我国个人住房信贷风险及其防范

一、个人住房信贷风险的两种表现形式 个人住房信贷的风险主要表现在“假个贷”上，是指不以真实购买住房为目的，通过虚构住房买卖交易或以虚假的借款主体或违背借款人的真实意识表示向银行提出住房按揭申请，骗取银行信贷资金的行为。     

房地产市场中假按揭的防范与管理

近年来,住房按揭贷款巳成为房地产市场信贷的一种重要形式,它刺激了房地产市场的蓬勃发展,但同时也存在着巨大的风险,而最突出的风险就是假按揭.假按揭严重损害了银行和消费者的利益,也严重制约着房地产市场的健康、稳定的发展.     

如何看待住房三级市场

通常,人们将新建商品住房上市称为一级市场,二级市场是有产权的二手房交易行为,将公房的使用权转让、转租和交换称作住房三级市场。在二级市场,二手房要上市交易,房主首先必须拿到房产证,经过相关管理部门的同意,加上上市手续极为繁琐,房主的积极性不高。与二级市场不同的是,住房三级市场的     

美国住房抵押贷款对我国按揭的启迪

目前,中国全国空置的商品房几近7000万平方米,积压资金1000多亿元;而与此同时,全国城镇仍有550多万户住房困难户。广厦千万间,寒士怎欢颜？笔者认为,"购房天然靠按揭",但是中国按揭的现状不容乐观,问题颇多。美国是世界上住房抵押贷款业务开展最早、最发达的国家。美国住房抵押贷款业务的成功经验,对中国或许有所启迪。借鉴国外经验,在政府的大力扶持下,形成并完善按揭制度,银行、保险、证券三业并举,建设完整的按揭市场体系,是激活中国的房产市场,孕育新的经济增长点的关键。     

我国住房按揭贷款“三大要素”的界定及其条件

我国住房按揭贷款“三大要素”的界定及其条件●蔡泽深●王奋我国住房按揭贷款的意义就在于刺激城镇居民购房的积极性，实现住房商品化社会化，到２０００年，争取达到居住小康水平的战略目标。然而，如何运用按揭贷款，特别是怎样正确界定按揭贷款的“三大要素”（即按揭...     

论我国实行倒按揭养老方式的可行性

倒按揭的养老在发达国家现已普及,我国虽进入老龄化社会,由于传统思想观念束缚,房地产市场发展趋势不明朗,金融技术不达标,七十年土地使用权至倒按揭的交易双方都有风险,从而在我国未获普及。为有力保障老年人的晚年生活及社会稳定,从建立全面倒按揭专门机构,倒按揭法律保障措施,改变我国土地使用权70年的权限开始逐步完善,为我国逐步建立倒按揭养老模式奠定基础。     

商品房交易违约与欺诈辨析

９０年代以来 ,我国的房地产市场取得了长足发展 ,住房商品化程度大幅度提高 ,商品住房的交易量逐年上升。由于商品房不动产价值大、合同内容复杂、交易手续繁琐 ,加之过去我国长期缺乏房地产私有化的政策研究 ,有关房地产方面的立法明显滞后 ,导致近几年来房地产交易纠纷不断 ,成为消费者历年投诉的焦点。商品房交易违约与欺诈的表现形式所谓商品房交易违约 ,是指商品房交易的当事人一方或双方不履行合同义务或者履行合同义务不符合约定 ,给对方造成损失的行为。违约行为通常发生在商品房买卖合同有效成立以后 ,履行过程中。由于商品房交易…     

住房按揭保险问题初探

<正>一、住房按揭中银行面临的风险 近年来,随着中国住房制度改革的不断深化和银行消费信贷业务的迅猛发展,住房按揭贷款开始逐步走到我们的身边,它让众多消费者潇洒圆了自己的“住房梦”。 所谓“按揭”（mortgage）是由古英语mort与gage复合构成,其中,mort来源于拉丁语mortum,意思为“永久、永远”,     

