MODULE I: HOUSING MARKETS, HOUSING POLICY AND HOUSING FINANCE
Teachers: Dr. Michael Lea and Drs. Marja Hoek-Smit
Global Trends in Housing Finance
HOFINET LINK – Countries: http://hofinet.org/countries/index.aspx
Michael Lea. “Global Trends in Housing Finance System Development.” Lecture notes, June 2012.
European Mortgage Markets
A1. European Mortgage Federation Quarterly Statistics. 1 March 2012.
A2. “Housing Finance in the Euro Area: Structural Issues Report.” European Central Bank. March
2009.
A3. Dübel, Hans-Joachim and Rothemund, Marc. “A New Mortgage Credit Regime For Europe,
Setting the Right Priorities.” CEPS Special Report. Centre for European Policy
Studies/European Credit Research Institute. June 2011.
US Mortgage Market
B1. “Quarterly Sales by Price and Financing.” Manufacturing & Construction Division. U.S.
Census Bureau. Washington D.C. 2012.
B2. HMDA Data: “The Mortgage Market in 2010: Highlights from HMDA Data”. Board of
Governors of the Federal Reserve System. U.S. Federal Reserve. Washington D.C. 2011.
US Mortgage Debt Outstanding
B3. “Home Mortgages-Liabilities-Balance Sheet of Households and Nonprofit Organizations
(HMLBSHNO).” Board of Governors of the Federal Reserve System. Washington D.C. 2012.
B4. Tables: L.218 Home Mortgages and L.219 Multifamily Residential Mortgages: Billions of
dollars; amounts outstanding end of period, not seasonally adjusted. Board of Governors of
the Federal Reserve System Washington D.C. 2012.
US Mortgage Finance Forecast
B5. “Economics and Mortgage Market Analysis: Housing Forecasts 2012.” Federal Housing
Finance Agency. Washington D.C. 2012.
International Mortgage Markets
C1. Chapter 3: “Resolving the Crisis Legacy and Meeting New Challenges.” Global Financial
Stability Report: Chapter 3, Housing Finance and Financial Stability—Back to Basics?.
International Monetary Fund. April 2011.
C2. Goldman, Laurie et al. “The Housing Crisis – Sizing the Problems Proposing Solutions.”
Amherst Securities Group LP. 1 October 2010.
C3. Liang, Joyce, Altynay Davletova, Alexander Batchvarov. “Prime RMBS compared: Australia
vs. UK vs. US.” Bank of America Merrill Lynch. 1 October 2010.
C4. Chapter 5: “Keeping an Eye on Housing Markets in Latin America.” Regional Economic
Outlook, Western Hemisphere: Rebuilding Strength and Flexibility. International Monetary
Fund. April 2012.
Housing and the Macro-economy
Marja Hoek-Smit. “Markets and Housing Policy.” Lecture notes, June 2012.
Housing and the Macro-economy
A. Dübel, Hans-Joachim. “Does Housing Finance Promote Economic and Social Development
in Emerging Markets?” International Finance Corporation. 2007.
B. Carroll, Christopher D., Misuzu Otsuka, and Jirka Slacalek. “How Large is the Housing
Wealth Effect? A New Approach”. NBER Working Paper Series. National Bureau of
Economic Research. Dec. 2006.
C. Buckley, Robert, Loïc Chiquier, and Michael Lea. Chapter 1: “Housing Finance and the
Economy.” Housing Finance Policy in Emerging Markets. Loïc Chiquier & Michael Lea (Eds).
World Bank. 2009. [Refer to E-Book on CD]
D. Campell, John Y. “Household Finance.” The Journal of Finance, Volume LXI, No. 4. August
2006.
Housing Markets and Policy
A. DiPasquale, Denise and William C. Wheaton, Urban Economics and Real Estate Markets.
Prentice-Hall, Inc., Division of Simon and Schuster. New Jersey. 1996. A1 to A2. Chapters 1
and 8.
B. Hoek-Smit, Marja. “Setting the Framework: Connecting Public and Private Sector.” KfW and
Springer Verlag. Berlin. 2010.
C. Mayo, Steve. “Housing: Enabling Markets to Work.” World Bank. Washington DC. 2003.
D. “A Practical Guide for Conducting: Housing Profiles. UN Habitat. 2011.
E. Glaeser, E. and Joseph Gyourko. “Rethinking Federal Housing Policy: How to Make Housing
Plentiful and Affordable.” The AEI Press. Washington, D.C. 2008.
