Mortgage Liquidity Facilities
This note brings together some of the policy lessons learnt in the creation of mortgage liquidity facilities around the world. It looks at the main benefits which can be derived from the creation of a mortgage liquidity facility and the conditions...
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| Format: | Policy Note |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2012/01/16388290/mortgage-liquidity-facilities http://hdl.handle.net/10986/18372 |
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okr-10986-18372 |
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| recordtype |
oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACCOUNTING FRAMEWORK ACTIVE MARKET AFFORDABLE HOUSING ARBITRAGE ASSET LIABILITY MANAGEMENT AUDITS BALANCE SHEET BANK LOAN BANK SYSTEM BANKING INSTITUTION BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BASIS POINTS BENCHMARK BONDS BOND BOND INVESTORS BOND ISSUANCE BOND ISSUANCES BOND ISSUES BOND MARKET BOND MARKETS BONDS BRANCH NETWORK BULLET REPAYMENT CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKET FUNDING CAPITAL MARKETS CAPITAL RATIOS CAPITALIZATION CASE OF BANKRUPTCY CENTRAL BANK CENTRAL BANKS CHECKS COLLATERAL COLLATERALIZATION COLLATERALS COMMERCIAL BANKING COMMERCIAL BANKS COMMUNITY INVESTMENT CONFIDENTIALITY CONFLICT OF INTERESTS CORPORATE GOVERNANCE COST OF FUND COST OF FUNDS COVER POOL CREDIT BUREAU CREDIT BUREAUS CREDIT ENHANCEMENT CREDIT RATING CREDIT RISK CREDIT UNIONS CREDITS CRITICAL MASS DEBT ISSUANCE DEBT OBLIGATIONS DEFERRED PAYMENT DEPENDENT DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE FUND DEPOSITS DISBURSEMENT DISCOUNT RATE DIVIDENDS DOWN PAYMENTS DUE DILIGENCE ECONOMIC DEVELOPMENT EMERGING MARKETS EQUITY HOLDER EXPOSURE FINANCE PRODUCTS FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL RISKS FINANCIAL SERVICES FIXED INCOME FIXED INCOME MARKET FIXED RATE FIXED RATES FLOATING RATE FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE RISK GENERAL BANKRUPTCY GENERAL BANKRUPTCY LAW GENERAL DEBT GOOD GOVERNANCE GOVERNMENT BACKING GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT GUARANTEE GOVERNMENT SUPPORT HOLDING HOME LOAN HOME LOANS HOME OWNERSHIP HOUSING FINANCE HOUSING LOAN HOUSING LOANS INCOME GROUPS INCOME TAX INFLATION INFORMATION SYSTEMS INSOLVENCY INSURANCE INSURANCE COMPANIES INTEREST RATE INTEREST RATE RISK INTEREST RATES INVESTMENT ACTIVITIES INVESTMENT INCOME INVESTOR CONFIDENCE ISSUANCE OF BONDS ISSUANCES JUDICIARY LENDER LENDER OF LAST RESORT LENDERS LENDING REQUIREMENTS LIABILITY LIABILITY SIDE LIEN LIQUIDITY LIQUIDITY CRISIS LIQUIDITY FACILITIES LIQUIDITY FACILITY LIQUIDITY RISK LIQUIDITY RISKS LIQUIDITY SUPPORT LOAN LOAN MATURITIES LOAN PORTFOLIO LOAN PORTFOLIOS LOCAL BOND MARKET LOCAL