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In the prepared article examines and analyzes the main problems of using a surety bond and other types of ensuring the fulfillment of obligations. Their interaction with hereditary legal relations is considered. In the plane of interaction of suretyship and inheritance, the author drew attention to the presence of personal elements in this type of provision, revealed what they consist of. According to the contract, the guarantor guarantees to the debtor’s creditor that the debtor will fulfill his obligation. The indication in the norm of the Civil Code of Ukraine that the guarantor vouches for the person of the debtor indicates the existence of the guaranty as a way of securing personal elements. The author proposes to understand this wording in such a way that the guarantor vouches for the fulfillment by the debtor himself, and not by some other person, being sure that the debtor will fulfill this obligation. Such a vision is manifested in the accessory nature of the scope of requirements to the guarantor, since in the event of a change in the obligation without the consent of the guarantor, as a result of which the scope of the debtor’s responsibility has increased, such a guarantor is responsible for the breach of the obligation by the debtor to the extent that existed before such a change in the obligation. A surety is qualitatively and essentially different from a pledge (mortgage), since the pledge is of a material nature and enjoys material protection. Suretyship refers to personal types of guaranteeing the performance of obligations, performed by a specific person, and legal succession to the suretyship is limited precisely taking into account its classification as a personal type of guarantee. This is important for inheritance under the principal obligation. The specificity of suretyship as a form of guaranteeing the fulfillment of an obligation indicates the presence of a significant specific weight of personal elements, which qualitatively distinguishes a suretyship from other types of security, in particular, a pledge. Personal elements accompany suretyship not only in terms of the scope of performance, but also in the area of legal succession, in particular in the event of the surety’s death. The presence of personal and even fiduciary elements in the suretyship limits succession to the obligation secured by the surety in the event of the borrower’s death. [ABSTRACT FROM AUTHOR]

American households owe more than $12 trillion in mortgages, which represents the main source of a family's debt. Scholars connect mortgages to the desire of families, especially better-off households, to seek housing in neighborhoods with good schools for their children, which tend to be more expensive. Although this perspective assumes a children–mortgage link, we do not know whether having children actually increases mortgage, nor whether and how this relationship varies by household income. To examine these issues, we use eleven waves of the Panel Study of Income Dynamics data between 1997 and 2017 and individual fixed effects, as well as propensity score matching and a quasi-experimental design. Our analyses show that generally, (1) families with children are more likely to have mortgage debt and in greater amounts; (2) it is families in the 60th to 100th income percentile who have the most mortgage debt; and (3) critically, families in the roughly 10th to 60th income percentile have more mortgage debt due to having children. These findings defy assumptions that it is well-to-do families that take on more mortgage debt as part of intensive or concerted cultivation parenting practices. Rather, our findings suggest that families who take on mortgage debt related to their children tend to be those in more economically precarious positions for whom debt for the sake of kids may be a financial burden. As such, our findings provide suggestive evidence that financially intensive parenting may contribute to growing wealth inequality among American families with children. [ABSTRACT FROM AUTHOR]

This study examines mortgage loan fallout using data provided by a leading financial institution. By accurately predicting mortgage loan fallout, lenders can protect their bottom line, maintain financial stability, and contribute to a healthier economy. The paper employs various machine learning models to predict mortgage fallout based on loan, market, property, and borrower characteristics. A large dataset of locked mortgage applications from a major U.S. lender was analyzed. The random forest model demonstrated superior predictive efficiency and stability. To understand the factors influencing mortgage fallout, the SHAP method, along with empirical analysis with logistic regression, was utilized to identify key determinants. The paper discusses the implications of these findings for mortgage lenders and future research. [ABSTRACT FROM AUTHOR]

Using a novel combination of mortgage datasets, we analyze the effects of two policy levers influencing the scope of Fannie Mae and Freddie Mac's (Government-Sponsored Enterprises, GSEs) involvement in the U.S. residential mortgage market. First, we find that small changes in mortgage guarantee fees charged by the GSEs were essentially fully passed through to consumers, with limited effects on mortgage demand. This implies that small fee changes are primarily transfers between mortgage consumers and taxpayers while the GSEs remain in federal conservatorship. Second, the data suggest that marginally lowering maximum conforming loan size limits would cause most affected consumers to reduce their loan amounts to the new maximum. Our findings provide new detailed evidence on how GSE policy shapes mortgage availability and contrast the differing effects on consumers of two potential policy levers to reduce (or increase) the scope of GSE lending. Additional survey data indicate that borrowers' shopping behavior and incomplete information may also influence the effects of GSE policy changes. [ABSTRACT FROM AUTHOR]