Land Markets
A. Angel, Shlomo. “Making Room for a Planet of Cities.” Lincoln Institute of Land Policy. 2011.
B. Mahama, Callistuts and Martin Dixon. “Acquisition and Affordability of Land for Housing in
Urban Ghana: A Study in the Formal Land Market Dynamics.” RICS Research paper series,
Volume 6, No. 10. October 2006.
C. Napier, Mark. “Competing for Urban Land: Improving the Bidding Power of the Poor.” Urban
LandMark. Prepared for DFID London and UN Habitat. June 2008.
D. Urban LandMark and UN Habitat. “Africa’s Urban Land Markets: Piecing Together an
Economic Puzzle.” Nairobi, Kenya. 2010.
E. Kok, Nills, Paavo Monkkonen, and John M. Quigley. “Economic Geography, Jobs, and
Regulations: The Value of Land and Housing.” Berkeley Program for Housing and Urban
Policy at the University of California, Berkeley. February 2011.
MODULE II: INNOVATIONS AND REFORMS IN HOUSING FINANCE SYSTEMS
Teachers: Dr. Michael Lea and Mr. Achim Dübel
Developing Housing Finance Systems
Michael Lea & Achim Dübel. “Developing Housing Finance Systems.” Lecture notes, June 2012.
A. Lea, Michael. Chapter 2: “Structure and Evolution of Housing Finance Systems.” Housing
Finance Policy in Emerging Markets. Loïc Chiquier and Michael Lea (Eds). World Bank.
2009. [Refer to E-Book on CD]
B. Lea, Michael. “Alternative Forms of Mortgage Finance: What Can We Learn From Other
Countries?” Harvard Joint Center for Housing Studies National Symposium. April 2010.
C. Guttentag, Jack M. “Secondary Market–Based Versus Depository–Based Housing
Finance Systems.” Secondary Mortgage Markets: International Perspectives.
International Union for Housing Finance, 1998.
D. Hassler, Olivier and Bertrand Renaud. Chapter 10: “State Housing Banks.” Housing Finance
Policy in Emerging Markets. Loïc Chiquier and Michael Lea (Eds). World Bank. 2009. [Refer
to E-Book on CD]
E. Chiquier, Loïc. Chapter 11: “Housing Provident Funds.” Housing Finance Policy in Emerging
Markets. Loïc Chiquier and Michael Lea (Eds). World Bank. 2009.
[Refer to E-Book on CD]
F. Guttentag, Jack M. “Mortgage Brokers in the UK versus the US.” 2008.
G. "Denmark: Financial Sector Assessment Program – Technical Note – The Danish Mortgage
Market – A Comparative Analysis.” International Monetary Fund. March 2007.
H. “The Danish mortgage bond market.” Nykredit. March 2006.
MODULE III: PRIMARY MORTGAGE MARKET INNOVATIONS
Teachers: Dr. Michael Lea, Mr. Stephen Butler, Mr. Achim Dübel, Mr. Mark Zaltzman, Mr. André
Asselin, Drs. Marja Hoek-Smit and Mr. Roger Blood
PART A
The Mortgage Instrument: Structure and Design
HOFINET LINK - Housing Finance Products: http://hofinet.org/themes/theme.aspx?tid=1&id=37
Michael Lea. “The Legal Underpinnings of the Mortgage Instrument.” Lecture notes, June 2012.
Achim Dübel and Michael Lea. “Mortgage Design.” Lecture notes, June 2012.
A. Lea, Michael. “International Comparison of Mortgage Product Offerings.” Research Institute
for Housing America. September 2010.
B. GHR Systems Inc. “Tables Illustrating Various Types of Residential Mortgages.” June 2010.
C. Lea, Michael. Chapter 3: “Mortgage Instruments. Loïc Chiquier & Michael Lea (Eds). World
Bank. 2009. [Refer to E-Book on CD]
D. Guttentag, Jack M. “Flexible Rate Mortgages with Flexible Payments.” August 2005.
E. Guttentag, Jack M. “How Do the Payment Rate and Interest Rate Differ?” 2007.
F. Guttentag, Jack M. “Interest Only Mortgages.” 2004.
G. Miles, David. “The UK Mortgage Market: Taking a longer-Term View, Final Reports and
Recommendations.” March 2004.
H. Lea, Michael and Anthony B. Sander. “Government Policy and Fixed Rate Mortgage.” Annual
Review of Financial Economics. 2011.
I.
Dübel, Hans-Joachim and Simon Walley. “Regulation of Foreign Currency Mortgage Loans:
The Case of Transition Countries in Central and Eastern Europe.” December 2010.
J.
Dübel, Achim and London Economics. “Study on the Costs and Benefits of the Different
Policy Options for Mortgage Credit, Final Report.” European Commission, Internal Market
and Services DG. November 2009.