发展我国住房二级市场之构想

住房二级市场作为住房市场的一个重要组成部分,其发展和完善对我国住房消费的启动有着十分重要的作用,也会在很大程度上影响我国房地产业的发展。为此,借鉴国外住房二级市场发展的成功做法,结合我国目前住房二级市场发展的现状,笔者就进一步发展我国住房二级市场提出以下构想：1．完善相关法律法规制度。住房二级市场相对于住房一级市场更复杂,风险和问题也更高、更多。因此完善法律、法规和制度是十分必要的。（1）法律法规要明确规定住房交易的程序、交易的机构、价格评估、争议仲裁等重要事项。（2）提高交易机构的办事效率,完备…     

美国房贷失控留下隐患

现在，住房抵押贷款的放款人正处于历史上最好的时期。因为住房市场的繁荣和1963年以来的最低利率，新的抵押贷款和再按揭都创下了历史新高。去年7月份，新住房的销售量创下历史纪录。过去5年，现房的平均销售价格上涨了39％——仅前年就上涨8％。     

信息不对称下住房抵押贷款保险机制的博弈分析

根据信息经济学的基本理论,通过博弈分析指出住房抵押贷款保险机制具有信号传递和信息甄别功能,可消除住房抵押贷款市场中存在的信息不对称,从而有效解决由此引发的逆向选择与道德风险。     

Whose interest rates? Issues in the development of mortgage‐backed securitisation

The development of secondary mortgage market activities such as portfolio sales and mortgage securitisation attests to the increasingly sophisticated character of housing finance in developed economies. In the US, where mortgage securitisation is well established, the mortgage‐backed securities (MBS) market is currently valued in excess of US$1000 billion. Elsewhere, mortgage securitisation is emerging within the context of a variety of regulatory frameworks and institutional settings. This paper reviews international trends in mortgage securitisation and then examines, via a case study of New Zealand, the consequences of a problem securitisation for institutions, the state and individual mortgagors. It is argued that as MBS markets evolve the needs of investors and credit agencies are likely to impact upon home owners housing experiences. Consequently, there is a need for housing policy to take cognisance of secondary mortgage market developments. A glossary of terms is provided in an Appendix.     

对住房抵押贷款还款方式的分析研究

住房抵押贷款可以有效促进住房消费市场的形成,推动房地产金融的发展。针对目前我国住房抵押贷款存在的主要问题,分析了三种不同还款方式情况下,对于借款人和还款人的影响,并提出政策上的若干建议。     

Policy changes affecting housing and mortgage markets: how governments in the UK and the Netherlands responded to the GFC

Governments across the world have faced a difficult balancing act in reacting to the GFC: housing markets and in particular new construction have slumped and mortgage lending is down, calling for measures to stimulate output. But the crisis was brought about in part by the proliferation of new mortgage products and lax lending standards from the 1990s onwards—calling for tighter regulation. This paper examines the cases of the UK and the Netherlands. Both countries have high levels of mortgage debt to GDP and well-developed mortgage markets, but the important institutional differences between them, and the fact that their housing-policy developments often serve as models for other countries, make a comparison worthwhile. The paper takes a system-embedded approach to describing the housing and mortgage markets, and the governments’ post-GFC responses. The countries enacted similar short-term stimulus measures for the housing market but have adopted stricter long-term regulations for the mortgage market, which replace the assumption of rational consumer behaviour with the principles of behavioural economics. The institutional frameworks condition the effects of such measures, so outcomes will differ, but tighter regulation of mortgage markets can be expected to reduce demand for owner-occupied housing.     

新一轮房地产调控中的住房政策及其效果分析

为了解政府对住房市场宏观调控采取政策的执行效果,采用定性分析的方法对住房市场宏观调控中的金融、房贷和土地政策进行分析。在梳理总结各类政策的基础上,分析政策出台规律、政策实施效果以及造成市场现状的根源及深层次原因。结合政策特点和问题根源,提出相应的政策建议改善住房市场调控现状,建立住房市场宏观调控的长效机制。     

The cause and outcomes of the ripple effect: housing prices and transaction volume