Copyright of Comparative Studies on Islamic Countries Law is the property of Ilam University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We assemble a property-level panel of appraiser-reported attributes associated with 4.6 million loan applications from 2013 to 2017 to test whether attributes were consistently reported. Appraisers have an incentive to misreport property attributes to justify higher appraised values to ensure that associated mortgage loans are approved. We focus on property transactions with multiple sets of attributes reported by the same appraiser within four quarters and find evidence consistent with an intent to inflate valuations through attribute misreporting. We find that strategic misreporting of attributes is prevalent across markets, and that highly leveraged borrowers whose appraisals had inconsistently reported attributes were 9.8 percent more likely to become seriously delinquent in their loan payments. [ABSTRACT FROM AUTHOR]

This article makes a key contribution to the comparative political economy literature by accounting for the macroeconomic role of household finance. Based on post-Keynesian theories of finance and the financialization literature, we place house prices and mortgage credit squarely at the center of the macroeconomy, as speculative house price cycles can facilitate homeowner consumption via the use of equity release mortgages. Through an econometric evaluation of eighteen advanced economies from 1980 to 2019, we demonstrate that household debt is determined by house price inflation, and that rising household debt contributes to GDP growth, while business debt has negative growth effects. These results are consistent across countries with different growth models and financial systems. This suggests that the varieties of capitalism's focus on corporate finance is misplaced and that the growth models approach needs a theory of house prices, mortgage credit, and financial cycles to adequately conceptualize how debt-driven growth operates across advanced economies. [ABSTRACT FROM AUTHOR]

Purpose: The monetary policy is an important driver of the real estate sector's performance. The recent wave of monetary tightening in 2022 in response to the cost-of-living crisis has been associated with the decline in housing prices across the globe. There are two main channels through which the US monetary policy may affect the real estate market in the dollar-pegged countries: the cost of serving mortgages (financing cost) and the exchange rate channel (for example, the appreciation of the US dollar and consequently the local currency). The exchange rate channel, which involves the appreciation of the US dollar and the subsequent effect on the local currency, is particularly significant in the case of Dubai, given how international the housing market in Dubai and might be viewed as a tradable good. Using recent data, the purpose of this study to evaluate the spillover impact of the US monetary policy on the housing market performance in the dollar-pegged countries using Dubai as a case study. Design/methodology/approach: For this purpose, this study collected unique longitudinal data on the volume of the monthly transactions of residential properties and performs a panel-data analysis using within-variation models. The changes in the interest rate policy in the USA are determined by the domestic inflation in the USA, thereby, representing an exogenous shock in the UAE. Findings: The results are robust to different specifications and suggest that a strong negative correlation between the interest rate in the USA and the housing sector demand in Dubai. Fiscal policy measures can be taken to mitigate tighter financial conditions in case of policy misalignment. Originality/value: Few studies have looked at the spillover impact of the global monetary conditions on the real estate market in the GCC region. This study fills this gap by exploring the impact of the US financial conditions on Dubai's real estate, using panel data analysis. [ABSTRACT FROM AUTHOR]

I investigate the impact of securitization on the risk-taking by bank holding companies (BHCs). For 2001 to 2017, I find a negative relationship between securitization and the risk appetite of BHCs. I find a negative relationship between securitization and the risk appetite of BHCs that is consistent with the recourse hypothesis of securitization. I also discover that the equilibrium in this relationship changes from the pre-crisis to the crisis period (crisis effect). This crisis effect hampers BHCs' ability to engage in securitization that leads them to accumulate more risky assets on their books due to the deteriorated quality of their loan portfolios. This equilibrium then reverses after the crisis (post-crisis effect) due to policy makers' response to the excessive risk-taking that manifested during the crisis. Moreover, I find that the securitization of residential mortgages not only boosts the recourse hypothesis but also triggers the crisis effect. My findings provide novel empirical insights into the different nexuses between the securitization and risk appetite of BHCs around the financial crisis. [ABSTRACT FROM AUTHOR]

