Eurostat, the European Commission’s Statistical Agency,
published the first report on the new EU-wide house-price index last week.
U.S. Consumer Financial Protection Bureau Announces Qualified Mortgage Guidelines1/9/2013
The Consumer
Financial Protection Bureau revealed its much awaited ability-to-repay and qualified mortgage
guidelines, The rule will take effect on January 10, 2014.
More>> Basel III: The Liquidity Coverage Ratio and liquidity risk monitoring tools1/7/2013
The Basel Committee issued the full
text of the revised Liquidity Coverage Ratio (LCR) following endorsement on 6 January 2013
by its governing body - the Group of Central Bank Governors and Heads of
Supervision (GHOS).
More>> Deputy Governor of the Bank of Japan Highlights Demographic Trends as Key Drivers of Property Price Movements1/4/2013
At the ASSA/ AREUEA Meeting in
San Diego, Deputy Governor
of the Central Bank of Japan, Dr. Kiyohiko G. Nishimura, discussed the
critical role of demographic trends as key drivers of the
property price movements over the past few decades.
More>> Canadian Mortgage and Housing Corporation Announces Corporate Bond Framework12/17/2012
CMHC announced the details of the legal framework for
Canadian covered bonds. The framework establishes high disclosure standards and
recourse specification.
More>> Operating Principles and Areas of Exploration in the Regulation of the Cross-Border OTC Derivatives Market12/4/2012
Leaders of authorities with responsibility for the
regulation of the over-the-counter (OTC) derivatives markets met to discuss
reforms agreed by the G-20 leaders.
More>> FHA’s Assets Will Not Cover Projected Losses and May Need Bail-out11/16/2012
A report by an independent actuary
shows that the Federal Housing Administration (FHA), the US government’s
mortgage insurer, ended fiscal-year 2012 with a $16.3 billion insurance-fund
deficit.
More>> Hong Kong Levies 15% Tax on Property Purchases by Foreigners10/31/2012
Hong Kong’s Financial Secretary John
Tsang announced that, in order to stabilize the residential market in an
environment of continued low interest rates and weak economy, the government
would put a new tax of 15 percent on all residential property purchases by
foreign nationals.
More>> Financial Services Authority (UK) Confirms New Rules for the Mortgage Market10/28/2012
The Financial Services Authority
(FSA) has published new rules that put common sense at the heart of the
mortgage market and will prevent future borrowers ending up with a mortgage
they cannot afford.
More >> FHFA Releases White Paper on Proposed Common Securitization Platform10/23/2012
The Federal Housing Finance Agency (FHFA) released for public input a
white paper on a proposed framework for a common securitization platform
and a model Pooling and Servicing Agreement.
More>> Governor of Bank of England Assesses Twenty Years of Inflation Targeting10/9/2012
Mervyn
King – Governor of the Bank of England – gives a personal assessment of the
inflation targeting regime over the past twenty years.
More>> France Nationalizes Its Second Largest Mortgage Lender9/26/2012
The French government suddenly announced the
nationalization of troubled mortgage lender Credit Immobilier de France (CIF),
which is the country's second largest mortgage specialist.
More>> FED Will Buy More Than Half of All Agency MBS until Labor Markets Improve9/17/2012
The Federal
Open Market Committee (FOMC) of the US Federal Reserve system decided on an
aggressive increase of Federal Reserve purchases of agency mortgage-backed
securities (MBS).
More>>
First SEC Registered Covered Bonds Sale in the US by RBC9/17/2012
After a lengthy legal process, the Royal Bank of Canada (RBC)
has become the first bank to register its covered bonds with the US Securities
and Exchange Commission.
More>>
Government of Brazil Injects New Capital into CAIXA9/17/2012
The Government of Brazil is to inject BRL1.5 billion
(approximately $735 million) into state-owned bank Caixa Economica Federal.
More>> Center for Responsible Lending Issues a Brief on Potential Negative Impact of a Government Mandated 10 Percent Down-Payment 9/14/2012
The Center for Responsible Lending, a US independent non-profit policy
think-tank focused on abuses in consumer lending, has issued a brief to warn
against adopting a US government mandated 10 percent down-payment as part of
the “Qualified Residential Mortgage” requirements.
