HOUSING FINANCE COURSE

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Agenda (PDF)

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WORKSHOP

Topics

Agenda (PDF)

Readings

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  • MODULE I: Housing Markets, Housing Policy, and Housing Finance
    • Housing and the Macro-economy
      • Duebel, Hans-Joachim. “Does Housing Finance Promote Economic and Social Development in Emerging Markets?”. International Finance Corporation. 2007.
      • Buckley, Robert, Loic Chiquier, and Michael Lea., Chapter 1 “Housing Finance and the Economy”. Housing Finance Policy in Emerging Markets. Loic Chiquier & Michael Lea (Eds.) World Bank. 2009.(Link)
    • Housing Markets and Policy
      • DiPasquale, Denise and William C. Wheaton. “The Property and Capital Markets”, in Urban Economics and Real Estate Markets. Prentice-Hall, Inc., Division of Simon and Schuster, New Jersey, 1996. A1. Chapter 1. “The Property and Capital Markets” A2. Chapter 8. “The Market for Housing Units: Households, Prices, and Financing”.
      • Hoek-Smit, Marja. “Setting the Framework: Connecting Public and Private Sector”. KfW and Springer Verlag. Berlin. 2008.(Link)
      • Mayo, Steve. “Housing: Enabling Markets to Work”. World Bank. Washington DC. 2003(Link)
      • Glaeser, E. and Gyourko, J. “The Impact of Building Restrictions on Housing Affordability”. Federal Reserve Bank of New York Economic Policy Review. June 2003.
      • Glaeser, E. and Gyourko, J. Rethinking Federal Housing Policy: How to Make Housing Plentiful and Affordable. 2008. The AEI Press. Washington DC.
      • Gyourko, J.; Saiz, Albert and Summers, Anita. “A New Measure of the Local Regulatory Environment for Housing Markets: The Wharton Residential Land Use Regulatory Index”. Urban Studies. Final Draft. March 2007.
  • MODULE II: Innovations and Reforms in Housing Finance Systems
    • Lea, Michael J., “Global Trends”. The Banker. (pp6-9) January 2007.(Link)
    • European Mortgage Federation Quarterly Statistics. May 2008.
    • US Mortgages on New Homes and Mortgage Debt Outstanding, US Federal Reserve, 2008 and 2009.US Mortgages on New Homes. (Link). US Mortgage Debt Outstanding. (Link). Mortgage Finance Forecast. (Link)
    • World Economic Outlook: Crisis and Recovery. Chapter 2 “Country and Regional Perspectives”. International Monetary Fund. 2009.
    • Lea, Michael. Chapter 2. “Structure and Evolution of Housing Finance Systems”. Housing Finance Policy in Emerging Markets. Eds. Chiquier, Loic and Lea, Michael. World Bank. 2009.(Link)
    • Guttentag, Jack M. “Secondary Market–Based Versus Depository–Based Housing Finance Systems”, Secondary Mortgage Markets: International Perspectives. International Union for Housing Finance, 1998.(Link)
    • Hassler, Olivier and Bertrand Renaud. Chapter 10. “State Housing Banks”. Housing Finance Policy in Emerging Markets. Eds. Chiquier, Loic and Lea, Michael. World Bank. 2009
    • Chiquier, Loic. Chapter 11. “Housing Provident Funds”. Housing Finance Policy in Emerging Markets. Eds. Chiquier, Loic and Lea, Michael. World Bank. 2009.(Link)
    • A Review of Europe’s Mortgage and Housing Markets”. Hypostat, European Mortgage Federation. Brussels. 2007
    • Nogales, David, Gonzalo del Real, and Jesús Portomarin, “The Spanish Housing Market”, Housing Finance International. March 2007.
    • Guttentag, Jack M. “Mortgage Brokers in the UK versus the US.” 2008.
  • MODULE III: The Business of Housing Finance: Profitability and Risk
    • Managing Profitability and Risk
      • Koch, Timothy and S. Scott MacDonald, Bank Management, 6th Edition. Thomson South-Western. 2006. A1 to A6. Chapters 2, 5, 6, 7, 8, 10, 12.
