage foreclosure does not give full effect to debtors‟ sections 25 and 26 rights. Nevertheless, based on the subsidiarity principles, I argue that a development of the common law or the creation of unique constitutional defences is not called for. The reason for this submission is that the debt relief mechanisms of the National Credit Act already provide constitutionally appropriate relief for debtors who face the loss of their properties. The available mechanisms – including debt review, debt rearrangement and the right to reinstate credit agreements – are aimed at resolving the root of mortgage foreclosure, namely over-indebtedness. This approach will ensure that mortgage foreclosures have a constitutionally valid and proportionate effect on the rights of both parties to the mortgage relationship. / AFRIKAANSE OPSOMMING: Die afdwinging van vonnisskulde by wyse van die verkoop in eksekusie van onroerende eiendom is ‟n gedwonge oordrag van eiendom met grondwetlike implikasies. Eerstens, waar die eiendom residensieël is, verg artikel 26 van die Grondwet (die behuisingsklousule) dat die huidige regsraamwerk voldoende rekenskap sal gee van die opdrag om mense se toegang tot geskikte behuising te respekteer. Saamgelees met artikel 36 (die beperkingsklousule), mag daar slegs op iemand se reg van toegang tot behuising inbreuk gemaak word indien die impak regverdigbaar is met inagneming van al die relevante omstandighede. Tweedens, aangesien die huis kwalifiseer as “eiendom” vir doeleindes van artikel 25 (die eiendomsklousule), mag die regsreëls wat eksekusieverkope reguleer nie arbitrêre ontnemings van eiendom toelaat nie. Met ander woorde, dit is nodig om ondersoek in te stel of die verkoop in eksekusie van skuldenaars se wonings aan artikel 25(1) se nie-arbitrêrheidstoets voldoen. Die navorsingsprobleem behels dus die implikasies van artikels 25 en 26 van die Grondwet vir die “normale” verkoop-in-eksekusie proses. Die omvang van die ondersoek is spesifiek beperk tot oordragte van residensiële eiendom as gevolg van die oproep van verbande. Wat hierdie perspektief verder interessant maak, tesame met die feit dat skuldenaars grondwetlike regte het, is die feit dat skuldeisers ook grondwetlike beskerming geniet ten aansien van die beperkte saaklike reg (die verband) wat geregistreer is oor die skuldenaar se huis. Hierdie saaklike sekerheidsreg is ook “eiendom” wat erkenning verdien in terme van artikel 25. Vir sover as wat skuldeisers se vermoë om hul skulde af te dwing deur die Nasionale Kredietwet aan bande gelê word, mag hierdie beperkinge moontlik ook op ‟n ontneming van eiendom neerkom. Gevolglik moet hierdie skuldverligtingsmeganismes ook aan die vereistes van die eiendomsklousule voldoen. Hierdie proefskrif wys daarop dat die tradisionele gemeenregtelike raamwerk vir die oproep van verbande nie ten volle effek gee aan skuldenaars se regte onder artikels 25 en 26 nie. Nietemin, met beroep op die subsidiariteitsbeginsels argumenteer ek dat ‟n ontwikkeling van die gemenereg of die skep van unieke grondwetlike remedies nie in hierdie konteks toelaatbaar is nie. Die rede hiervoor is dat die Nasionale Kredietwet se skuldverligtingsmeganismes reeds voorsiening maak vir grondwetlik aanvaarbare verligting vir skuldenaars wat deur die moontlike verlies van hul eiendomme in die gesig gestaar word. Die beskikbare maatreëls – insluitend skuldhersiening, skuldherstrukturering en die reg om kredietooreenkomste te laat herleef – is gemik daarop om die oorsaak van verbandoproeping aan te spreek, naamlik oorverskuldigdheid. Hierdie benadering sal verseker dat die oproep van verbande ‟n grondwetlik geldige en proporsionele effek op die regte van beide partye het. / South African Research Chair in Property Law / National Research Foundation / Ciucci Bursary

The debate over federal income tax treatment of home mortgage interest (HMI) has largely overlooked an important, and possibly unintended political and economic consequence of our federal income tax system. The distribution of the for home mortgage interest deduction tax benefit across states is a possible missing consideration. Specifically, this study offers a federalist1 perspective on the federal income tax benefit from the deduction for HMI - one of the largest personal federal tax expenditures on the books. This dissertation analyzes current national political rhetoric from a federalist perspective. Discussion also includes background, current status, and proposed changes to the tax code for of the HMI deduction. First, a Tobit regression is used to analyze the distribution of the HMI tax benefit across states and to test for disproportionate distribution across states in benefit derived from the federal income tax deduction for home mortgage interest beyond that which is explained by income. This initial part of the study is also the precursor to a hierarchical analysis seeking to identify significant factors affecting the distribution of the benefit of the HMI deduction across states. The Ernst and Young/University of Michigan Individual Model File of 1992 tax returns is the primary data source for this initial part of the investigation. The second part of the analysis examines the effect of sets of factors in a causal hierarchy on the HMI deduction benefit. By first controlling for the effects of personal and identifiable state characteristics on HMI deduction benefit, the possible existence of a residual socio-political force is tested. The primary data sources for this part of the study are the 1990 Census of Population and Housing 5% Public Use Microsample as well as tax data extracted from the Statistics of Income, Individual Public Use Tax File, Level III Sample, as well as others. Ridge regression is used for hypothesis testing. Results indicate the existence of a significant difference in the benefit from home mortgage interest deduction across states holding income constant. This study also finds that a set of personal as well as a set of state market, legal and tax characteristics significantly influence the taxpayer's HMI deduction benefit, and that a residual difference in benefit across states after controlling for personal and identified state attributes. Future study should examine the source of residual across state differences (attributed to socio-political differences between states). Federal housing goals may be frustrated as the effective subsidy actually helps support higher home prices in areas where high housing costs may already be a barrier to potential new homeownership. The concepts and techniques applied in this study could easily be applied to other provisions of federal tax, or to any other tax system in a federation for that matter.