More>> Global Housing Cycles9/12/2012
IMF and BIS have collected Global House Price information on 52 countries and are continuously expanding the number of countries for which information is collected.
More>> The US Treasury Takes Steps to Expedite Wind Down of FNMA and Freddie Mac8/20/2012
The U.S. Department of the Treasury today announced a set of
modifications to the Preferred Stock Purchase Agreements (PSPAs) between
the Treasury Department and the Federal Housing Finance Agency (FHFA)...
More>> Consumer Financial Protection Bureau Proposes Rules to Bring Greater Accountability to Mortgage Market8/20/2012
The Consumer
Financial Protection Bureau (CFPB) invites the public to comment on proposed rules
governing mortgage loan originations by October 16, 2012.
More>> Six US Regulators Announce Common Appraisal Rules for High Risk Mortgages8/16/2012
A common set of appraisal rules for “high risk mortgages” has
been proposed by the six principle regulators of banks and credit unions in the
USA: Consumer Financial Protection Bureau (CFPB), the Federal Reserve Board of
Governors, the Federal Deposit Insurance Corporation, Federal Housing Finance
Agency, National Credit Union Administration, and the Office of Comptroller of
the Currency.
More>> US Consumer Financial Protection Bureau Proposes New Mortgage Servicing Rules8/13/2012
The Consumer Financial Protection Bureau has proposed the first set of national mortgage servicing regulations and invites comments until October 9, 2012.
More>>
FHFA Refused Proposed Principle Reduction Program for Underwater Borrowers8/9/2012
The US Federal Housing Finance Agency, that regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks, issued the following statement:
More>> A Long-Term View of France’s Home Prices8/8/2012
Government of France’s Jacques Friggit of the Internal Audit
and Forecasting Department (of the Ministries in charge of the Environment,
Sustainable Development, Energy, Transportation , Housing, etc. ), presented a
compelling argument that French house prices are far out of line with
fundamentals such as rents, incomes or supply.
More>> European Parliament Delays Vote on Proposed Directive on Mortgage Regulation until December 20128/8/2012
The final vote that may determine the shape of the proposed European
Directive on
"Credit Agreements Relating
to Residential Property (CARRP) “ has been postponed for three months and
is now scheduled for 10 December.
More>> Indian Central Bank Modifies Rules Governing Non-Bank Financial Company - Micro-Finance Institutions8/7/2012
On December 2, 2011, the Reserve Bank of India issued a regulatory framework
governing Non-Banking Financial Company - Micro Finance Institutions- a new
category of financial institution.
More>> Center for Responsible Lending says No Credit Crunch as a Result of Consumer Protection Reforms included in Dodd-Frank7/30/2012
Mike Calhoun, the President
of the Center for Responsible Lending, a non-profit, non-partisan research and
policy organization working to eliminate abusive financial practices in the
USA, made three main points in his testimony before the US House Committee
on Oversight and Government Reform Hearing:”Credit Crunch: Is the CFPB
Restricting Consumer Access to Credit?”
More>> Underestimating Supply Constraints in the UK Housing Market7/26/2012
Shelter, The Housing and Homeless Charity, commissioned a report from FTI consulting on the supply constraints in the UK housing market.
More>>
US Consumer Financial Protection Bureau Issues Study on Reverse Mortgages7/5/2012
The US Congress directed
the Consumer Financial Protection Bureau (CFPB) to conduct a study on reverse
mortgages as part of the Dodd-Frank Wall Street Reform and Consumer Protection
Act.
More>> Saudi Arabia Approves Mortgage Law7/2/2012
On July 2, 2012, the Saudi Council of Ministers approved the
long-awaited mortgage law, which is comprised of five key areas; mortgage
registration, real estate funding (securitization), finance companies,
financial leasing and enforcement.
More>> Brazil Increases Maximum Amortization Term6/21/2012
Caixa Economica Federal announced last
week that it had increased the maximum amortization period on mortgage loans to
35 years in order to increase affordability.
More>> Canada Announces Tightening of Mortgage Rules6/21/2012
The Department of Finance of the Government of Canada announced on Wednesday June 20, 2012 that it will further tighten mortgage rules to address
concerns over high Canadian household debt.