CURRENCY LONG TERM ASSETS LONG TERM LIABILITIES MANDATE MARKET DEVELOPMENT MARKET DISTORTION MARKET DISTORTIONS MARKET FAILURE MARKET INFORMATION MARKET PRACTICES MARKET SHARE MARKET VALUE MARKETABLE BONDS MATURE MARKETS MATURITY MATURITY MISMATCH MATURITY TRANSFORMATION MORTGAGE MORTGAGE BANKS MORTGAGE INTEREST MORTGAGE INTEREST RATES MORTGAGE LENDING MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGE PORTFOLIO MORTGAGE PORTFOLIOS MORTGAGES NATIONAL BANK OPERATIONAL EFFICIENCY OWNERSHIP RIGHTS OWNERSHIP STRUCTURE PENSION PENSION FUNDS PORTFOLIO PORTFOLIO OF LOANS PORTFOLIO OF MORTGAGES PORTFOLIOS POTENTIAL BORROWERS PREPAYMENT PREPAYMENTS PRIMARY LENDERS PRIMARY MARKET PRIVATE EQUITY PRIVATE SECTOR DEVELOPMENT PROFIT MARGIN PROMISSORY NOTES PUBLIC DEBT PUBLIC-PRIVATE PARTNERSHIPS REAL ESTATE REGISTRATION SYSTEMS REGULATOR REGULATORY FRAMEWORK REPOSSESSION RESIDENTIAL MORTGAGE RETURN RISK MANAGEMENT RISK PROFILE RISK WEIGHTING SAVINGS SAVINGS BANKS SAVINGS INSTITUTIONS SECONDARY MORTGAGE SECONDARY MORTGAGE MARKET SECONDARY MORTGAGE MARKETS SECURITIES SECURITIES REGULATION SECURITY INTEREST SETTLEMENT SETTLEMENT SYSTEMS SHAREHOLDER SHAREHOLDERS SMALL LENDERS SYSTEMIC RISK TAX TAX FRAMEWORK TAX TREATMENTS TERM DEPOSITS TRANSACTION TRANSACTIONS COSTS TRANSFER OWNERSHIP TRANSITION ECONOMIES TRANSPARENCY TURNOVER UNDERLYING ASSETS UNDERLYING MORTGAGE UNDERLYING MORTGAGES UNSECURED BONDS VALUATION YIELD CURVE |
| spellingShingle |
ACCOUNTING ACCOUNTING FRAMEWORK ACTIVE MARKET AFFORDABLE HOUSING ARBITRAGE ASSET LIABILITY MANAGEMENT AUDITS BALANCE SHEET BANK LOAN BANK SYSTEM BANKING INSTITUTION BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BASIS POINTS BENCHMARK BONDS BOND BOND INVESTORS BOND ISSUANCE BOND ISSUANCES BOND ISSUES BOND MARKET BOND MARKETS BONDS BRANCH NETWORK BULLET REPAYMENT CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKET FUNDING CAPITAL MARKETS CAPITAL RATIOS CAPITALIZATION CASE OF BANKRUPTCY CENTRAL BANK CENTRAL BANKS CHECKS COLLATERAL COLLATERALIZATION COLLATERALS COMMERCIAL BANKING COMMERCIAL BANKS COMMUNITY INVESTMENT CONFIDENTIALITY CONFLICT OF INTERESTS CORPORATE GOVERNANCE COST OF FUND COST OF FUNDS COVER POOL CREDIT BUREAU CREDIT BUREAUS CREDIT ENHANCEMENT CREDIT RATING CREDIT RISK CREDIT UNIONS CREDITS CRITICAL MASS DEBT ISSUANCE DEBT OBLIGATIONS DEFERRED PAYMENT DEPENDENT DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE FUND DEPOSITS DISBURSEMENT DISCOUNT RATE DIVIDENDS DOWN PAYMENTS DUE DILIGENCE ECONOMIC DEVELOPMENT EMERGING MARKETS EQUITY HOLDER EXPOSURE FINANCE PRODUCTS FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL RISKS FINANCIAL SERVICES FIXED INCOME FIXED INCOME MARKET FIXED RATE FIXED RATES FLOATING RATE FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE RISK GENERAL