Housing Finance Policy

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A. Legal and Regulatory Framework

A.1 Legal and Regulatory Framework
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
Basis of the legal system: Civil, Common, Islamic, Other? (Describe)Common LawCommon lawCommon law
Berkeley Law
A.1.1
Are there specific laws that deal with mortgages? YesYesYes
Cornell Law
A.1.2
Registration/Transfer of titles:A.1.3
Does the law clearly define different types of property rights?YesYesYes
Cornell Law
A.1.3.1
 Are property rights easily transferable?YesYesYes
Cornell Law
A.1.3.2
Identify barriers to the registration/ transfer of property title.NoneNoneNone
Country Editor
A.1.3.3
Typical number of days needed for the transfer of title101011
Doing Business
A.1.3.4
Can liens be effectively enforced?YesYesYes
Cornell Law
A.1.4
Number of months until lender acquires the property in case of foreclosure on a single-family residential property?  3 months
Country Editor
A.1.4.1
Cost of foreclosure process as a percentage of the value of a typical loan?   30%A.1.4.2
Are there legal constraints on the types of mortgage products that are permitted?NoNoNo
Country Editor
A.1.5
Are there legal constraints on mortgage features?NoNoNo
CFPB
A.1.6
Are there consumer rights for mortgage lending? YesYesYes
CFPB
A.1.7
Are there disclosure requirements for mortgage lending?YesYesYes
PWC
A.1.8
Is there specialized legislation covering:A.1.9
Issuance of covered mortgage bondsNoNoNo
Association of Corporate Counsel
A.1.9.1
Issuance of RMBSYesYesYes
Country Editor
A.1.9.2
B. Housing Finance Subsidies
B.1 Subsidies to Housing Finance Institutions
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
Are there subsidized funding sources for mortgage lenders?YesYesYes
US Housing and Urban Development
B.1.1
Special government lines of credit NoNoNo
Country Editor
B.1.1.1
Government supported liquidity facilityYesYesYes
US Treasury
B.1.1.2
Labor or other tax funds for mortgage lendingNoNoNo
Country Editor
B.1.1.3
Tax breaks on mortgage bonds or RMBSNoNoNo
Country Editor
B.1.1.4
Loss and/or cash flow guarantees for RMBSYesYesYes
Country Editor
B.1.1.5
OtherNoNoNo
Country Editor
B.1.1.6
Is the lending side of the housing finance system subsidized?YesYesYes
Country Editor
B.1.2
Shared credit risk through public/private mortgage insurance YesYesYes
Country Editor
B.1.2.1
Guarantees for mortgage loansYesYesYes
Congressional Budget Office
B.1.2.2
OtherNoNoNo
Country Editor
B.1.2.3
B.2 Subsidies to Households
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
Are there subsidies to households on housing finance?YesYesYes
Country Editor
B.2.1
Interest rate subsidies by special government fundsNoNoNo
Country Editor
B.2.1.1
Buy-down of monthly/interest paymentsNoNoNo
Country Editor
B.2.1.2
Down-payment subsidies YesYesYes
US Housing and Urban Development
B.2.1.3
Subsidies to savings for mortgage loans NoNo
Country Editor
B.2.1.4
Mortgage interest deductibility from income tax YesYes
U.S. Internal Revenue Service
B.2.1.5
Other YesYes
Country Editor
B.2.1.6
Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
What is the highest income decile targeted?  90 decile
Country Editor
B.2.2.1
What is the lowest income decile targeted?   1 decile
Country Editor
B.2.2.2
What proportion of loans on main residences is affected by the mortgage interest deductability in 2.1.5?  79%
Country Editor
B.2.3
C. Taxation
VariableEnd of 2016End of 2015End of 2014SourcesVar ID
What taxes apply to Residential Real Estate?C.1
Tax on property (home-owners) YesYesYes
Internal Revenue Service
C.1.1
Property transaction taxes (purchase/selling)YesYesYes
Internal Revenue Service
C.1.2
Mortgage transaction taxesNoNoNo
Country Editor
C.1.3
Tax on mortgage interest pmtsNoNoNo
Country Editor
C.1.4
Tax on capital gains on property YesYesYes
Internal Revenue Service
C.1.5
OtherNoNoNo
Country Editor
C.1.6
Are there tax benefits on rental properties?YesYesYes
Internal Revenue Service
C.2
Describe tax benefits (if any) from C.1.2accelerated depreciation/tax credits/mortgage interest deductions accelerated depreciation/tax credits/mortgage interest deductionsaccelerated depreciation/tax credits/mortgage interest deductions
Country Editor
C.2.1
back to top | Country Data:
Notes: 15 year FRM data is used
Notes: 15 year FRM data is used
Notes: 15 year FRM data is used
Notes: Binding if mortgages are sold to GSE
Notes: Both FannieMae & FreddieMac
Notes: Both FannieMae & FreddieMac
Notes: Both FannieMae & FreddieMac
Notes: Costs vary regionally
Notes: Federal Housing Authority Insurance
Notes: federal minimum wage is used; July 24 of each year is the annual cutoff.