Copyright of Annual of the Faculty of Law / Godišnjak Fakulteta Pravnih Nauka is the property of Pan-European University Apeiron and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Derecho Privado (0123-4366) is the property of Universidad Externado de Colombia, Departmento de Derecho Civil and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In general, there are laws that provide protection to banks as lenders to obtain repayment of their debts when the debtor is in default, this is stated in Article 1131 of the Civil Code which reads: "All assets of the Debtor, whether movable or immovable, whether existing ones or those that will be in the future become dependents/guarantees. Debtor's assets, both movable and immovable, both present and future will become dependents/guarantee for their debts”. Then Law Number 4 of 1996 was born which specifically regulates the implementation of Mortgage (UUHT). One of the characteristics of the UUHT is that it is easy and certain to execute, which means executing the mortgage certificate. must be carried out but can still provide legal certainty for interested parties, in this case, the auction seller, auction buyer and auctioneer. Therefore, in carrying out executions based on parate execution, it must be able to provide convenience and legal certainty for all interested parties. [ABSTRACT FROM AUTHOR]

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We investigate the valuation problem of a mortgage contract with full prepayment and default risks using the reduced-form model with regime switching. The hazard rates of full prepayment and default are specified as linear functions of the risk-free interest rate and house prices, respectively, which are characterized by Ornstein-Uhlenbeck processes with regime switching. To derive the explicit valuation formula, we derive the distribution of the number of transitions for two-state Markov processes in finite time and the conditional joint probability density function of transition times using the uniformization technique. Finally, we analyze the effect of parameters on the valuation of the mortgage. [ABSTRACT FROM AUTHOR]

Copyright of Arts Magazine is the property of Thamar University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Anbar University for Law & Political Sciences is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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Copyright of Human Sciences Journal / Revue des Sciences Humaines is the property of Universite des Freres Mentouri Constantine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The sale of dwellings in different stages of construction is, without a doubt, a current topic. A lot of investors (real estate promoters) operate on the real estate market from Romania, taking advantage, perhaps, of the existing legislative framework, which is too permissive, in our opinion, and which inevitably leads to unwanted effects both by clients and by the other participants in the instrumenting of sales documents (including sales promises), with the exception of investors, in the almost exclusive profit of whom the documents are concluded. For these reasons, through this study, we are trying to make more visible the activity of construction and of sale of dwellings not yet finished or in various stages of construction, with the hope that the legislative bodies of this country will notice the need for a special regulation in this field, as some European countries very close to Romania have already done, so that, in the end, the sale of dwellings that are in different stages of construction is recognized and regulated as such, as a distinct variety of sale, alongside the other varieties of sale currently regulated in the Civil Code through Title IX, Chapter I, Section 4, devoted to varieties of sale. [ABSTRACT FROM AUTHOR]

In 2009, the Federal Reserve subjected nonbank mortgage-originating subsidiaries of bank holding companies (BHCs), but not independent nonbank (INB) mortgage originators, to consumer compliance supervision. We examine the effects of this regulatory change on the pricing and performance of nonbank originations using a sample of conventional, first-lien, amortizing mortgages originated between 2000 and 2015. We find that subsidiary nonbank (SNB) loans, which had a higher probability of default than INB mortgages prior to the policy change, had a lower probability of default following the change. In addition, we identify small but statistically significant decreases in loan interest rates and loan-to-value ratios for SNB mortgages relative to INB mortgages. When we split our sample into prime and subprime mortgages, we find those effects hold for prime mortgages. For subprime mortgages, after the policy change SNB originations had higher interest rates and lower LTV ratios than INB mortgages, with only weakly significant differences in probabilities of default. The findings are robust to several potential confounding effects, including those due to firm entries and exits. Our findings are consistent with BHCs reducing risk shifting in mortgage lending across subsidiaries following their heightened regulatory scrutiny. [ABSTRACT FROM AUTHOR]

