Franklin

Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States? [electronic resource] Surti, Jay.

Author/Creator:
Surti, Jay.
Publication:
Washington, D.C. : International Monetary Fund, 2010.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 10/277.
IMF Working Papers; Working Paper No. 10/277
Format/Description:
Government document
Book
1 online resource (50 p.)
Local subjects:
Adjustable rate mortgage. (search)
Bond. (search)
Bond business. (search)
Bond deal. (search)
Bond default. (search)
Bond holder. (search)
Bond holders. (search)
Bond indenture. (search)
Bond investors. (search)
Bond issuance. (search)
Bond issuer. (search)
Bond issuers. (search)
Bond issues. (search)
Bond market. (search)
Bond markets. (search)
Bond maturity. (search)
Bond payments. (search)
Bond return. (search)
Bond systems. (search)
Bond transactions. (search)
Bonds. (search)
Bonds issuers. (search)
Bullet bond. (search)
Callable bond. (search)
Callable bonds. (search)
Capital and Ownership Structure. (search)
Cash flow. (search)
Cash flow risk. (search)
Cash flows. (search)
Commercial mortgages. (search)
Credit bonds. (search)
Credit derivatives. (search)
Deposit insurance. (search)
Discount rate. (search)
Family mortgage. (search)
Financial contracts. (search)
Financial institutions. (search)
Financial markets. (search)
Financial sector. (search)
Financial services. (search)
Financial stability. (search)
Financial structure. (search)
Financial system. (search)
Financing Policy. (search)
Firm Organization and Market Structure -- Market vs. Hierarchies. (search)
First lien mortgage. (search)
Foreclosure. (search)
Foreclosure process. (search)
Foreclosures. (search)
Future cash flow. (search)
Government bonds. (search)
Government Policy and Regulation. (search)
Hedge. (search)
Hedges. (search)
Hedging. (search)
Hedging strategies. (search)
Home equity. (search)
Home equity loan. (search)
Home equity loans. (search)
Home loans. (search)
Home ownership. (search)
Housing finance. (search)
Housing finance agency. (search)
Housing finance sector. (search)
Housing loan. (search)
Interest rate risk. (search)
Liquid asset. (search)
Liquidation. (search)
Long-term mortgage. (search)
Moral hazard. (search)
Mortgage. (search)
Mortgage backed securities. (search)
Mortgage bank. (search)
Mortgage bankers. (search)
Mortgage bond. (search)
Mortgage bonds. (search)
Mortgage corporation. (search)
Mortgage credit. (search)
Mortgage creditors. (search)
Mortgage credits. (search)
Mortgage debt. (search)
Mortgage default. (search)
Mortgage defaults. (search)
Mortgage finance. (search)
Mortgage financing. (search)
Mortgage insurance. (search)
Mortgage insurer. (search)
Mortgage lenders. (search)
Mortgage lending. (search)
Mortgage loan. (search)
Mortgage loan portfolios. (search)
Mortgage loans. (search)
Mortgage market. (search)
Mortgage obligations. (search)
Mortgage originators. (search)
Mortgage pass-through securities. (search)
Mortgage pool. (search)
Mortgage portfolios. (search)
Mortgage principal. (search)
Mortgage products. (search)
Mortgage rates. (search)
Mortgage servicing. (search)
Mortgage-backed securities. (search)
Mortgages. (search)
Net present value. (search)
Operating cash flows. (search)
Organization of Production. (search)
Other. (search)
Portfolio of mortgage. (search)
Present value. (search)
Private mortgage. (search)
Private mortgage insurer. (search)
Real Estate Services. (search)
Residential mortgage. (search)
Residential mortgages. (search)
Second mortgages. (search)
Vertical Integration. (search)
Bankruptcy. (search)
Spain. (search)
United States. (search)
Summary:
This paper considers the case for mortgage covered bonds as an alternative to the originate-to-distribute mortgage funding model. It argues that the economic incentives provided to market participants under the covered bonds model are less susceptible to moral hazard even while retaining the key benefits of securitization such as capital market funding and flexibility in risk allocation. Notwithstanding these advantages, however, limited market size and the greater pro-cyclicality of mortgage loan quality in the United States - potentially reflecting borrower incentives under the personal bankruptcy framework - impose limits on the benefits ensuing from this model. The analysis underscores the need for a comprehensive legal-regulatory framework to underpin market development and discusses a number of ways in which the current draft legislation may be further strengthened. A potential strategy to hasten market development within the current institutional framework is identified.
Notes:
Description based on print version record.
Contributor:
Surti, Jay.
Other format:
Print Version:
ISBN:
1455210846:
9781455210848
ISSN:
1018-5941
Publisher Number:
10.5089/9781455210848.001
Access Restriction:
Restricted for use by site license.
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