More>> Proposal for a Directive of the European Parliament and of the Council on Credit Agreements Relating to Residential Property5/30/2012
The
objective of this Directive is to ensure that credit agreements relating to
immovable property provided to consumers benefit from a high level of
protection.
More>> US: FHFA Releases Draft Strategic Plan for Public Comment5/16/2012
Federal Housing Finance Agency
(FHFA) Acting Director Edward J. DeMarco has released, for public
comment, the FHFA’s draft
Strategic Plan: Fiscal Years 2013-2017.
More>> Brazil Moves to Index "Poupança" Interest Rates on the SELIC Rate5/10/2012
On May 3, 2012, President Dilma Rousseff issued
Medida Provisoria No 567, to effect change
in Law No 8.177 which establishes rules on indexation of the economy, among
other things. The MP links the interest rate paid on the popular tax-free “
Poupança” (savings accounts) to the
SELIC rate.
More>> FSB Announces Next Round of Principles for Sound Residential Mortgage Underwriting Practices4/27/2012
The newly announced version of the FSB
principles for mortgage underwriting take into account the comments received
during the consultative process. Greater emphasis is given to the obligation of
the lender...
More>> U.S. Moves Closer To Mortgage Writedowns4/13/2012
In
a speech at the Brookings Institution, Edward
DeMarco, head of the Federal Housing Finance Agency that regulates
state controlled lenders FannieMae and Freddie Mac, mentioned for the
first time that it might consider a mortgage debt writedown program.
More>> Canada: Enhanced Oversight of the Mortgage Insurance Industry and Progress on the Legislative Framework for Mortgage Bonds4/4/2012
Canada’s housing market and housing finance system have weathered the global crisis better than most. There are, however, signs that some parts of the housing market are overvalued and that there is an oversupply of new housing.
More>> UK’s FSA Publishes Mortgage Sector Statistics for 2010 Q3 to 2011 Q43/14/2012
On March 13, 2012, UK's Financial Services Authority published statistics on the mortgage sectors for the period from the third quarter of 2010 to the fourth quarter of 2011. Some of the key statistics for the Q4 2011 are as follows:
More>> Speech: National balance sheets and macro policy: lessons from the past3/2/2012
The spectre hanging over the world economy these past years – the drag on our recovery – has been deleveraging. Around the world, households, some firms, banks, governments, whole economies are acting to reduce their debt overhang.
More>> UK’s FSA issues Mortgage Market Review: Proposed Package of Reforms2/3/2012
At
the end of 2011, the Financial Services Authority of the United Kingdom,
published its proposals for reforms of the mortgage sector.
More>> FED Issues White Paper on Housing Market and Related Policy Considerations1/10/2012
On January 4, 2012, Federal Reserve Chairman Ben S. Bernanke
sent a report entitled “The U.S. Housing Market: Current Conditions and Policy
Considerations” to leaders of the Senate Banking, Housing and Urban Affairs
Committee.
More>> Russia’s AHML Announces 2nd Quarter Mortgage Market Results12/9/2011
While GDP decreased in the second quarter of 2011 to 3.4
percent yoy, household consumption has recovered from the post-crisis shock and
lending to the household sector is growing, including for mortgages.
More>> David Miles Speech on Mortgages, Housing and Monetary Policy 11/23/2011
In a speech for the Northern Housing Consortium, David Miles assesses the “extraordinary period of readjustment” in the UK housing market and the consequences for the future rate of home-ownership.
More>> UK’s Financial Service Authority (FSA) Proposes Guidance on Structured Products11/3/2011
The FSA conducted a Structured Products Review that included
the major providers of structured investment products –both capital-at-risk and
non-capital-at-risk – and structured deposit products between November 2010 and
May 2011.
More>> G20 Finance Ministers Agree on High-Level Financial Consumer Protection Principles10/31/2011
During the G20 Finance Ministers and Central Bank Governors Meeting in Paris new principles on financial consumer protection were endorsed. The principles were developed by the Task force on Consumer Protection of the OECD at the request of the G20 finance ministers and in close cooperation with the Financial Stability Board and its Consultative Group.