The study addressed the legal provisions regulating movables without possession in mortgage contracts, in light of the "Law of Security of Rights in Movable Properties No. (20) Of (2018)" and "Movable Properties Regulation No. (125) Of (2018)", where it showed the compatibility of these provisions with the general rules of the subject matter in the Civil Code in terms of the existence and designation of the subject matter. The study revealed the existence of floating mortgages and other specific mortgages within the provisions of this law. It also revealed a contravention of the principle of mortgage allocation, and a clear legislative lack for emerging forms of mortgage such as future movable mortgages and the floating mortgage of movable subject matters. The study also identified the material and moral movable assets that may be suitable to be the subject matter to mortgage contracts without possession in accordance with the provisions of this law. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Public Policy is the property of University of Toronto Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: This study attempts to find the response of the real estate market to economic changes by identifying cause-effect relationships between mortgage, residential investment, and Saudi employment. Design/methodology/approach: A quantitative approach to analytically examine the relationship among the variables. To find out the impact of investment, mortgage and Saudi employment on the Saudi real estate growth from 1970 to 2019. All data sets were obtained from the General Authority for Statistics (GAST), Saudi Central Bank (SAMA) and World Bank Group. Findings: This study reveals a positive relationship between the mortgage and GDP in the Saudi Arabian real estate market. The same results for employment and investment; both have a positive effect on the GDP of the real estate market. Research limitations/implications: Analyzing the impact of real estate financing on various industries and the extent to which it is related to employment and unemployment rates is essential for future research. Moreover, this research can be applied to different countries and compared based on similarities and differences in implementing mortgage-related policies. Practical implications: The government must encourage investment in various ways and establish a stable structure that ensures market stability and finds a balance between supply and demand. Social implications: This study reflects the importance of real estate financing not only to individuals and governments but also to investors and business workers, and it is essential to analyze the impact of real estate financing on various industries, as well as the extent to which it is related to employment and unemployment rates. This research can be applied to different countries and compared based on similarities and differences in the implementation of mortgage-related policies. Originality/value: This study contributes to testing this study's hypothesis: that mortgage positively impacts the real estate market of Saudi Arabia. [ABSTRACT FROM AUTHOR]

This research aims to determine the resistance to cancellation of auction for the collateral object of the mortgage right and the creditor’s responsibility toward the auction winner, when, the object of the mortgage right has a lawsuit against the creditor from another party. The research method used in this research is a normative juridical research method. The research results show that the auction cannot be canceled if it complies with existing regulations and procedures as regulated in PMK.No.213/PMK.06/2020 concerning instructions for carrying out auctions. Creditors can be held responsible if an auction is canceled after the auction has been executed as regulated in Minister of Finance Regulation, PMK No. 213/PMK.06/2020 concerning instructions for implementing auctions. Creditors must ensure the validity of the mortgage object being auctioned. So, if the creditor is negligent in this matter, it is the responsibility of the creditor (auction seller) to provide compensation for third-party losses. [ABSTRACT FROM AUTHOR]

In a mortgage valuation model, the early termination (i.e., prepayment and default) hazard rates and the recovery rate can be specified as multivariate affine functions that include the correlated stochastic state variables. For good capturing of the distributions for state variables, we specify that the state variables follow Lévy models. Accordingly, the early termination hazard rates and the recovery rate also follow Lévy models. Three popular Lévy models, the normal, Variance Gamma (VG), and Negative Inverse Normal (NIG), were used to obtain the closed-form pricing formula for a mortgage. We also conduct numerical applications. Our results reveal the following findings: first, VG model is better than the normal and NIG models in fitting the actual distributions of the interest rate and the housing return rate. Thus, mortgage valuation using a VG model should be better than that using the other two models. Second, the mortgage value estimated by the normal model is the lowest among the three Lévy models. Third, a prepayment hazard rate with a deterministic value (e.g., using the PSA prepayment model) could result in an unreasonable mortgage duration. Fourth, the mortgage convexity calculated by the normal model is higher than that in the other two Lévy models. Our general pricing formula for a mortgage as described in this study can help market participants accurately value mortgages and effectively manage their risks. [ABSTRACT FROM AUTHOR]

We analyze the time variation in the average dependence within a set of regional monthly house price index returns in a regime-switching multivariate copula model with a high and a low dependence regime. Using equidependent Gaussian copulas, we show that the dependence of house price returns varies across time with changes in credit market conditions, which reduces the gains from the geographic diversification of real estate and mortgage portfolios. More specifically, we show that a decrease in leverage, measured by the loan-to-value ratio, and to a lesser extent an increase in mortgage rates, are associated with a higher probability of moving to and staying in the high dependence regime. [ABSTRACT FROM AUTHOR]