Legal and Underwriting Systems for Housing Finance
HOFINET LINK - Housing Finance Products: http://hofinet.org/themes/theme.aspx?tid=3&id=86
Stephen Butler, “Broadening Mortgage Markets by Attending to Legal Fundamentals.” Lecture
notes, June 2012.
A. Rabenhorst, Carol S. and Stephen B. Butler. “Tanzania: Action Plan for Developing the
Mortgage Financial Market.” Prepared for The First Initiative by The Urban Institute. February
2007.
B. Chiquier, Loïc, Olivier Hassler and Stephen Butler. Chapter 5: “Enforcement of Mortgage
Rights.” Housing Finance Policy in Emerging Markets. Loïc Chiquier and Michael Lea (Eds).
World Bank. 2009. [Refer to E-Book on CD]
C. Safavian, Mehnaz, Maximilien Heimann and Mariya Kravkova. “Financing Homes: Comparing
Regulation in 42 Countries.” World Bank. 2008.
D. Herbert, Christopher E. and William C. Apgar Jr., “Report to Congress on the Root Causes of
the Foreclosure Crisis.” Office of Policy Development and Research. U.S Department of
Housing and Urban Development. January 2010.
PART B
Innovations in Loan Origination and Administration
Michael Lea. “Innovations in Loan Origination and Administration.” Lecture notes, June 2012.
Michael Lea and Achim Dübel. “Loan Pricing.” Lecture notes, June 2012.
A. Jacobides, Michael G. “Mortgage Banking Unbundling: Structure, Automation and Profit.”
Mortgage Banking. January 2001.
B. Jacobides, Michael G. “Technology with a Vengeance: The New Economics of Mortgage
Banking.” Mortgage Banking. October 2001.
C. Lewis, Edward M. An Introduction to Credit Scoring, (pp. xv-23). Athena Press. 1992.
D. Guttentag, Jack M. “Credit Reports and Credit Scoring: The U.S Case.” 2011.
E. Foust, Dean and Aaron Pressman. “Credit Scores: Not-So-Magic Numbers.” Business Week.
February 2008.
F. Guttentag, Jack M. “A Servicing System for Borrowers.” 2002.
G. Cutts, Amy et al. “Interventions in Mortgage Default: Policies and Practices to Prevent Home
Loss and Lower Costs.” Freddie Mac Working Paper #08-01. March 2008.
H. Bhutta, Neil, Jane Dokko, and Hui Shan. “The Depth of Negative Equity and Mortgage
Default Decisions.” Federal Reserve Board of Governors. May 2010.
I.
Foote, L. Christopher, Kristopher S. Gerardi, Lorenz Z. Goette and Paul S. Willen. “Reducing
Foreclosures.” Public Policy Discussion Papers Federal Reserve Bank of Boston. 2009.
J.
“Mortgages in Transition Economies: The Legal Framework for Mortgages and Mortgage
Securities.” European Bank for Reconstruction and Development. 2007.
K. Follain, James R. and Mike Sklarz. “Pricing Market-Specific Bubbles.” Mortgage Bankers
Association. October 2005.
L. “European Mortgage Markets–2006 Adjusted Price Analysis.” Mercer Oliver Wyman and
European Mortgage Federation. 2007.
M. “FSB Principles for Sound Residential Mortgage Underwriting Practices.” Financial Stability
Board. April 2012.
N. “Thematic Review on Mortgage Underwriting and Origination Practices, Peer Review Report.”
Financial Stability Board. March 2011.
O. “Mortgage Market Note 11-02, Qualified Residential Mortgages.” Federal Housing Finance
Agency. April 2011.
Case Studies
Mexico Case Study
HOFINET LINK – Mexico Profile: http://hofinet.org/countries/country.aspx?regionID=4&id=109
Mark Zaltzman, “Leveraging Non-Traditional Lenders as an Origination Strategy for Reaching
Underserved Borrowers, Mexico.” Lecture notes, June 2012.
A. “Mexican Housing Day Presentation.” Sociedad Hipotecaria Federal. March 2012.
B. “Mexican Housing Outlook Presentation.” Comisión Nacional de Vivienda. March 2012.
C. “2011 Results & Institutional Outlook, Mexican Housing Day.” INFONAVIT. 2012.
Canadian Case Study
HOFINET LINK – Canada Profile: http://hofinet.org/countries/country.aspx?regionID=6&id=31
André Asselin. “Canada’s Housing Finance System.” Lecture notes, June 2012.
A. “Chapter 2, Housing Finance.” Canadian Housing Observer 2011. Canada Mortgage and
Housing Corporation. 2011.