BANKRUPTCY GENERAL BANKRUPTCY LAW GENERAL DEBT GOOD GOVERNANCE GOVERNMENT BACKING GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT GUARANTEE GOVERNMENT SUPPORT HOLDING HOME LOAN HOME LOANS HOME OWNERSHIP HOUSING FINANCE HOUSING LOAN HOUSING LOANS INCOME GROUPS INCOME TAX INFLATION INFORMATION SYSTEMS INSOLVENCY INSURANCE INSURANCE COMPANIES INTEREST RATE INTEREST RATE RISK INTEREST RATES INVESTMENT ACTIVITIES INVESTMENT INCOME INVESTOR CONFIDENCE ISSUANCE OF BONDS ISSUANCES JUDICIARY LENDER LENDER OF LAST RESORT LENDERS LENDING REQUIREMENTS LIABILITY LIABILITY SIDE LIEN LIQUIDITY LIQUIDITY CRISIS LIQUIDITY FACILITIES LIQUIDITY FACILITY LIQUIDITY RISK LIQUIDITY RISKS LIQUIDITY SUPPORT LOAN LOAN MATURITIES LOAN PORTFOLIO LOAN PORTFOLIOS LOCAL BOND MARKET LOCAL CURRENCY LONG TERM ASSETS LONG TERM LIABILITIES MANDATE MARKET DEVELOPMENT MARKET DISTORTION MARKET DISTORTIONS MARKET FAILURE MARKET INFORMATION MARKET PRACTICES MARKET SHARE MARKET VALUE MARKETABLE BONDS MATURE MARKETS MATURITY MATURITY MISMATCH MATURITY TRANSFORMATION MORTGAGE MORTGAGE BANKS MORTGAGE INTEREST MORTGAGE INTEREST RATES MORTGAGE LENDING MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGE PORTFOLIO MORTGAGE PORTFOLIOS MORTGAGES NATIONAL BANK OPERATIONAL EFFICIENCY OWNERSHIP RIGHTS OWNERSHIP STRUCTURE PENSION PENSION FUNDS PORTFOLIO PORTFOLIO OF LOANS PORTFOLIO OF MORTGAGES PORTFOLIOS POTENTIAL BORROWERS PREPAYMENT PREPAYMENTS PRIMARY LENDERS PRIMARY MARKET PRIVATE EQUITY PRIVATE SECTOR DEVELOPMENT PROFIT MARGIN PROMISSORY NOTES PUBLIC DEBT PUBLIC-PRIVATE PARTNERSHIPS REAL ESTATE REGISTRATION SYSTEMS REGULATOR REGULATORY FRAMEWORK REPOSSESSION RESIDENTIAL MORTGAGE RETURN RISK MANAGEMENT RISK PROFILE RISK WEIGHTING SAVINGS SAVINGS BANKS SAVINGS INSTITUTIONS SECONDARY MORTGAGE SECONDARY MORTGAGE MARKET SECONDARY MORTGAGE MARKETS SECURITIES SECURITIES REGULATION SECURITY INTEREST SETTLEMENT SETTLEMENT SYSTEMS SHAREHOLDER SHAREHOLDERS SMALL LENDERS SYSTEMIC RISK TAX TAX FRAMEWORK TAX TREATMENTS TERM DEPOSITS TRANSACTION TRANSACTIONS COSTS TRANSFER OWNERSHIP TRANSITION ECONOMIES TRANSPARENCY TURNOVER UNDERLYING ASSETS UNDERLYING MORTGAGE UNDERLYING MORTGAGES UNSECURED BONDS VALUATION YIELD CURVE Hassler, Olivier Walley, Simon Mortgage Liquidity Facilities |
| description |
This note brings together some of the
policy lessons learnt in the creation of mortgage liquidity
facilities around the world. It looks at the main benefits
which can be derived from the creation of a mortgage
liquidity facility and the conditions under which they can
operate most effectively. The note details some of the
pre-conditions necessary for the creation of a liquidity
facility. There is summary of some of the key techniques
used in obtaining security over the mortgage collateral.