Copyright of Optimum. Economic Studies is the property of University of Bialystok and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We examine how the cost of issuing equity affects bank lending. Using the SEC rule change that allowed exchange‐listed firms with public float less than $75 million to raise equity via shelf registrations as a quasi‐natural experiment, we show that the affected banks increase mortgage lending relative to control banks. Furthermore, the affected banks reduce demand for precautionary capital and become less likely to sell mortgages to third parties. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Umm Al-Qura University for Shariah Sciences & Islamic Studies is the property of Association of Arab Universities and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Anbar University for Law & Political Sciences is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Foco (Interdisciplinary Studies Journal) is the property of Revista Foco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We examine the relationship between financial development and house prices in the Group of Seven (G7) countries over the period 1870–2016. We use parametric panel data models that incorporated interactive fixed effects and non‐parametric models that allow us to examine non‐linearities and the time‐varying nature of the relationship. Our parametric estimates show a positive relationship between financial development and house prices. The results from our non‐parametric model not only reinforce this finding but also shows evidence of a negative effect of financial development prior to the mid‐twentieth century, suggesting a time‐varying non‐linear impact. We find that inequality and mortgage loans are mechanisms through which financial development transmits to house prices. Financial crisis moderates the relationship between financial development and house prices, although this works only through sovereign defaults. Our findings are robust to a suite of robustness and sensitivity checks. [ABSTRACT FROM AUTHOR]

In the conditions of an economic crisis, the activation of economic activity through mortgage lending becomes crucial, and the study of the development of the mortgage market in the world is necessary for a comprehensive understanding of its impact on social, economic, and financial growth. It is also essential for determining optimal management strategies for the housing sector in a specific country. The article aims to substantiate the features of the functioning of the mortgage market in the world and in Ukraine. Investigating the peculiarities of domestic and foreign mortgage markets, the authors used a statistical method to analyze the mortgage market and government mortgage credit programs in Ukraine and worldwide. Empirical evidence in the research includes data from the Ukrainian Financial Housing Company, the Ministry of Finance of Ukraine, and the Diya platform, presented using a graphical method. Abstraction, analysis, and synthesis methods formed the basis for developing recommendations for improving government programs for developing the mortgage market for housing in the world and in Ukraine. The dynamics of mortgage loans issued in Ukraine for 2019-2022 indicate a decline in mortgage loan issuance due to unstable political and economic situations. It was revealed that the restoration of mortgage lending in Ukraine is facilitated by the Ukrainian government's eOselya program, which is aimed at providing citizens with affordable housing. The specifics of mortgage lending in different countries worldwide are disclosed. The overall trend of diversity in mortgage lending conditions in the European Union indicates significant differences in approaches to housing loans in different countries. However, some positive characteristics of the mortgage market development in the EU can serve as valuable experience for reforming Ukraine's national mortgage lending market. Among them are financial and investment capacities, low cost of loans, socio-legal protection, macroeconomic stability, transparency, informational clarity, and unified regulatory approaches. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between homeownership and subjective well-being. Using long panel data from Germany, we find supporting evidence for greater life satisfaction among owners compared to renters only when omitting housing characteristics. This effect reduces by more than half when comparing only owners with a mortgage to renters. Examining a variety of domain satisfactions, we show that owners, regardless of debt, report greater housing satisfaction. In contrast, mortgage-holding owners are significantly less satisfied with their income compared to renters. Assuming an aggregation of domain satisfactions to life satisfaction, we argue that the negative effects of the (size of the) mortgage cancel out the positive effects of homeownership. Moreover, we find a significant negative association between indebted homeowners and emotional well-being regardless of controlling for housing amenities. Finally, we find lower subjective well-being indicators with increasing debt-to-income ratios. We conclude that the mortgage of a self-occupied home imposes a burden on life and income satisfaction as well as on emotional well-being. [ABSTRACT FROM AUTHOR]