Notes: federal minimum wage is used; July 24 of each year is the annual cutoff.
Notes: federal minimum wage is used; July 24 of each year is the annual cutoff.
Notes: FNMA, FreddieMac & GinnieMae are implicitly guaranteed by the federal government.
Notes: FNMA, FreddieMac & GinnieMae are implicitly guaranteed by the federal government.
Notes: FRM/total single-family loans
Notes: Median of a range from 263-444 USD
Notes: Mortgage interest deductibility is limited to $1 million size of loan. The proportion is very high and estimated at 80% by experts
Notes: National data
Notes: Not at the Federal level, but some states do
Notes: Section 8
Notes: Section 8
Notes: Section 8
Notes: Section 8
Notes: Section 8
Notes: Section 8
Notes: Section 8
Notes: Section 8
Notes: Section 8
Notes: The Federal Home Loan Bank System is implicitly guaranteed by the federal government
Notes: The total number of sales is used as the weight between new and existing housing
Notes: # of Mortgage-free owner occupied units is 24,225 divided by total number of owner occupied units = 76,091
Notes: $400 and up for buyer, $150-$500 for lender, varies by state
Notes: $400 and up for buyer, $150-$500 for lender, varies by state
Notes: 0.40%
Notes: 0.60%
Notes: 0.70%
Notes: 0.70%
Notes: 0.70%
Notes: 0.70%
Notes: 0.70%
Notes: 15 year FRM data is used
Notes: 15 year FRM data is used
Notes: 2011 data now includes Savings and Loans in this data set
Notes: 24% for conventional loans, 28% for FHA
Notes: 28% for conventional loans (Wells Fargo & Others), 31% for FHA loans, 41% for VA Loans
Notes: 36% for conventional through Fannie Mae/Freddie Mac, 31% for FHA, 41% for VA
Notes: 36% for conventional through Fannie Mae/Freddie Mac, 31% for FHA, 41% for VA
Notes: 80 per Square feet - The average construction cost of a single-family home in 2011 is $184,125. Average Home size: 2,311 square feet in 2011
Notes: 82 per Square feet - The average construction cost of a single-family home in 2009 is $222,511. Average Home size: 2,716 square feet in 2009
Notes: All those who itemize tax returns
Notes: Annual average was computed using the quarterly statistics
Notes: Approximation. Mostly big national lenders
Notes: Approximation. Mostly big national lenders
Notes: Approximation. Mostly big national lenders
Notes: Approximation. Mostly big national lenders
Notes: Approximation. Mostly big national lenders
Notes: Approximation. Mostly big national lenders
Notes: Approximation. Mostly big national lenders
Notes: ARM/total single-family loans
Notes: ARM/total single-family loans
Notes: ARM/total single-family loans
Notes: ARM/total single-family loans
Notes: ARM/total single-family loans
Notes: As a percentage of the outstanding loan balance. 30-60%
Notes: As a percentage of the outstanding loan balance. 30-60%
Notes: As a percentage of the outstanding loan balance. 30-60%
Notes: As a percentage of the outstanding loan balance. 30-60%
Notes: As a percentage of the outstanding loan balance. 30-60%
Notes: Bank prime loan rate
Notes: Base year
Notes: Binding if mortgages are sold to GSE
Notes: Binding if mortgages are sold to GSE
Notes: Binding if mortgages are sold to GSE
Notes: Binding if mortgages are sold to GSE
Notes: Binding if mortgages are sold to GSE
Notes: Binding if mortgages are sold to GSE
Notes: Binding if mortgages are sold to GSE
Notes: Both FannieMae & FreddieMac
Notes: Both FannieMae & FreddieMac
Notes: Both FannieMae & FreddieMac
Notes: Both FannieMae & FreddieMac
Notes: Both FannieMae & FreddieMac