B. Estevao, M., et. al. “Canada: Selected Issues.” IMF Country Report No. 09/163. IMF. April
2009.
C. Wachter, Susan M. “Mandatory Mortgage Insurance in Canada: The Public Policy
Consequences.” May 2005.
PART C
Mortgage Insurance
HOFINET LINK - Mortgage Insurance: http://hofinet.org/themes/theme.aspx?tid=1&id=52
Roger Blood, “Mortgage Default Insurance.” Lecture notes, June 2012.
A. Blood, Roger. “The Regulation of Mortgage Default Insurance: Principles and Issues.”
Housing Finance International. March 2009.
B. Blood, Roger. Chapter 13: “Mortgage Insurance.” Housing Finance Policy in Emerging
Markets. Loïc Chiquier and Michael Lea (Eds). World Bank. 2009. [Refer to E-Book on CD]
C. Wasserstrom, Eric. “Lunch and Learn Mortgage Insurance.” UBS LLC Paper. 2007.
D. “Lender Captives Benefit both Lenders and Mortgage Insurers for a Price.” Standard and
Poor’s Research. 2007.
E. Londerville, Jane. "Mortgage Insurance in Canada: Basically sound but room for
improvement." McDonald-Laurier Institute. November 2010.
F. “The Role of Private Mortgage Insurance in the U.S Housing Finance System.” Promontory
Financial Group, LLC. January 2010.
G. Integrated Financial Engineering, “Actuarial Review of the Federal Housing Administration
Mutual Mortgage Insurance Fund Forward Loans for Fiscal Year 2011.” U.S. Department of
Housing and Urban Development. October 2011.
H. “Private MI, 2011-2012 Fact Book and Member Directory.” Mortgage Insurance Companies of
America. 2011. [Handout]
Rental Housing Finance
HOFINET LINK - Rental Housing: http://hofinet.org/themes/theme.aspx?tid=3&id=59
Marja Hoek-Smit. “Rental Housing: Economics, Finance and Policy”. Lecture notes, June 2012.
A. UN-Habitat. “Guideline for Rental Housing Policy.” Nairobi, Kenya. May 2011.
B. Pfeffercorn, Ira and Claude Taffin. “Social Housing in the USA and France: Lessons from
convergences and divergences.” The World Bank. 2010. [Watch out for forthcoming book
2012]
C. “Rental Housing: An Essential Option for the Urban Poor in Developing Countries.” United
Nations Human Settlements Programme (UN-HABITAT). Nairobi, Kenya. 2003.
D. Le Blanc, David et. al. Chapter 14: “Residential Rental Housing Finance.” Housing Finance
Policy in Emerging Markets. Loïc Chiquier and Michael Lea (Eds). World Bank. 2009. [Refer
to E-Book on CD]
E. Oxley, Michael et.al. “Promoting investment in private rented housing supply, International
policy comparisons.” Department for Communities and Local Government, London, United
Kingdom. November 2010.
F. Lopez, Maria Esther Blas. “Spain: The Rent Decontrol Process.” European University
Institute. Florence, Italy.
MODULE IV: VALUATION OF MORTGAGES & MORTGAGES INSTRUMENTS
Teacher: Dr. Todd Sinai
Valuing Primary and Secondary Mortgage Instruments and Their Risks
Todd Sinai. “Valuation of Mortgages and Mortgage Instruments”. Lecture Notes, June 2012.
A. Veronesi, Pietro. Fixed Income Securities, Valuation Risk, and Risk Management. John Wiley
& Sons, Inc. 2010. Intro pp. 21-23; Ch. 3: p. 73-89; Ch. 4: p.113-121; Chapter 8, 9.
B. Hayre, Lakhbir. Salomon Smith Barney Guide To Mortgage-Backed and Asset-Backed
Securities. Wiley Finance. John Wiley & Sons, Inc. 2001. Chapter 1, 4, 15.
C. Kendall, Leon T. and Michael J. Fishman. A Primer on Securitization. The Massachusetts
Institute of Technology Press. 1996. Chapter 3, 9,10.
MODULE V: DEVELOPMENT & CONSTRUCTION FINANCE
Teachers: Drs. Marja Hoek-Smit, Mr. Fred Cooper, Ms. Bonny Hewson
Marja Hoek-Smit, “Development and Construction Finance.” Types of Investment Mechanisms in
Emerging Market Real Estate. Lecture notes, June 2012.
Fred Cooper, Toll Brothers, “Financing Land and Development.” Lecture notes, June 2012.