Copyright of Actualidad Jurídica (1578-956X) is the property of Dykinson SL and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: This study aimed to evaluate adoption of different housing models to access housing by households in Nairobi County. Methodology: Employing a descriptive research design, the study investigates the impact of housing regulations on housing access through mortgage and cooperative models. The research sample comprises 385 households, CEOs of housing financing organizations, and government officers. Findings: The study reveals that adoption of housing model is shaped by diverse factors. The residency duration reflects both long-term and newer residents, highlighting the dynamic interplay of urban growth and migration. Notably, 35.0% of respondents have lived in their current houses for "4 - 6 years," emphasizing housing stability. The prevalent adoption of the Incremental (34.4%) and Cooperative Models (33.4%), alongside 41.4% awareness of the Mortgage Model, signifies residents' adaptability in navigating financial avenues for homeownership. Challenges like high construction costs persist, with 80% of Nairobi's population residing in informal settlements and slums. Strengthening regulatory frameworks is crucial, and policymakers should address financial barriers. This study provides insights for creating an inclusive and sustainable housing environment, essential for the 59.2% of renters expressing aspirations to transition into homeownership in Nairobi County. In conclusion, the housing landscape in Nairobi County, particularly Ruai Sub-County, reflects a mix of long-term and newer residents, emphasizing housing stability. The prevalent adoption of Incremental and Cooperative Models, along with awareness of the Mortgage Model, indicates residents' adaptability in pursuing homeownership. Unique Contribution to Theory, Practice and Policy: Utilizing the Public Interest Economic Regulation Theory (PIERT), the Q Theory of Housing Investment, and the Theory of Distributive Justice, the research explores the interplay between government regulations, market forces, and social equity in the context of affordable housing. To address challenges, policymakers should strengthen regulatory frameworks, enhance financial policies, and promote diverse housing models. Public awareness campaigns are vital. Recommendations include tailored financial products and inclusive strategies to meet the varied needs of the population. These measures aim to create an enabling environment for accessible and sustainable housing in Nairobi County, benefiting both existing and aspiring homeowners. [ABSTRACT FROM AUTHOR]

This article evaluates statutory provisions and case law regarding a mortgagee's rights to exercise its statutory power of sale over the matrimonial home in Nigeria. It reveals that no statute protects the rights of family members, particularly wives and children, in the mortgaged home. The mortgagee must grapple with the reality of ownership, as wives often resort to litigation to set aside sales, on the ground that they are joint owners with their husbands. Ironically, some Supreme Court decisions, while protecting the interests of other family members (contrary to the established principles of property law), have tended to ignore the mortgagee's power of sale over the mortgaged matrimonial home, thus making it unattractive to lending institutions as collateral. This article recommends that all parties' interests should be set out in a legal framework, as in England, where a non-owning spouse's right of occupation must be registered with the land registry. [ABSTRACT FROM AUTHOR]

In this paper, we investigate the influential factors of Federal Housing Administration (FHA) mortgage loans, focusing our research interest on peer-to-peer (P2P) lending, the most successful FinTech lending model. We consider P2P lending an alternative source of financing that marginal borrowers use to pay the increased mortgage down payment, making them eligible to receive a mortgage from conventional banks. In other words, we examine whether and to what extent P2P lending has a positive impact on the FHA loans volume by providing the ability to circumvent the loan-to-value (LTV) cap policy. As a result, P2P lending can be seen as a means for "rationed" borrowers to have access to the market by reducing inequalities and promoting financial inclusion, thus achieving Sustainable Development Goals (SDGs). We employ hand-collected data from FHA mortgages, P2P loans, and other economic factors from all 50 U.S. states during 2007–2017 and use panel data techniques for this purpose. Research shows that P2P lending, GDP per capita, population growth, broad money growth rate, interest rate, unemployment rate, new housing units, and consumer confidence Index produce effects on FHA loans. We show that P2P lending, a nonconventional determinant, is causally associated with a significant increase in the count and volume of FHA loans, implying that P2P lending has a positive impact on them. The ability of P2P to bypass mortgage supply constraints (tightened LTV caps) by providing small loans to borrowers to meet the increased down payment requirements is very important to policy-makers, as it shows that constraining the volume of mortgage loans may be not achieved. Macroprudential tools designed to control credit growth may prove ineffective, as the use of alternative forms of lending helps circumvent them and ultimately leads to excessive household leverage with all the risks that it poses to the financial system. [ABSTRACT FROM AUTHOR]

