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Introduction: Disability increases an individual’s dependence and negatively impacts their physical, mental, and social functioning. The current study aims to establish the prevalence and risk factors of disability in Singapore’s population. Materials and Methods: Data was extracted from the Well-being of the Singapore Elderly (WiSE) study. This cross-sectional study recruited participants aged 60 years and above (n = 2421) who were representative of Singapore’s multiethnic population. We used the World Health Organization Disability Assessment Schedule (WHODAS) 2.0 to assess the severity of disability in our sample while establishing its associations and correlations with cognitive levels, sociodemographic variables, and chronic illness. Results: Cognitive deficits, old age, female gender, Malay and Indian ethnicity, lack of education, retired or homemaker status, presence of chronic illness (specifically stroke, heart problems, depression, and dementia) were found to be significantly associated with disability in Singapore’s elderly population. As hypothesised, participants with deficits in cognition were more likely to indicate higher WHODAS scores. Conclusion: The findings highlighted specific factors associated with disability in this multiethnic population. The identification of these factors would lead the way to the development of appropriate interventions. Key words: Chronic illness, Cognitive decline, Functioning, Old age

Introduction: Depression is a significant public health issue across all sociodemographic groups and is identified as a common and serious mental health problem particularly among the older adult population. The aims of the current study were to determine the prevalence of depression and subsyndromal depression among older adults in Singapore. Materials and Methods: The Well-being of the Singapore Elderly (WiSE) study was a comprehensive single phase, cross-sectional survey. Stage 1 Geriatric Mental State-Automated Geriatric Examination for Computer Assisted Taxonomy (GMS-AGECAT) depression syndrome was used for this analysis. Association of depression and subsyndromal depression with sociodemographic characteristics, social support as well as comorbidity with chronic physical illnesses and quality of life was assessed. Results: The prevalence of GMS-AGECAT depression and subsyndromal depression was 3.7% and 13.4%, respectively. The odds of depression were significantly higher among those aged 75 to 84 (2.1) as compared to those aged 60 to 74 years and in those who had a history of depression diagnosis by a doctor (4.1). The odds of depression were higher among those of Indian and Malay ethnicities (5.2 and 3.2 times, respectively) as compared to those of Chinese ethnicity. Those with depression and subsyndromal depression were associated with more disability, poorer life satisfaction, and medical comorbidities. Conclusion: Our study suggests that the prevalence of depression seems to have decreased as compared to a decade ago wherein the prevalence of depression was estimated to be 5.5%. This positive trend can be ascribed to concerted efforts across various disciplines and sectors, which need to be continually strengthened, monitored and evaluated. Key words: Comorbidity, GMS-AGECAT, Social support, Subsyndromal depression

Securitizing residential mortgages has been used effectively to manage mortgage related risks like interest rate risks, credit risks, funding risks and sector concentration risks by financial institutions in many Asian countries. However, in Singapore, development of the residential mortgage-backed securitization (RMBS) market has been slow, despite strong support from the government of Singapore via revising securitization guidelines and making changes to policies that are favorable for RMBS development. Currently, an excess supply of liquidity and a perceived loss in the long-term relationship with the existing mortgagors/clients are the two main barriers to banks in securitizing their residential mortgages. Introduction Real estate bubbles and excessive lending have been suggested as the contributing causes for the 1997 Asian Financial Crisis by both the International Monetary Fund (IMF) (Collyns and Senhadji, 2000) and academic authors (Quigley, 2001; and Krugman, 1988). The high exposure of commercial banks and finance companies to real estate related loans appears to be connected to the financial and currency market crises in these Asian countries in 1997. The rapid escalation of asset prices in the mid 1990s fuelled by a large influx of foreign capital was not sustainable. The price bubble burst in mid-1997. Non-performing loans of financial institutions reached a critical level following a sharp decline in asset prices. Financial institutions and banks started to call their loans following a rapid depreciation of the countries' currencies. The inability of the borrowing institutions to liquidate their long-term loan assets to meet bank calls of loan repayment seriously disrupted the financial stability of many East Asian countries in 1997. Thailand was the first country to crumble under the financial pressure and the attack on its weakening currency. The "financial contagion" spreads quickly to other countries including Korea, Indonesia and Malaysia. The IMF swiftly stepped in to rescue three of the most seriously affected economies in Asia, Thailand, Korea and Indonesia, via a slew of financial re-capitalization and institutional restructuring measures. The Malaysian government has, on the other hand, severed its link to free exchange rate markets by introducing selective exchange and capital controls on September 1, 1998, which pegged the currency at Ringgit $3.80 to $1.00 U.S. The overreliance of households and corporations on bank loans for real estate purchases was one of the key factors underpinning the real estate bubble in the Asian markets. Various measures have been advocated to strengthen bank lending and to restrict the banks' lending to the real estate markets. The creation of the Real Estate Investment Trust (REIT) vehicle, which is so prevalent in the United States and the Australian markets, has been one of the policy recommendations, which is intended to provide an alternative source of financing for the real estate sector (Collyns and Senhadji, 2000). Securitizing mortgage loans has also been identified as a possible way to improve bank liquidity, and more importantly, to enforce greater discipline on bank underwriting and lending evaluation standards (Quigley, 2001). The Mortgage-Backed Securities (MBS) market was established in the U.S. with the objective of increasing liquidity and lowering the financing cost in the housing markets. It also serves to reduce financing institutions' exposure to various risks related to residential lending such as interest rate risk, credit risk, funding risk, liquidity risk and sectoral concentration risk. The Residential MBS (RMBS) history in the U.S. can be traced as far back to 1930s with the establishment of the Federal National Mortgage Association (FNMA) (Fannie Mae). Following the privatization of the FNMA in 1968, the Government National Mortgage Association (GNMA) (Ginnie Mae) was then set up under the Housing and Urban Development Act to serve mainly low and moderate income homebuyers. …

Mortgage appraisals are often required before a loan is approved. If information on the transaction price is available and lenders compensate appraisers, a principal-agent problem may arise. As a r...