Lastly two important aspects which are crucial to building
confidence in mortgage liquidity facilities are how they are
regulated and their corporate governance. The note brings in
relevant examples from liquidity facilities which have been
set up as far back as 1987 (Malaysia), from developed
countries (France) and from facilities still under
discussion (West Africa). Overall the note points to the
valuable developmental role that mortgage liquidity
facilities can play in nascent mortgage markets as an
intermediary between capital markets in the primary mortgage
markets. This is especially the case in markets where the
mortgage lending infra-structure and environment have not
developed sufficiently to allow for other more sophisticated
alternatives such as securitization or covered bonds. |
| format |
Economic & Sector Work :: Policy Note |
| author |
Hassler, Olivier Walley, Simon |
| author_facet |
Hassler, Olivier Walley, Simon |
| author_sort |
Hassler, Olivier |
| title |
Mortgage Liquidity Facilities |
| title_short |
Mortgage Liquidity Facilities |
| title_full |
Mortgage Liquidity Facilities |
| title_fullStr |
Mortgage Liquidity Facilities |
| title_full_unstemmed |
Mortgage Liquidity Facilities |
| title_sort |
mortgage liquidity facilities |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2012/01/16388290/mortgage-liquidity-facilities http://hdl.handle.net/10986/18372 |
| _version_ |
1764440768908361728 |
| spelling |
okr-10986-183722021-04-23T14:03:45Z Mortgage Liquidity Facilities Hassler, Olivier Walley, Simon ACCOUNTING ACCOUNTING FRAMEWORK ACTIVE MARKET AFFORDABLE HOUSING ARBITRAGE ASSET LIABILITY MANAGEMENT AUDITS BALANCE SHEET BANK LOAN BANK SYSTEM BANKING INSTITUTION BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BASIS POINTS BENCHMARK BONDS BOND BOND INVESTORS BOND ISSUANCE BOND ISSUANCES BOND ISSUES BOND MARKET BOND MARKETS BONDS BRANCH NETWORK BULLET REPAYMENT CAPITAL ADEQUACY CAPITAL MARKET CAPITAL MARKET FUNDING CAPITAL MARKETS CAPITAL RATIOS CAPITALIZATION CASE OF BANKRUPTCY CENTRAL BANK CENTRAL BANKS CHECKS COLLATERAL COLLATERALIZATION COLLATERALS COMMERCIAL BANKING COMMERCIAL BANKS COMMUNITY INVESTMENT CONFIDENTIALITY CONFLICT OF INTERESTS CORPORATE GOVERNANCE COST OF FUND COST OF FUNDS COVER POOL CREDIT BUREAU CREDIT BUREAUS CREDIT ENHANCEMENT CREDIT RATING CREDIT RISK CREDIT UNIONS CREDITS CRITICAL MASS DEBT ISSUANCE DEBT OBLIGATIONS DEFERRED PAYMENT DEPENDENT DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE FUND DEPOSITS DISBURSEMENT DISCOUNT RATE DIVIDENDS DOWN PAYMENTS DUE DILIGENCE ECONOMIC DEVELOPMENT EMERGING MARKETS EQUITY HOLDER EXPOSURE FINANCE PRODUCTS FINANCIAL CRISIS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL RISKS FINANCIAL SERVICES FIXED INCOME FIXED INCOME MARKET FIXED RATE FIXED RATES FLOATING RATE FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN EXCHANGE RISK GENERAL BANKRUPTCY GENERAL BANKRUPTCY LAW GENERAL DEBT GOOD GOVERNANCE GOVERNMENT BACKING GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT GUARANTEE GOVERNMENT SUPPORT HOLDING HOME LOAN HOME LOANS HOME OWNERSHIP HOUSING FINANCE HOUSING LOAN HOUSING LOANS INCOME GROUPS INCOME TAX INFLATION INFORMATION SYSTEMS INSOLVENCY INSURANCE INSURANCE COMPANIES INTEREST RATE INTEREST RATE RISK INTEREST RATES INVESTMENT ACTIVITIES INVESTMENT INCOME INVESTOR