Purpose: This study aimed to assess the challenges hindering the adoption of diverse housing models for household access to housing in Nairobi County, Kenya. Utilizing the Public Interest Economic Regulation Theory (PIERT), the Q Theory of Housing Investment, and the Theory of Distributive Justice, the research explores the interplay between government regulations, market forces, and social equity in the context of affordable housing. Methodology: Employing a descriptive research design, the study investigates the impact of housing regulations on housing access through mortgage and cooperative models. The research sample comprises 385 households, CEOs of housing financing organizations, and government officers. By analyzing the usage prevalence of housing models, the study delves into challenges such as high-interest rates, limited mortgage financing access, and insufficient awareness about housing options. The research employs a nuanced approach, considering the competitive dynamics within the housing sector and the need for equitable resource distribution. Findings: The study reveals that the mortgage model is most prevalent (41.4%), followed by the incremental model (28.0%) and cooperative model (23.7%). Highinterest rates, restricted mortgage financing access, and inadequate awareness about housing options emerge as significant challenges hampering housing model adoption. Additionally, housing regulations, vital for safety, impact affordability, with 39.2% of respondents acknowledging this influence. Unique Contribution to Theory, Practice and Policy: This study contributes valuable insights to the existing body of knowledge by synthesizing the PIER, Q Theory of Housing Investment, and Theory of Distributive Justice. The study therefore validates these theories by offering a comprehensive understanding of the intricate interplay between regulations, market dynamics, and social equity in the adoption of affordable housing models. The recommendations, including lowering mortgage interest rates, enhancing financing access, promoting awareness about housing models, and fostering collaborative efforts among stakeholders, provide actionable strategies for policymakers, practitioners, and researchers to improve housing access in Nairobi County. [ABSTRACT FROM AUTHOR]

Complex disclosures have long been a major source of borrowers' poor understanding of mortgages. We examine the effect of simplifying mortgage disclosures in a difference-in-differences design around a significant disclosure rule mandated by the Consumer Financial Protection Bureau in 2015. We find that inexperienced borrowers (first-time home buyers) pay significantly lower interest rates after the disclosure regulation than experienced borrowers (repeat buyers), suggesting that simplifying these disclosures reduces mortgage interest costs. Additional tests show that the reduction in interest costs is not accompanied with more upfront noninterest costs paid by borrowers. Our cross-sectional analyses reveal two mechanisms through which simplifying disclosures lowers interest costs: curbing predatory lending and facilitating borrower shopping. We further find that disadvantaged borrowers (Black, Hispanic, and single female) benefit more from simplified disclosures. Last, we do not find that simplifying disclosures affects mortgage loan performance. JEL Classifications: G21; G5; G18; M4. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to explain how delinquency shocks in one type of debt contaminate the others. That is, the authors aim to shed light on the time pattern of delinquencies in different debt types. Design/methodology/approach: This study analyzes the interdependencies between mortgage, credit card and auto loans delinquency rates in the USA from 2003 to 2019, using a panel VAR-X, the panel Granger causality tests and the Geweke linear dependence measures. The authors also compute the impulse response functions of a shock to one kind of debt on the others and decompose the variance of the forecast errors. Findings: The authors find a statistically significant bidirectional Granger causality between the delinquencies. The Geweke measures of linear dependence and the Dumitrescu and Hurlin Granger non-causality tests support that mortgage predominantly causes credit card and auto loan delinquencies. Auto loans also cause credit card delinquencies. The impulse response functions confirm this pattern. This scenario aligns with a sequence where debtors consider rational first to default on credit cards, second on auto loans and only on mortgages in the last instance. Indeed, credit card delinquencies Granger-cause delinquencies in other debts when it occurs. Originality/value: To the best of the authors' knowledge, this is the first study to focus on the temporal pattern of delinquency rates for all the US states, using panel data. Furthermore, the results call for policymakers to design regulations to break the transmission channel from debt delinquencies. [ABSTRACT FROM AUTHOR]

The US is facing an acute housing supply shortage; the result of years of underconstruction. We argue that there are four major reasons for this: restrictive zoning, high regulatory costs, high building costs, including labor and materials, and financing constraints. We then focus on four specific single family products that could benefit from removing some of these barriers: manufactured housing, modular/panelized/pre-cut housing, accessory dwelling units and housing preservation. We estimate how many units each could add. [ABSTRACT FROM AUTHOR]

The purpose of this study is to discuss issues related to housing credits. This credit plays the most significant role in the portfolio of bank credits for households. At the same time, it is the most popular credit among customers who are natural persons. The basic issues related to housing credit were discussed at the beginning of the article. The research and inquiries were carried out on the basis of studies of the literature on the subject and reports of the institutions of the Polish financial market. [ABSTRACT FROM AUTHOR]