Bonnie Hewson. Case study of Newline Capital Partners:
Developer & Construction Finance
A. Linneman, Peter. Real Estate Finance and Investments, 3d edition, 2011; Chapters 13, 14.
B. Gordon, Jacques N. and Richard Kleinman. “The Deleveraging of Global Real Estate.” The
Wharton Real Estate Review, Vol. XIV No.1, 2010.
Types of Investment Mechanisms in Emerging Market Residential Real Estate
A. Linneman, Peter. Real Estate Finance and Investments, 3d edition, 2011; Chapters 17 & 18.
B. “The Expanding World of Cross-Border Real Estate.” Investment Strategy and Research,
Jones Lang Lasalle, LaSalle Investment Management. 2011.
C. Tyrrell, Nick. “Risks, Returns and Correlations for Global Real Estate Markets.” JP Morgan
Asset Management. Oct 2007.
D. Crowe, Scott. “Emerging Market Real Estate Securities; Risk /Return Profile and Asset
Allocation.” Cohen & Steers. April 2011.
MODULE VI: TYPES OF FUNDING MODELS
Teachers: Dr. Michael Lea, Mr. Scott Stengel
Types of Funding Models
HOFINET LINK - Funding Housing Finance: http://hofinet.org/themes/theme.aspx?id=40
Michael Lea, “Mortgage Funding.” Lecture notes, June 2012.
A. Pollock, A. “Simplicity versus Complexity in the Evolution of Housing Finance Systems.”
Housing Finance International. March 1994.
B. Pollock, A. “Financing a Society of Property Owners: Risks, Instruments, Institutions.”
International Union for Housing Finance Newsletter. May 2006.
C. Van Order, Robert. “Public Policy and Secondary Mortgage Markets.” March 2003.
D. Chiquier, Loïc, Olivier Hassler, and Michael Lea. Chapter 12: “Mortgage Securities in
Emerging Markets.” Housing Finance Policy in Emerging Markets. Loïc Chiquier & Michael
Lea (Eds). World Bank. 2009. [Refer to E-Book on CD]
E. Min, David. “The Global Importance of Government Guarantees.” Center for American
Progress. May 2012.
F. Quigley, John M. “Federal Credit and Insurance Programs: Housing.” Federal Reserve Bank
of St. Louis Review, 88:4, July/August 2006: 281-309.
Michael Lea, “Mortgage Securitization.” Lecture Notes, June 2012.
A. Fabozzi, Frank J. and John N. Dunlevy. Chapter 3: “Agency pass-through Securities and
Mortgage Strips,” Chapter 4: “Agency Collateralized Mortgage Obligations.” Real EstateBacked Securities. Frank J. Fabozzi Associates, Pennsylvania. 2001.
B. Lea, Michael. “Securitization: A Primer on Structures and Credit Enhancement.” December
2006.
C. Caprio, Gerard Jr., Ash Demirguc-Kunt and Edward J. Kane. “The 2007 Meltdown in
Structured Securitization, Searching for Lessons, Not Scapegoats.” Policy Research Working
Paper 4756. The World Bank. October 2008.
D. Lockhart, James B. “Lessons Learned From Mortgage Market Turmoil.” Prepared for the 44th
Annual Conference on Bank Structure and Competition. May 2008.
E. “Global Structured Finance: Moving from a Two-Speed to a Three-Speed Market.” Global SF
Markets – An update. Merrill Lynch. September 2008.
F. “European Structured Finance Markets 2009-2010 (short version).” Bank of America, Merrill
Lynch. December 2009.
G. Liang, Joyce et al. “AXJ/ Structured Finance Year Ahead: 2010 - A market with two halves.”
Bank of America Merrill Lynch. 5 January 2010.
H. Guillen, Magda and Alexander Batchbarov. “Latin America Structured Finance – ABS: 1Q10:
Hopes fade for speedy ABS revival.” Bank of America Merrill Lynch. 12 April 2010.
I.
Caris, Anne et al. “European SF Market 2011-12.” European Structured Finance Annual
Review, Bank of America Merrill Lynch. December 2011.
Scott Stengel, “Mortgage Bonds.” Lecture notes, June 2012.
A. Stengel, Scott B. “House Subcommittee on Capital Markets and Government Sponsored
Enterprises Written Testimony on Legislative Proposals to Create a Covered Bond Market in
the United States.” March 2011.
B. Snowden, Kenneth A. “Covered Bonds: Potential Uses and Regulatory Issues.” Testimony
before the Senate Committee on Banking, Housing, and Urban Affairs. September 2010.
C. Caris, Anne et al. “A Guide to Global Covered Bond Legislation.” Legal Framework
Comparative, Bank of America Merril Lynch. January 2012.