      • Saunders, Anthony and Marcia Millon Cornett, Financial Institutions Management: A Risk Management Approach, 5th Edition. McGraw-Hill Irwin. 2006. B1 to B4. Chapters 7, 8, 11, and 18.
    • The Global Liquidity Crisis
      • “International Banking and Financial Market Developments. BIS Quarterly Review”. March 2009.
      • Acharya, Viral and Matthew Richardson (Eds). “Restoring Financial Stability, How to Repair a Failed System”. White Paper. New York University, School Stern of Business. 2009.
  • MODULE IV: Primary Mortgage Market Innovations and Microfinance for Housing; Development Finance
    • The Mortgage Instrument: Structure and Design
      • GHR Systems Inc., “Tables Illustrating Various Types of Residential Mortgages”. June 2009.
      • Guttentag, Jack M., “Flexible Rate Mortgages with Flexible Payments”. August 2005.
      • Guttentag, Jack M., “How Do the Payment Rate and Interest Rate Differ?” 2007.(Link)
      • Guttentag, Jack M., “Interest Only Mortgages”. 2004.
      • Chiquier, Loic, “Dual Index Mortgages: Lessons from International Experience and Conditions of Development in Poland”, Housing Finance International, 13, 1, September 1998.
      • Miles, David, “The UK Mortgage Market: Taking a longer-Term View, Final Reports and Recommendations”, March 2004.
      • "Study on Interest Rate Variability in Europe". EMF. 2006
      • Chiquier, Loic, Olivier Hassler and Stephen Butler. Chapter 5. “Enforcement of Mortgage Rights”. Housing Finance Policy in Emerging Markets. Eds. Chiquier, Loic and Lea, Michael. World Bank. 2009.
      • Mortgages in Transition Economies, The legal framework for mortgages and mortgage securities. European Bank for Reconstruction and Development. 2007.
    • Innovations in Loan origination and Administration
      • Jacobides Michael G., “Mortgage Banking Unbundling: Structure, Automation and Profit”, Mortgage Banking. January 2001. (Link)
      • Jacobides Michael G., “Technology with a Vengeance: The New Economics of Mortgage Banking”, Mortgage Banking. October 2001.
      • Lewis, Edward M. “An Introduction to Credit Scoring”, (pp. xv-23). Athena Press. 1992. (Link)
      • Guttentag Jack M., “Credit Reports and Credit Scoring: The U.S Case”. 2004.
      • Foust, Dean and Pressman, Aaron, FICO Credit-scoring System Article: “Credit Scores: Not-So-Magic Numbers”, Business Week. February 2008.
      • Follain, James R. and Mike Sklarz. “Pricing Market-Specific Bubbles”. Mortgage Bankers Association. October 2005.
      • Guttentag, Jack M., “A Servicing System for Borrowers”. 2002.
    • Policies to Protect Borrowers
      • Guttentag, Jack M. “Making Mandatory Disclosure Effective: Some Guidelines”. 2002. (Link)
      • Guttentag, Jack M. “Disclosure Requirements and the Sub-prime Meltdown”. April 2007.
      • Guttentag, Jack M. “Dysfunctional Home Mortgage Markets: Suitability Standards and Other Remedies”. March 2007.
      • Duebel, Achim and Simon Walley. Chapter 6, “Consumer Information and Protection”. Housing Finance Policy in Emerging Markets. Eds. Chiquier, Loic and Lea, Michael. World Bank. 2009.(Link)
    • The US Case and the Sub-Prime Crisis
      • Guttentag, Jack M. “Why the System is Vulnerable to Crisis”. 2008.
      • Jaffee, Dwight. “The U.S Sub-prime Mortgage Market”. 2008.
      • Gwinner, William B. and Anthony Sanders. “The Sub Prime Crisis: Implications for Emerging Markets”. Policy Research Working Paper 4726. The World Bank. September 2008.(Link)
      • Adelson, Mark and Jacob, David, “The Sub-Prime Problem: Causes and Lessons”. 2008.
      • Guttentag, Jack M., “Locking the Mortgage is Critical in a Volatile Market”. 2008.