Notes: By the U.S. Housing Affordability convention, the ratio computed here is "Median Price for Existing Single-Family" to "Median Family Income (Metro District of Columbia)"
Notes: By the U.S. Housing Affordability convention, the ratio computed here is "Median Price for Existing Single-Family" to "Median Family Income (Metro District of Columbia)"
Notes: By the U.S. Housing Affordability convention, the ratio computed here is "Median Price for Existing Single-Family" to "Median Family Income (Metro District of Columbia)"
Notes: By the U.S. Housing Affordability convention, the ratio computed here is "Median Price for Existing Single-Family" to "Median Family Income"
Notes: By the U.S. Housing Affordability convention, the ratio computed here is "Median Price for Existing Single-Family" to "Median Family Income"
Notes: By the U.S. Housing Affordability convention, the ratio computed here is "Median Price for Existing Single-Family" to "Median Family Income"
Notes: By the U.S. Housing Affordability convention, the ratio computed here is "Median Price for Existing Single-Family" to "Median Family Income"
Notes: By the U.S. Housing Affordability convention, the ratio computed here is "Median Price for Existing Single-Family" to "Median Family Income"
Notes: By the U.S. Housing Affordability convention, the ratio computed here is "Median Price for Existing Single-Family" to "Median Family Income"
Notes: By the U.S. Housing Affordability convention, the ratio computed here is "Median Price for Existing Single-Family" to "Median Family Income"
Notes: Consumer Financial Protection Bureau
Notes: conventional loans for owner-occupied home purchase by GSEs
Notes: conventional loans for owner-occupied home purchase by GSEs
Notes: conventional loans for owner-occupied home purchase by GSEs
Notes: conventional loans for owner-occupied home purchase by GSEs
Notes: conventional loans for owner-occupied home purchase by GSEs
Notes: conventional loans for owner-occupied home purchase by GSEs
Notes: Costs vary regionally
Notes: Costs vary regionally
Notes: Costs vary regionally
Notes: Costs vary regionally
Notes: End of Period
Notes: Fannie Mae, Freddie Mac, Ginnie Mae
Notes: Federal Housing Authority Insurance
Notes: Federal Housing Authority Insurance
Notes: Federal Housing Authority Insurance
Notes: Federal Housing Authority Insurance
Notes: Federal Housing Authority Insurance
Notes: Federal Housing Authority Insurance
Notes: Federal Housing Authority Insurance
Notes: Federal Housing Authority Insurance
Notes: Federal Housing Authority Insurance
Notes: federal minimum wage is used; July 24 of each year is the annual cutoff.
Notes: federal minimum wage is used; July 24 of each year is the annual cutoff.
Notes: federal minimum wage is used; July 24 of each year is the annual cutoff.
Notes: FHA & VA
Notes: FHA & VA
Notes: FHA & VA
Notes: FHA & VA
Notes: FHA & VA
Notes: FHA & VA
Notes: FNMA, FreddieMac & GinnieMae are implicitly guaranteed by the federal government.
Notes: FNMA, FreddieMac & GinnieMae are implicitly guaranteed by the federal government.
Notes: FNMA, FreddieMac & GinnieMae are implicitly guaranteed by the federal government.
Notes: FNMA, FreddieMac & GinnieMae are implicitly guaranteed by the federal government.
Notes: FNMA, FreddieMac & GinnieMae are implicitly guaranteed by the federal government.
Notes: FNMA, FreddieMac & GinnieMae are implicitly guaranteed by the federal government.
Notes: FNMA, FreddieMac & GinnieMae are implicitly guaranteed by the federal government.