D. European Covered Bond Factbook. European Covered Bond Council. 2011.
E. “ECBC Essential Features of Covered Bonds.” European Covered Bond Council.
F. “ECBC Position Paper on CRD IV: arguments and supporting evidence.” European Covered
Bond Council. February 2011.
G. The Danish Mortgage Model:
http://www.realkreditraadet.dk/Danish_Mortgage_Model/Information_film.aspx
H. “The Pfandbrief 2011/2012, Facts and Figures about Europe’s Covered Bond Benchmark.”
Association of German Pfandbrief Banks. August 2011.
http://www.pfandbrief.de/cms/bcenter.nsf/0/D9E199DC3DA969DAC125790C00357FE0/$File
/EN_%20PFB%202011-2012.pdf
MODULE VII: THE BUSINESS OF HOUSING FINANCE – PROFITABILITY AND RISK
Teacher: Dr. Haluk Ünal
Profitability and Risk of Housing Financial Institutions
Haluk Ünal, “Workshop on Applied Financial Risk Management.” Lecture notes, June 2012.
A. Koch, Timothy and S. Scott MacDonald. Bank Management, 6th Edition. Thomson SouthWestern. 2006. A1 to A6. Chapters 2, 5, 6, 7, 8, 10, 12.
B. Saunders, Anthony and Marcia Millon Cornett. Financial Institutions Management:
A Risk Management Approach, 5th Edition. McGraw-Hill Irwin. 2006.
B1 to B4. Chapters 7, 8, 11, and 18.
C. Fabozzi, Frank J., Scott F. Richard, and David S. Horowitz. Chapter 23: “Valuation of
Mortgage-Backed Securities.” The Handbook of Mortgage-Backed Securities. Frank J.
Fabozzi (Ed). McGraw-Hill. 2001.
Case Studies
A. Esty, Ben et al. “Banc One Corporation: Asset and Liability Management.” Harvard Business
School Publishing. July 2008.
B. Ivashina, Victoria and Andre Perold. “Rosetree Mortgage Opportunity Fund.” Harvard
Business School Publishing. March 2009.
C. Ünal, Haluk. “Discussion Questions for Cases.” May 2012.
MODULE VIII: SHARI’AH COMPLIANT HOUSING FINANCE
Teacher: Ken Dorph
Shari’ah Compliant Housing Finance Instruments and Securitization
Ken Dorph. “Sharia Compliant Housing Finance Instruments.” Lecture Notes, June 2012.
A. Solé, Juan.” Introducing Islamic Banks into Conventional Banking systems.” IMF working
Paper. July 2007.
B. “The Declining Balance Home-Ownership Program: An Overview.” Guidance Financial Group
White Paper Series, Number One. 2004.
C. “Declining Balance Co-Ownership Home Acquisition Program: Fatwa on Disclosures.”
Guidance Financial Group. October 2002.
D. “Declining Balance Co-Ownership Home Acquisition Program: Fatwa on Private Mortgage
Insurance.” Guidance Financial Group. October 2002.
E. “Declining Balance Co-Ownership Home Acquisition Program: Fatwa on Title Registration.”
Guidance Financial Group. October 2002.
F. “Amanah Home Financing.” HBSC.
G. Freedman, Samuel G. “A Hometown Bank Heeds a Call to Serve Its Islamic Clients.” The
New York Times. 6 March 2009.
H. Kumar, Himendra Mohan. “Sharia-compliant bank products poised for strong global growth.”
Gulf News. 23 May 2011.
I.
Johnsen, Britt. “Specialty loan programs give Muslim buyers opportunities.” St. Cloud Times.
29 April 2011.
J.
DeLorenzo, Yusuf Talal. “Islamic home finance offers new economy solutions.” Common
Ground News Service. 5 May 2009.
K. “Housing crisis in the Middle East.” Business News. 30 April 2011.
MODULE IX: EXTENDING HOUSING LENDING AND HOUSING SERVICES TO LOWER INCOME GROUPS
Teachers: Drs. Marja Hoek-Smit
PART A
Expanding Mortgage Finance and Housing Services
Marja Hoek-Smit. “Extending Housing Finance Down-Market.” Lecture notes, June 2012.
A. Chiuri, M.C. and T. Japelli. “Financial Market Imperfections and Home-ownership: An
International Comparison.” European Economic Review. 47(2003):857-875.
B. Warnock, Veronica Cacdac and Francis E. Warnock. “Markets and Housing Finance.”
Working Paper 13081. National Bureau of Economic Research. May 2007.
C. Sing, Linda. “Pension-backed Secured Loans: Facilitating Access to Housing in South
Africa?” Prepared for FinMark Trust. June 2009.