      • “Mortgage Liquidity du Jour: Underestimated No More”, Credit Suisse. March 2007.
    • The Mexico Case Study
      • “Housing Finance and Mortgage-Backed Securities in Mexico”. IMF Working Paper. 2008.
      • “Current Housing Situation in Mexico 2008”. Prepared by CIDOC, CONAVI, FOVISSTE, HIC, INFONAVIT, SEDESOL, SHF, UNAM. 2008.
      • Benavides, Carlos A., “Hipotecaria Su Casita – Class A Insured Residential Mortgage Backed Floating Rate Notes”, Structured Finance, New Issue Report. Moody’s Investors Service. April 2007.
      • Benavides, Carlos A., “Mexican Sofoles Construction Loan Take-Out Securitization Index 2006”, Structured Finance, Special Report. Moody’s Investors Service. January 2007.
    • The Canadian Case
      • Borish, Michael. Canada’s Housing Finance System and Recent Initiatives to Manage the Global Turbulence. 2009.
      • "Don't Blame Canada". Economist. May 14, 2009
    • Developer/Construction Finance
      • Chiquier, Loic. Chapter 7 “Construction Finance in Emerging Economies”. Housing Finance Policy in Emerging Markets. Eds. Chiquier, Loic and Lea, Michael. World Bank. 2009.
  • MODULE V: Multiple Ways to Access Capital Markets for Housing Finance
    • Overview
      • Chiquier, Loic, Olivier Hassler and Michael J. Lea. “Mortgage Securities in Emerging Markets”. World Bank Working Paper. 2004. (Link)
      • Van Order, Robert. “Public Policy and Secondary Mortgage Markets”. March 2003. (Link)
      • Pollock, A., “Simplicity versus Complexity in the Evolution of Housing Finance Systems”. Housing Finance International. March 1994. (Link)
      • Pollock, A., “Financing a Society of Property Owners: Risks, Instruments, Institutions”. International Union for Housing Finance Newsletter. May 2006. (Link)
      • Ashcroft, Adam, Morton L Beck, and W Scott Frame. “The Federal Homeloan Bank system: The Lender of Next-to-Last Resort?”. Federal Reserve Bank of Atlanta, Working Paper 2009-4, February 2009.
    • Mortgage Bonds
      • Ladekarl, Jeppe. “Safegarding Investment in Danish Mortgage Bonds”. 1997. (Link)
      • Packer, Frank, Ryan Stever, Christian Upper. “The Covered Bond Market”, BIS Quarterly Review. September 2007.
      • European Central Bank. “Covered Bonds in the EU Financial System”. December 2008. (Link)
      • Volk, Berndt. “Overview of Covered Bonds: Adjusting to the New Market”. Deutsche Bank. February 2009.
      • Avesani, Renzo G., Pascual, Antonio G. and Elina Ribakova, “The Use of Mortgage Covered Bonds”, IMF Working Paper. January 2007.
      • European Covered Bond Factbook. European Covered Bond Council. 2008.
    • Securitization
      • Lea, Michael. “Securitization: A Primer on Structures and Credit Enhancement”. December 2006.(Link)
      • “A Primer on the Secondary Mortgage Market”. Mortgage Market Note 08-3. Office of Federal Housing Enterprises. July 2008.
      • Quigley, John M. “Federal Credit and Insurance Programs: Housing”. Federal Reserve Bank of St. Louis Review, July/August 2006, 88(4), pp. 281-309.
      • Fabozzi, Frank J and John N. Dunlevy. “Agency pass-through Securities and Mortgage Strips”, Chapter 3; “Agency Collateralized Mortgage Obligations”, Chapter 4 in Real Estate-Backed Securities. Frank J. Fabozzi Associates, Pennsylvania. 2001.
      • Caprio, Gerard Jr., Ash Demirguc-Kunt, Edward J. Kane. “The 2007 Meltdown in Structured Securitization, Searching for Lessons, Not Scapegoats”. Policy Research Working Paper 4756. The World Bank. October 2008.