Notes: FNMA, FreddieMac & GinnieMae are implicitly guaranteed by the federal government.
Notes: FRM/total single-family loans
Notes: FRM/total single-family loans
Notes: FRM/total single-family loans
Notes: FRM/total single-family loans
Notes: Housing Expense Ratio and Short-term Debt Obligations/the latter is most frequently applied and is calculated over debt/income of all signers of the note/It is not prescribed and lenders have flexibility
Notes: HUD
Notes: HUD
Notes: HUD
Notes: HUD
Notes: HUD
Notes: in number of loans
Notes: in number of loans
Notes: in number of loans
Notes: in number of loans
Notes: in number of loans
Notes: in number of loans
Notes: in number of loans
Notes: in number of loans
Notes: Includes public and private rental units
Notes: Median
Notes: Median in the range from 84-600 USD
Notes: Median in the range from 84-600 USD
Notes: Median is used (1800 square feet)
Notes: Median of a range from 263-444 USD
Notes: Median Price of New Homes Sold in the U.S.
Notes: Median Sale Price for New Houses Sold
Notes: Mortgage interest deductibility is limited to $1 million size of loan
Notes: Mortgage interest deductibility is limited to $1 million size of loan. The proportion is very high and estimated at 80% by experts
Notes: Mortgage interest deductibility is limited to $1 million size of loan. The proportion is very high and estimated at 80% by experts
Notes: Mortgage interest deductibility is limited to $1 million size of loan. The proportion is very high and estimated at 80% by experts
Notes: Mortgage interest deductibility is limited to $1 million size of loan. The proportion is very high and estimated at 80% by experts
Notes: Mortgage interest deductibility is limited to $1 million size of loan. The proportion is very high and estimated at 80% by experts
Notes: Mortgage interest deductibility is limited to $1 million size of loan. The proportion is very high and estimated at 80% by experts
Notes: National data
Notes: National data
Notes: National data
Notes: National data
Notes: National data
Notes: National data
Notes: National data
Notes: National data used
Notes: National data used
Notes: National figures are used
Notes: National figures are used
Notes: National figures are used
Notes: National figures are used
Notes: National figures are used
Notes: National figures are used
Notes: New + existing housing are weighted equally
Notes: New + existing housing are weighted equally
Notes: New + existing housing are weighted equally
Notes: New + existing housing are weighted equally
Notes: New + existing housing are weighted equally
Notes: New + existing housing are weighted equally
Notes: New + existing housing are weighted equally
Notes: no income limits; function of house price and income (at any level)
Notes: no income limits; function of house price and income (at any level)
Notes: no income limits; function of house price and income (at any level)
Notes: no income limits; function of house price and income (at any level)
Notes: no income limits; function of house price and income (at any level)
Notes: no income limits; function of house price and income (at any level)
Notes: no income limits; function of house price and income (at any level)
Notes: not at federal level, some states have it
Notes: not at federal level, some states have it
Notes: not at federal level, some states have it
Notes: not at federal level, some states have it
Notes: not at federal level, some states have it
Notes: not at federal level, some states have it
Notes: not at federal level, some states have it
Notes: not at federal level, some states have it
Notes: not at federal level, some states have it
Notes: not at federal level, some states have it
Notes: Not at the Federal level, but some states do
Notes: Not at the Federal level, but some states do
Notes: Not at the Federal level, but some states do
Notes: Not at the Federal level, but some states do
Notes: Not at the Federal level, but some states do
Notes: Not at the Federal level, but some states do
Notes: Not at the Federal level, but some states do
Notes: Not at the Federal level, but some states do
Notes: Only at the state level
Notes: Only at the state level
Notes: Only at the state level
Notes: Only at the state level
Notes: Only at the state level
Notes: Only at the state level
Notes: Only at the state level
Notes: Only Credit Unions - Savings in 2011 were included in Universal Commercial Banks figure
Notes: p.3
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Quoted on investment basis
Notes: Range from 225-450
Notes: Range from 225-450
Notes: Section 8
Notes: some special programs
Notes: some special programs
Notes: some special programs
Notes: some special programs
Notes: some special programs
Notes: some special programs
Notes: some special programs
Notes: some special programs
Notes: some special programs
Notes: some states do
Notes: some states do
Notes: some states do
Notes: some states do
Notes: some states do
Notes: The cost of title services and title insurance varies by state. For example, a lender's policy on a $100,000 loan can range from $175 in one state to $900 in another. In some states, the price can even vary by county
Notes: The cost of title services and title insurance varies by state. For example, a lender's policy on a $100,000 loan can range from $175 in one state to $900 in another. In some states, the price can even vary by county
Notes: The cost of title services and title insurance varies by state. For example, a lender's policy on a $100,000 loan can range from $175 in one state to $900 in another. In some states, the price can even vary by county
Notes: The cost of title services and title insurance varies by state. For example, a lender's policy on a $100,000 loan can range from $175 in one state to $900 in another. In some states, the price can even vary by county
Notes: The cost of title services and title insurance varies by state. For example, a lender's policy on a $100,000 loan can range from $175 in one state to $900 in another. In some states, the price can even vary by county
Notes: The Federal Home Loan Bank System is implicitly guaranteed by the federal government.