More>> Brazil Expands Secondary Mortgage Market10/27/2011
Three
of Brazil’s largest banks announced the sale of BRL2.84 billion (approximately
USD$1.62 billion) in mortgage loans to the Fundo de Gaurantia por Tempo de
Servico (FGTS), the Government Severance Indemnity Fund.
More>> Islamic Financial Services Board Actions Addresses IFIs Liquidity Constraints10/27/2011
Liquidity for Islamic Financial Institutions (IFIs) remains
constrained by the absence of a deep and globally integrated Shari’ah-compliant
money market, particularly in liquid, short-dated and high-quality issuance.
More>> FSB Releases Consultation Paper on Principles for Sound Residential Mortgage Underwriting Practices10/26/2011
The
Financial Stability Board (FSB) launched a public consultation on its draft Principles for Sound Residential Mortgage
Underwriting Practices.
More>> Freddie Mac Shows Upswing in Rental Market in USA 10/20/2011
Freddie Mac released its October 2011 Economic and Housing Market Outlook for the US, showing an upswing in the rental, multi-family housing sector. “With rental demand rising and apartment economics improving, the multifamily sector is a positive signal for the U.S. housing industry.”
More>>
First Status Report on Basel II, Basel 2.5 and Basel III Implementation10/20/2011
The Basel Committee on Banking Supervision issued its first
high-level view of member countries’ progress in preparing and adopting
national laws and regulations to ensure that the Basel committee’s capital
standards are implemented according to internationally agreed time frames.
More>>
Economic Costs and Benefits of BIS Proposals to Increase Capital Requirements for Large Global Banks10/11/2011
The Financial Stability Board (FSB) and Basel Committee on Banking Supervision (BCBS) released an assessment of the macroeconomic costs and benefits of proposals for higher loss absorbency for global systemically important banks (G-SIBs) --
Assessing the macroeconomic impact of higher loss absorbency for global systemically important banks.
More>> Renewed Commitment by Members of the African Union for Housing Finance 9/19/2011
At their
annual meeting on September 8, 2011, the 31 members of the African Union for
Housing Finance committed to broaden their housing finance markets and increase
access by a broad spectrum of the population
More>> European Commission Proposal for Banking Regulation - CRD IV9/15/2011
At the end of July 2011, the European Commission published
its proposals for the European adaptation of Basel III.
More>>
US and European Union Move Forward on Legislation Concerning Mortgage Credit9/15/2011
This summer, both the USA and the European Union took
important steps towards drafting directives and regulations to strengthen the
credit agreements relating to residential property.
More>>
Nigeria’s Central Bank Leads Housing Finance Sector Reform8/30/2011
The Central Bank of Nigeria (CBN) will make reform of the housing finance one of its priorities in the next few years. As the opening, it organized a Stakeholder’s Roundtable on Expanding Housing Finance in Nigeria on August 11, 2011 in Abuja.
More>> The US Congress Joint Committee on Taxation releases two comprehensive reports on the taxation of debt8/5/2011
On July 11 The Joint
Committee on Taxation of the US Congress released two comprehensive reports on
the taxation of debt; one on
Business Debt and one on
Household Debt. More>> European Banking Authority Publishes the EU-Wide Stress Test Aggregate Report7/18/2011
On July 15 2011, the European Banking Authority (EBA) published the EU-Wide Stress Test Aggregate Report. The test assesses the resilience
of European banks to a hypothetical adverse scenario and uses a common,
conservative stress testing benchmark for European banks.
More>>
UK Financial Services Authority Releases Document on its Approach to Regulation and Consumer Protection6/28/2011
On June 27, 2011,
The Financial Services Authority of the UK
Government issued a document that sets out the proposed approach the
Financial Conduct Authority will take to market regulation and consumer
protection.
More>> FSB Publishes Peer Review on Residential Mortgage Underwriting and Origination Practices 3/24/2011
On 17 March, 2011, the Financial Stability Board (FSB)
published a
Peer Review on Residential Mortgage Underwriting and Origination Practices in FSB member jurisdictions to promote sound residential mortgage underwriting practices globally, and hence financial stability.
More>>