CONFIDENCE ISSUANCE OF BONDS ISSUANCES JUDICIARY LENDER LENDER OF LAST RESORT LENDERS LENDING REQUIREMENTS LIABILITY LIABILITY SIDE LIEN LIQUIDITY LIQUIDITY CRISIS LIQUIDITY FACILITIES LIQUIDITY FACILITY LIQUIDITY RISK LIQUIDITY RISKS LIQUIDITY SUPPORT LOAN LOAN MATURITIES LOAN PORTFOLIO LOAN PORTFOLIOS LOCAL BOND MARKET LOCAL CURRENCY LONG TERM ASSETS LONG TERM LIABILITIES MANDATE MARKET DEVELOPMENT MARKET DISTORTION MARKET DISTORTIONS MARKET FAILURE MARKET INFORMATION MARKET PRACTICES MARKET SHARE MARKET VALUE MARKETABLE BONDS MATURE MARKETS MATURITY MATURITY MISMATCH MATURITY TRANSFORMATION MORTGAGE MORTGAGE BANKS MORTGAGE INTEREST MORTGAGE INTEREST RATES MORTGAGE LENDING MORTGAGE LOANS MORTGAGE MARKET MORTGAGE MARKETS MORTGAGE PORTFOLIO MORTGAGE PORTFOLIOS MORTGAGES NATIONAL BANK OPERATIONAL EFFICIENCY OWNERSHIP RIGHTS OWNERSHIP STRUCTURE PENSION PENSION FUNDS PORTFOLIO PORTFOLIO OF LOANS PORTFOLIO OF MORTGAGES PORTFOLIOS POTENTIAL BORROWERS PREPAYMENT PREPAYMENTS PRIMARY LENDERS PRIMARY MARKET PRIVATE EQUITY PRIVATE SECTOR DEVELOPMENT PROFIT MARGIN PROMISSORY NOTES PUBLIC DEBT PUBLIC-PRIVATE PARTNERSHIPS REAL ESTATE REGISTRATION SYSTEMS REGULATOR REGULATORY FRAMEWORK REPOSSESSION RESIDENTIAL MORTGAGE RETURN RISK MANAGEMENT RISK PROFILE RISK WEIGHTING SAVINGS SAVINGS BANKS SAVINGS INSTITUTIONS SECONDARY MORTGAGE SECONDARY MORTGAGE MARKET SECONDARY MORTGAGE MARKETS SECURITIES SECURITIES REGULATION SECURITY INTEREST SETTLEMENT SETTLEMENT SYSTEMS SHAREHOLDER SHAREHOLDERS SMALL LENDERS SYSTEMIC RISK TAX TAX FRAMEWORK TAX TREATMENTS TERM DEPOSITS TRANSACTION TRANSACTIONS COSTS TRANSFER OWNERSHIP TRANSITION ECONOMIES TRANSPARENCY TURNOVER UNDERLYING ASSETS UNDERLYING MORTGAGE UNDERLYING MORTGAGES UNSECURED BONDS VALUATION YIELD CURVE This note brings together some of the policy lessons learnt in the creation of mortgage liquidity facilities around the world. It looks at the main benefits which can be derived from the creation of a mortgage liquidity facility and the conditions under which they can operate most effectively. The note details some of the pre-conditions necessary for the creation of a liquidity facility. There is summary of some of the key techniques used in obtaining security over the mortgage collateral. Lastly two important aspects which are crucial to building confidence in mortgage liquidity facilities are how they are regulated and their corporate governance. The note brings in relevant examples from liquidity facilities which have been set up as far back as 1987 (Malaysia), from developed countries (France) and from facilities still under discussion (West Africa). Overall the note points to the valuable developmental role that mortgage liquidity facilities can play in nascent mortgage markets as an intermediary between capital markets in the primary mortgage markets. This is especially the case in markets where the mortgage lending infra-structure and environment have not developed sufficiently to allow for other more sophisticated alternatives such as securitization or covered bonds. 2014-05-15T21:29:34Z 2014-05-15T21:29:34Z 2012 http://documents.worldbank.org/curated/en/2012/01/16388290/mortgage-liquidity-facilities http://hdl.handle.net/10986/18372 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Economic & Sector Work :: Policy Note Economic & Sector Work |