D. Martin, Richard J and Ashna Mathema. “Housing Finance for the Poor in Morocco: Programs,
Policies and Institutions.” Microreport #96. Prepared by DAI for USAID. January 2008.
Microfinance and Community Lending for Housing
HOFINET Link - Housing Microfinance: http://hofinet.org/themes/theme.aspx?tid=1&id=56
Marja Hoek-Smit. “Micro-Finance for Housing”, Lecture Notes, June 2012.
A. Isem, Jennifer and David Porteous. “Commercial Banks and Microfinance: Evolving Models
of Success.” CGAP Focus Note No. 28. June 2005.
B. Danao-Schroeder, Russell. “A Case Study of the Fundacion Costa Rica – Canada:
Capitalizing on the Strength of Community Organizations.” Prepared for Habitat for Humanity.
October 2006.
C. Daphnis, Franck. Chapter 15. “Housing Micro-Finance.” Housing Finance Policy in Emerging
Markets. Loïc Chiquier and Michael Lea (Eds). World Bank. 2009. [Refer to E-Book on CD]
D. Mesarina, Nino and Christy Stickney. “Getting to Scale in Housing Microfinance: A Study of
ACCION Partners in Latin America.” InSight No.21. ACCION International. April 2007.
E. Hokans, James. “Maximizing Choice: Diverse Approaches to the Challenge of Housing
Microfinance,” Microreport #97. Prepared by DAI for USAID. April 2008.
F. Bankable Frontier Associates. “Housing Microloans Credit Policies and Procedures;
Approved by the Central Bank of the Philippines for Rural Banks.” 2010.
G. UN-Habitat and City Alliance, “City-wide Plan for Upgrading Unplanned and Unserved
Settlements in Dar-es-Salaam.” Nairobi, Kenya. 2010.
H. Bateman Milford. “Microfinance as a development and poverty reduction policy: is it
everything it’s cracked up to be?” Overseas Development Institute. March 2011.
I.
Ferguson, B. and P. Smets. “Finance for incremental housing; current status and prospects
for expansion.” Habitat International. 2009.
J.
Young, Cheryl, et al. “Capitalizing Housing for the Poor: Findings from Five Focus Countries.”
Habitat for Humanity International. 2009.
K. Hokans, James et.al. “Strategic Assessment of the Affordable Housing Sector in Ghana.”
CHF International. 2004.
For various examples of microfinance for housing, please visit the Cities Alliance
Website: www.citiesalliance.org.
PART B
Housing Finance for Hazard Prone Areas
A. “A Year of Living Dangerously, A Review of Natural Disasters in 2010.” The Brookings
Institution – London School of Economics Project on Internal Displacement. April 2011.
B. “Chapter IV Post-Disaster Housing, Reconstruction: The Opportunity for Risk Reduction and
Reform.” Shelter after Disaster, Guidelines for Assistance. United Nations Office for the
Coordination of Humanitarian Affairs (OCHA). 1982.
C. Wamsler, Christine. “Bridging the gaps: stakeholder-based strategies for risk reduction and
financing for the urban poor.” International Institute for Environment and Development, Vol.
19(1): 115–142. 2007.
D. Linnerooth, Bayer et al. “Insurance, Developing Countries and Climate Change.” The Geneva
Papers, 34, (381-400). The International Association for the Study of Insurance Economics.
2009.
E. Jaffe, Dwight and Howard Kunreuther et al. “Long-term Property Insurance.” Journal of
Insurance Regulation, Vol. 29, No. 7. 2010.
Subsidizing Housing Finance
HOFINET Link - Housing Finance Subsidies: http://hofinet.org/themes/theme.aspx?tid=3&id=43
Hoek-Smit, Marja. “Subsidizing Housing Finance.” Lecture Notes, June 2012.
A. Van Horne, James C. Chapter 12: “The Social Allocation of Capital.” Financial Market Rates
and Flows. Prentice-Hall, Inc. 1984.
B. Lucas, Deborah. “Fair-Value Accounting for Federal Credit Programs.” Congressional Budget
Office. March 2012.
C. Hoek-Smit, Marja. “Subsidizing Housing Finance for the Poor.” Prepared for Development
Initiatives Group. January 2009.
D. Hoek-Smit, Marja and Douglas Diamond. Chapter 2 and 14: “Developing A Comprehensive
Housing Subsidy Policy.” Draft. An Illustrated Guide to Housing Finance Subsidies. The
World Bank and Wharton IHFP. 2009.