      • Lockhart, James B., “Lessons Learned From Mortgage Market Turmoil”. Prepared for the 44th Annual Conference on Bank Structure and Competition. May 2008.
      • “Global Structured Finance: Moving from a Two-Speed to a Three-Speed Market”. Global SF Markets – An update. Merrill Lynch. September 2008.
    • Islamic Lending
      • Sole, Juan. Introducing Islamic Banks into Conventional Banking systems. IMF working Paper. July 2007
  • MODULE VI: Valuation of Mortgages and Mortgage Instruments
    • Santomero, Anthony M and David Babbel. Financial Markets, Instruments and Institutions. McGraw-Hill, 2001.
    • Chapter 6: “Valuing Cash Flows”, Chapter 7 - “Recognizing the Uncertainty Future Interest Rates”, Chapter 8: “Interest Rate Risk and the Value of Cash Flows”, Chapter 9: “Other Risks and the Value of Cash Flows”. (Link)
    • Chapter 13: “Understanding the Mortgage Market”. (Link)
    • Benmelech, Efraim and Jennifer Dlugosz. “The Alchemy of CDO Credit Rating”. Working Paper 14878. National Bureau of Economic Research. April, 2009. Available at: http://www.nber.org/papers/w14878
    • Mason, Joseph R. and Rosner, Josh. “Where Did the Risk Go? How Misapplied Bond Ratings Cause Mortgage Backed Securities and Collateralized Debt Obligation Market Disruptions”. May 3, 2007. Available at SSRN: http://ssrn.com/abstract=1027475
  • MODULE VII: Real Estate Bubbles; Real Estate Finance and the Safety and Soundness of Financial Institutions
    • Real Estate Bubbles and Banking Crisis
      • Glaeser, E.; Gyourko, J. and Albert Saiz. “Housing Supply and Housing Bubbles”. Journal of Urban Economics. July 2008.
      • Herring, Richard J. and Susan Wachter. “Real Estate Booms and Banking Bust – An International Perspective”, Occasional Paper No. 58, Group of Thirty. 1999.
      • Reinhart, Carmen M. and Kenneth S. Rogoff, “Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison”. January 2008.
      • Reinhart, Carmen M. and Kenneth S Rogoff. “Banking Crises: An Equal Opportunity Menace”. December 2008.
      • Reinhart, Carmen M. and Kenneth S Rogoff. “The Aftermath of Financial Crises”. December 2008.
    • The Safety Net in Theory and Practice
      • Beim, David O. and Charles W. Calomiris, Emerging Financial Markets, McGraw-Hill Irwin. 2001. A1 to A4. Chapters 3, 7, 8, and 9.
      • The Turner Review, A regulatory response to the global banking crisis. Financial Services Authority. March 2009.
      • Booth, Phillip (Ed), “Verdict on the Crash: Causes and Policy Implications”. Institute of Economic Affairs. 2009.
      • Honohan, Patrick and Daniela Klingebiel, “Controlling the Fiscal Costs of Banking Crises”. The World Bank Development Research Group. September 2000.
    • Emerging International Regulatory Standards
      • Credit Suisse Equity Research, “Figuring Out Basel II”. September 2005.(Link)
      • Bernstein Research. “U.S. Securities Industry: Funding Concerns Roil the Brokers”. March 2008.
      • Senior Supervisors Group. “Observations on Risk Management Practices during the Recent Market Turbulence”. March 2008.
  • MODULE VIII: Extending Mortgage Lending and Housing Services to Lower Income Groups
    • Expanding Mortgage Finance and Housing Services
      • Chiuri, M.C. and Japelli, T. “Financial Market Imperfections and Home-ownership: An International Comparison”, European Economic Review 47, 2003. Pages 857-875.
      • Cacdac Warnock, Veronia and Francis E. Warnock. "Markets and Housing Finance". Draft paper. October 2007.
      • Sing, Linda. Pension backed Home Loans. FinMark Trust. 2008.
      • Rabenhorst, Carol S. and Stephen B. Butler, “Tanzania: Action Plan for Developing the Mortgage Financial Market”. Prepared for The First Initiative by The Urban Institute. February 2007.