Gondär est établie comme une ville royale au milieu du XVIIe siècle. Elle se situe au croisement des voies commerciales et proche des terres les plus fertiles. Les rois de Gondär instituent de nombreuses églises qu’ils dotent de domaines. Ils honorent ainsi l’engagement fondateur de leur dynastie selon lequel une partie des terres du royaume est réservée aux religieux. Les églises reçoivent par donation des terres déjà occupées, par réajustement des bénéfices domaniaux. Leurs biens-fonds sont désignés gwәlt, et elles ne peuvent en disposer par la vente, la donation ou la constitution de sûreté. Des clercs obtiennent des concessions appelées rim-s sur les terres des églises. Les ventes de ces rim-s sont, à l’inverse de celles des gwәlt-s, reportées par milliers à Gondär. L’ampleur des transferts fonciers est sans précédent connu dans l’histoire éthiopienne. Pour comprendre ce qu’ils signifient, les concepts de gwәlt et de rim sont définis. Leur régime ainsi que les contextes économiques, sociaux et politiques dans lesquels ils évoluent sont déterminés. Le travail proposé procède en prenant comme cas d’étude un recueil d’actes provenant de l’église de Ḥamärä Noḫ fondée en 1709. Les textes de Ḥamärä Noḫ sont interprétés au moyen de sources contemporaines. L’argumentation considère les actes issus d’autres églises, les commentaires de loi préparés par des clercs de Gondär ainsi que les chroniques royales. Elle intègre aussi les apports des écrits de voyageurs européens.Cette étude essaye de démontrer que le phénomène de ventes de rim-s à Gondär ne marque pas le début d’un marché foncier. Les échanges n’ont pas leur cause en un libre cours de l’offre et de la demande. Ils sont bien plus provoqués par l’endettement des clercs et leur besoin de crédit. Les transferts renforcent les inégalités sociales et les avantages seigneuriaux d’une catégorie de gens proche du pouvoir. / A royal city called Gondär was established in the middle of the XVIIth century in Ethiopia. The city was crossed by trade routes and was close to the most fertile regions. The kings of Gondär were founders of a number of churches endowed with land. The agreement that enabled the royal dynasty to seize power and that reserved a portion of the kingdom to the clergy was thus honoured. Churches received occupied land by a royal donation that reajusted domanial entitlments. Their endowments (gwәlt) were in principle considered perpetual, and this prevented the transfer of the lands by sale, donation or as a security. Clerics received individual holdings called rim from the churches’ domains. Contrary to gwәlt, rim land was transfered in thousands of sales registered in Gondär.The propensity of land transfers was without a known precedent in Ethiopian history. To understand this phenomenon, the concepts of gwәlt and rim will be defined. Their regime as well as the economic, social and political context within which they evolved will also be determined.The thesis will proceed in taking as its case study the church of Ḥamärä Noḫ founded in 1709. The texts from Ḥamärä Noḫ will be interpreted using contemporary sources. The argument will use documentation from other churches, legal commentaries drafted by clerics from Gondär, royal chronicles and European travellers’ views.The study aims to demonstrate that rim sales from Gondär cannot be seen as the beginning of land marketability. The transfers are not the result of an open market where demand and supply meet. They are rather caused by an indebtedness of clerics and their need for credit. As a result of these sales, social inequalities are aggravated and a category of people, close to power, secure their seigniorial advantages.