E. Hirad, Abdighani, Peter M. Zorn. “A Little Knowledge is a Good Thing: Empirical Evidence of
the Effectiveness of Pre-Purchase Homeownership Counseling.” Research Institute for
Housing America. May 2001.
F. Toder, Eric et al. “Reforming the Mortgage Interest Deduction.” Urban Institute, What Works
Collaborative, Tax Policy Center. April 2010.
MODULE X: SAFETY AND SOUNDNESS OF FINANCIAL INSTITUTIONS
Teachers: Drs. Marja Hoek-Smit, Dr. Richard Herring and Dr. Jack Guttentag
Housing Cycles and Bubbles
Marja Hoek-Smit, “Real Estate Bubbles.” Lecture notes, June 2012.
A. Herring, Richard J. “Booms and Busts in Housing Markets: How Vulnerable is New Zealand?”
Working Paper. The Wharton School, University of Pennsylvania. 2011.
B. Reinhart, Carmen M. and Kenneth S. Rogoff. “Is the 2007 U.S. Sub-Prime Financial Crisis So
Different? An International Historical Comparison.” January 2008.
C. Reinhart, Carmen M. and Kenneth S. Rogoff. “Banking Crises: An Equal Opportunity
Menace.” December 2008.
D. Reinhart Carmen and Kenneth S. Rogoff. “The Aftermath of Financial Crises.” December
2008.
E. Fitch Ratings. “Asset Bubbles in Asia.” 29 January 2010.
F. Claessens, Stijn et al, “Financial Cycles: Why, When and How.” IMF Working Paper. April
2011.
G. Claessens, Stijn et al, “How to deal with Real Estate Booms.” IMF Working Paper. April
2011.
H. Glaeser, E., J. Gyourko and Albert Saiz. “Housing Supply and Housing Bubbles.” Journal of
Urban Economics. July 2008.
I.
Palmer, Andrew. “A special report on property: Bricks and slaughter.” The Economist. 3
March 2011.
Safety and Soundness
Richard Herring, “The Safety Net in Theory and Practice.” Lecture notes, June 2012.
The Safety Net in Theory and Practice: Depository Institutions
A. Llewellyn, David. “The Northern Rock Crisis: A Multi-Dimensional Problem Waiting to
Happen.” Working Paper, Loughborough University. 2009.
The Safety Net in Theory and Practice: Capital Markets and Investment Banks
B. Claessens, S., R. Herring and D. Schoenmaker. Chapter 4: “A Safer World Financial System:
Integrating Regulation, Supervision, and Resolution of Systemically Important Institutions.”
Geneva Reports on the World Economy. (12): 57-82.
C. Haldane, Andrew G. “Why Banks Failed the Stress Test.” Basis for a speech given at the
Marcus-Evans Conference on Stress-Testing. 9-10 February 2009.
D. Duffie, Darrell. “How Big Banks Fail and What to Do About It.” Working Paper, Princeton
University Press. 2010.
E. “Safeguarding Stability.” Section 3: The Bank of England Financial Stability Report,
December 2009, pp. 43-63.
F.
“Housing Finance and Financial Stability – Back to Basics?” IMF Global Financial Stability
Report. (April 2011): 111-145.
G. Shareholder Report on UBS’s Write-Downs. UBS. April 2008.
H. Whalen, Chris. “Washington Mutual.” The Professional Risk Manager’s Association. 2009, pp.
1-7.
From Basel II to Basel III
I.
Basel III: A global regulatory framework for more resilient banks and banking systems, Basel:
Bank for International Settlements. Basel Committee on Banking Supervision December
2010.
Consumer Protection
Jack Guttentag, “Consumer Protection, Mandatory Mortgage Disclosure.” Lecture notes, June
2012.
A. Guttentag, Jack M. “Making Mandatory Disclosure Effective: Some Guidelines.” 2002.
B. Guttentag, Jack M. “Disclosure Requirements and the Sub-prime Meltdown.” April 2007.
C. Guttentag, Jack M. “Dysfunctional Home Mortgage Markets: Suitability Standards and Other
Remedies.” March 2007.
D. Dübel, Achim and Simon Walley. Chapter 6: “Consumer Information and Protection.” Housing
Finance Policy in Emerging Markets. Loïc Chiquier and Michael Lea (Eds). World Bank.
2009. [Refer to E-Book on CD]
E. “Public Consultation on Responsible Lending and Borrowing in the EU.” European
Commission. June 2009.
F. “The Financial Conduct Authority, Approach to Regulation.” Financial Services Authority,
United Kingdom. June 2011.
G. Guttentag, Jack M. “Protecting Consumers in Markets That Don’t Work For Them: The Case
of the Home Loan Market.” 2012.