In this study, the ripple effect in four regional housing markets in the USA (Northeast, Midwest, South, and West) was examined by analyzing housing prices, which is a method that has been primarily used in other studies, and the transfer of information in the transaction volume data of regional markets. First, the ripple index between regional housing markets was estimated using housing price and transaction volume. Findings revealed that the ripple effect in the transaction volume of regional housing markets was far more evident than that in housing prices and that the two types of ripple effect are negatively correlated. In other words, information between regional housing markets is either transferred through price or volume. In this study, monetary policy, overall economic performance, and new housing market were adopted as variables to analyze the cause and outcomes of the ripple effect. The results show that inflation stemming from an excess supply of money causes a ripple effect of rising regional housing prices. This money illusion leads contractors to believe that the housing market has increasing demand, motivating them to enter into new projects. Once these projects are completed, the increase in supply (new homes for sale) is reflected in the transaction volume of the regional housing market. In this instance, a stagnation in housing prices signifies that information is only transferred in the transaction volume. In short, the rise (housing boom) and fall (housing depression) of transaction volume affect interest rates in the mortgage market.     

Subsidization as motor to residential mortgage securitization in the US

Residential mortgage securitization on the secondary mortgage market in the United States has grown enormously since 1970. This contribution describes the growth, especially the growth of the large special circuit housing finance system within the secondary mortgage market. Fannie Mae and Freddie Mac are at the heart of it. Different housing finance systems are introduced first in order to position the system of securitization. The technicalities of securitization are then briefly covered, before the focus shifts to the development of residential mortgage securitization in the United States. The reasons for expansion of the secondary mortgage market are traced, and especially of Fannie Mae and Freddie Mac and the benefits they offer to homeowners and the buyers of securities. The success of securitization by Fannie Mae and Freddie Mac does not seem to be based on a miracle of competition in the housing finance market, but largely on regulation and subsidization of these organizations. Nowadays, the question has become whether the undesired effects of this large part of the housing finance market outbalance the desired effects.

Mortgage Market Deregulation and its Consequences

One of the key aims of housing policy has been to extend homeownership. This paper examines the role that mortgage market deregulation has played in extending access to homeownership. It also examines its social and economic impacts. Deregulation is characterised as an unfolding process, rather than an explicit policy with identifiable objectives. It is identified as involving the ending of direct controls over building society lending, the opening up of the mortgage market to competition as a consequence of the abolition of exchange controls and the ‘corset’, the creation of a level playing field between banks and building societies, and a shift towards regulatory convergence between banks and building societies. Institutional, social and economic consequences of deregulation are identified. Deregulation led to a much more competitive mortgage market, facilitated the shift of the bulk of mortgages from the mutual to banking sectors and contributed towards the polarisation of the industry between specialist providers of savings and mortgage products and diversified financial institutions. Deregulation widened access to homeownership by widening access to housing finance, but also introduced more risk into the system. However, the risk-choice trade-off has been tilted in the direction of risk by the inefficiency of the supply-side. This has caused many of the benefits of deregulation to be lost in higher house prices. Deregulation also altered the relationship between the housing sector and the economy by making housing wealth more liquid, and this has had important implications for economic management. The pricing out of many people from owner occupation and the importance attached to spreading housing wealth are driving the design of current policies designed to increase homeownership further still.     

我国中低收入家庭住房政策改革诌见

通过文献分析法、比较研究法,总结和分析了具有代表性的欧美国家的中低收入家庭住房保障体系,其主要形式为:供给补贴、需求补贴、控租金、建立租赁市场、建立金融支撑体系。我国当前应通过租赁市场、税收杠杆、贷款保险及中介服务体系的建立和公积金改革来加快中低收入人群住房保障体制的建设和发展。     

The global financial crisis and the Australian and New Zealand housing markets

The evolution of the US sub-prime mortgage meltdown into a global financial crisis clearly demonstrates the increasingly integrated nature of mortgage and capital markets. However, notwithstanding the global scale and severity of the recent financial crisis, the effects of the credit crunch were mediated by nationally constituted housing markets, the activities of local financial institutions and national housing policies. Adopting an institutional perspective this paper critically examines the manner in which the financial crisis impacted upon the Australian and New Zealand housing markets. These countries had actively participated in the liberalisation of mortgage markets and experienced significant house price inflation post-2000 but, in contrast to the USA and some European experiences, they escaped a severe housing downturn. It is argued that a combination of pre-existing institutional practices, market conditions and government policies acted to shelter these markets and created the potential conditions for a new housing boom. While avoiding a deep housing slump, both Australia and New Zealand have to address the on-going macroeconomic implications of a system predicated on housing inflation and capital gains.