Notes: The Federal Home Loan Bank System is implicitly guaranteed by the federal government.
Notes: The Federal Home Loan Bank System is implicitly guaranteed by the federal government.
Notes: The Federal Home Loan Bank System is implicitly guaranteed by the federal government.
Notes: The Federal Home Loan Bank System is implicitly guaranteed by the federal government.
Notes: The Federal Home Loan Bank System is implicitly guaranteed by the federal government.
Notes: The Federal Home Loan Bank System is implicitly guaranteed by the federal government.
Notes: The Federal Home Loan Bank System is implicitly guaranteed by the federal government.
Notes: The Federal Home Loan Bank System is implicitly guaranteed by the federal government.
Notes: The state of Louisiana system is based on principles from France and Spain (civil law). State of California is based on common law but has codified it in a manner of civil law. California and a number of other Western states, however, have retained the concept of community property derived from civil law.
Notes: The total number of sales is used as the weight between new and existing housing
Notes: The total number of sales is used as the weight between new and existing housing
Notes: The total number of sales is used as the weight between new and existing housing
Notes: The total number of sales is used as the weight between new and existing housing
Notes: The total number of sales is used as the weight between new and existing housing
Notes: The total number of sales is used as the weight between new and existing housing
Notes: There was no AHS-Metropolitan Sample in the 2011 survey. Instead, a supplemental sample of housing units was selected for 29 metropolitan areas. This supplemental sample was combined with the National Sample in these areas in order to produce metropolitan estimates using the National survey.
Notes: This figure is a % of first-lien residential mortgages serviced by selected national and federal savings banks from the OCC Mortgage Metrics Report for the fourth quarter of 2011. All these mortgages comprise 60 percent of all mortgages outstanding in the United States
Notes: This figure is a % of first-lien residential mortgages serviced by selected national and federal savings banks from the OCC Mortgage Metrics Report for the fourth quarter of 2011. All these mortgages comprise 60 percent of all mortgages outstanding in the United States
Notes: This figure is a % of first-lien residential mortgages serviced by selected national and federal savings banks from the OCC Mortgage Metrics Report for the fourth quarter of 2011. All these mortgages comprise 60 percent of all mortgages outstanding in the United States
Notes: This figure is a % of first-lien residential mortgages serviced by selected national and federal savings banks from the OCC Mortgage Metrics Report for the fourth quarter of 2011. All these mortgages comprise 60 percent of all mortgages outstanding in the United States
Notes: This figure is for households in metropolitan areas as defined by the U.S. Census Bureau
Notes: U.S. Department of Housing and Urban Development By the U.S. Housing Affordability convention, the ratio computed here is "Median Price for Existing Single-Family" to "Median Family Income (Metro District of Columbia)"
Notes: VA
Notes: VA
Notes: VA
Notes: VA
Notes: Veterans Authority guarantee
Notes: Veterans Authority guarantee
Notes: Veterans Authority guarantee
Notes: Veterans Authority guarantee
Notes: Veterans Authority guarantee
Notes: Veterans Authority guarantee
Notes: Veterans Authority guarantee
Notes: Veterans Authority guarantee
Notes: Veterans Authority guarantee