    • Microfinance for Housing
      • Martin, Richard et al. “Development of Appropriate Housing Finance Products to Support Upgrading Activities”. AUHF and Cities Alliance. May 2008.
      • Isem, Jennifer and Porteous, David. “Commercial Banks and Microfinance: Evolving Models of Success”. CGAP Focus Note No. 28. June 2005.(Link)
      • “Microcredit Interest Rates”. CGAP Occasional Paper No.1. August 1996.(Link)
      • Daphnis, Franck. “Chapter 15. Housing Micro-Finance” (pp 290--304). Housing Finance Policy in Emerging Markets. Eds. Loic Chiquier and Michael Lea. World Bank 2009.
      • Mesarina, Nino and Stickney, Christy. “Getting to Scale in Housing Microfinance: A Study of ACCION Partners in Latin America”. InSight No.21. ACCION International. April 2007.
      • For various examples of microfinance for housing, please visit the City Alliance Website: Link.
    • Mortgage Insurance
      • Blood, Roger. “The Regulation of Mortgage Default Insurance, Principles and Issues”. Journal of the IUHF. June 2009.
      • Blood, Roger. Chapter 13, Mortgage Insurance. Housing Finance Policy in Emerging Markets. Eds. Chiquier, Loic and Lea, Michael. World Bank. 2009.
      • Wasserstrom, Eric. “Lunch and Learn Mortgage Insurance.” UBS LLC Paper. 2007.
      • “Lender Captives benefit both Lenders and Mortgage Insurers for a Price.” Standard and Poor’s Research. 2007.
      • Harney, Kenneth, “Unnecessary Title Insurance Closing Costs”, in The Washington Post. Saturday, April 28, 2007.
      • Martin, Richard J and Mathema, Ashna. “Housing Finance for the Poor in Morocco: Programs, Policies and Institutions”. Prepared by DAI for USAID Microreport #96. January 2008.
    • Rental Housing Policy
      • “Rental Housing: An Essential Option for the Urban Poor in Developing Countries”. United Nations Human Settlements Programme (UN-HABITAT). Nairobi 2003.
      • Le Blanc, David et. al. Chapter 14 “Residential Rental Housing Finance”. Housing Finance Policy in Emerging Markets. Eds. Chiquier, Loic and Lea, Michael. World Bank. 2008.
      • Gibb, Kenneth and Duncan Maclennan, “Changing Social Housing: Economic Systems Issues”. Department of Urban Studies, University of Glasgow. Undated.
      • Dubel, Hans J. and Ellen Hamilton, “Rental Choice and Housing Policy Realignment in Transition: Post-privatization Challenges in the Europe and Central Asia Region” Infrastructure Department, Europe and Central Asia Region, The World Bank, Washington D.C. April 2006. (Link)
      • Lopez, Maria Esther Blas, “Spain: The Rent Decontrol Process”. European University Institute, Florence, Italy. Undated.
    • Subsidizing housing Finance
      • Hoek-Smit, Marja and Douglas Diamond, An Illustrated Guide to Housing Finance Subsidies. Draft to be published by the World Bank and Wharton IHFP in 2009. A1. Chapter 2, A2. Chapters 14(Link1,Link2)
      • Hoek-Smit, Marja. “Subsidizing Housing Finance for the Poor”. Prepared for Development Initiatives Group. January 2009.
        • (Link)
      • Hirad, Abdighani, Peter M. Zorn, “A Little Knowledge is a Good Thing: Empirical Evidence of the Effectiveness of Pre-Purchase Homeownership Counseling”, Research Institute for Housing America. May 2001.
      • Lowenstein, Roger. “Who Needs the Mortgage Interest Deduction?”. 2006.
      • Van Horne, James C., “The Social Allocation of Capital,” Chapter 12 in Financial Market Rates and Flows, Prentice-Hall, Inc. 1984.
      • Danao-Schroeder, Russell, “A Case Study of the Fundacion Costa Rica – Canada: Capitalizing on the Strength of Community Organizations”. Prepared for Habitat for Humanity. October 2006.

 

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