The article analyzes mortgage lending as a type of credit for business entities under martial law in Ukraine and its risks from the perspective of participants to the procedure for obtaining/granting a secured loan. On the basis of scientific works of domestic scientists and institutes, problems have been identified that have not been studied but served as the basis for analyzing the situation with granting/receiving mortgage loans to Ukrainian farms during martial law, potential risks and ways to minimize them. On the basis of official statistics, the ratio of assets and liabilities among lending banks for the period 2016–2023 is studied. The main types of entrepreneurship in terms of profitability, which use a mortgage loan as one of the forms of attracting additional financial resources, are allocated for the period of 2017–2022. The peculiarities of mortgage lending to enterprises, which cause problems in determining the quantitative and qualitative assessment of emerging risks and cause changes in the planned results, are determined. The activities of the leading banks in providing mortgage lending as of February 1, 2023, in accordance with the type of economic activity of enterprises and the volume of loans granted, respectively, are investigated. On the basis the analysis, the main aspects that mortgage lending addresses at the micro and macro levels are identified. Having studied the risks inherent in the economic activities of lending participants based on the conditions of the pre-war and war periods, the conditions for granting mortgage loans by national banks, and foreign experience in mortgage lending, we have identified potential risks from the perspective of entities involved in the process of obtaining and granting this type of loan that are present in the lending process or may arise during the attraction and use of this type of liabilities. According to the above risks, the consequences for the participating entities are clearly described. The article describes the positive and negative aspects of mortgage lending, the factors influencing the activities of entities that provoke the use of a secured loan and the emergence of relevant risks, and provides methods for minimizing mortgage lending risks with a clear delineation of their position in the process of obtaining and granting a secured loan. [ABSTRACT FROM AUTHOR]

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The transaction price of identical housing units can vary widely due to heterogeneity in buyer and seller preferences, matching, and search costs, generating what we term "markups" above or below the average market price. We measure markups for 3.4 million purchase‐money mortgages and show that they can predict mortgage defaults and credit losses conditional on default even after accounting for collateral coverage (loan‐to‐value ratio) and a comprehensive set of other covariates. The findings suggest that standard collateral coverage estimation may be inaccurate, with implications for both individual and portfolio‐level credit risk assessment. [ABSTRACT FROM AUTHOR]

The literature on racial differences in mortgage interest rates is mixed depending on samples, sample period, and product types. Mortgage loans that originated during the period between 2011 and 2019 from the 2013, 2016 and 2019 waves of the Survey of Consumer Finance were examined using weighted regressions with the repeated imputation inference method. During the whole sample period, Hispanics and Blacks paid 40 and 22 basis points (bp) higher rates than Whites at the one percent and ten percent statistical significance levels, respectively, after loan characteristics, such as term and adjustable rate, and borrower credentials, like net worth and debt to income, were controlled for. An analysis with time trend shows that Blacks paid higher rates by 56 bp in the base year but the gap decreased by 6.6 bp per year. The loan pricing gap disappeared by the end of sample period. However, Hispanics did not experience a reduction in rate differentials over time. [ABSTRACT FROM AUTHOR]

This paper introduces a dynamic general equilibrium model to study how the distribution of leverage and foreclosure affect house prices. In the model, exogenous income shocks drive endogenous foreclosure and equilibrium house prices. The model shows how foreclosure sales, through their effect on housing supply, amplify and propagate house price drops. A calibration shows consumption and housing need to be sufficiently complementary to fit the data. Since leverage plays a key role in foreclosure, a regulator can reduce systemic risk by placing a cap on leverage. Counterfactual experiments show that in a world with less leverage, the same economic shock leads to less foreclosure and less severe, shorter busts in house prices. [ABSTRACT FROM AUTHOR]

The family home is the most important asset on household balance sheets, aside from human capital. Choosing a suitable mortgage is therefore critical to financial well-being but households often make costly mistakes. We collect data in an online survey to test borrowers' comfort with, and understanding of, mortgage debt. We analyze the impact of financial literacy, mortgage broker advice and whether the loan is framed as a lump sum debt or an equivalent stream of repayments. We conjecture that participants' comfort with loans and their ability to match lump sum debt to equivalent repayment streams will help them to choose a suitable mortgage. Results show that participants with high financial literacy are less comfortable with mortgage debt in general and also less sensitive to framing than those with low financial literacy. Literate participants are better able to match repayment streams with the equivalent lump sums. Endogeneity-controlled regression analysis shows that consulting brokers leads to higher comfort with debt and lower sensitivity to framing. Survey responses also indicate more uncertainty about future house prices among borrowers who intend to consult brokers than among those who do not. [ABSTRACT FROM AUTHOR]