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254534 HFI March 06 HOUSING MORTGAGE & HOUSING TRANSACTION IN CHINA HOUSING FINANCE INTERNATIONAL The Quarterly Journal of the International Union for Housing Finance 8 0 0 2 E N U The USA • Ghana • Uganda • J Central Banks in Central and Eastern Europe • Lending on Condominiums • Low Income Housing gkjhgkagkl ajgh HOUSING FINANCE INTERNATIONAL Vol. XXII No. 4 JUNE 2008 Housing Finance International is published four times a year by the International Union for Housing Finance OFFICERS 2 Editor’s Introduction President RENU KARNAD 3 Obsessed with Public Mortgage Banking – India the US should give the Private Sector a fair First Deputy President CAS COOVADIA chance South Africa HANS-JOACHIM DÜBEL Deputy Presidents KHAN PRACHUABMOH 6 Does Central Bank Transparency Matter for Thailand Housing Finance in Central and Eastern ALEX J. POLLOCK United States of America Europe? Dr. BARBARA DREXLER Publisher ADRIAN COLES 15 Condominium Housing and Mortgage Lending Editor FRIEDEMANN ROY in Emerging Markets – Constraints and Editorial Advisory Board Opportunities GERARDO M. GONZALES CAROL S. RABENHORST and SONIA I. IGNATOVA UNIAPRAVI DR. HARTWIG HAMM Association of Public Bausparkassen 22 Ghana Residential Property Delivery Germany Constraints and Affordability Analysis DR. MARJA HOEK-SMIT Dr. NOAH KOFI KARLEY University of Pennsylvania PAMELA LAMOREAUX International Finance Corporation 30 The Impact of Mortgage Servicing on the DR. BERTRAND RENAUD Performance of Mortgage Banking Institutions Consultant MARY R. TOMLINSON in Uganda: A Case Study of Housing Finance Visiting Research Fellow Company (U) Ltd. University of Witwatersrand South Africa JAMES RONNIE KANAGWA PETER WILLIAMS United Kingdom 41 Who’s for Low-Income Housing? The Role of Secretary General ADRIAN COLES Housing Finance in Alleviating Urban Poverty Email: [email protected] N. O. JORGENSEN Head of Administration KEELEY BAKER Email: [email protected] Subscriptions: Regular annual rate £95. Three-year discounted subscription £195. For further details on subscriptions please contact Keeley Baker. International Union for Housing Finance 6th Floor, York House, 23 Kingsway, London, WC2B 6UJ, United Kingdom Tel: +44 (0)20 7440 2210 Fax: +44 (0)20 7836 4176 http://www.housingfinance.org Copyright © 2007 International Union for Housing Finance ISSN: 1534-8784 Editor’s Introduction by Friedemann Roy Recent research and comments on the high margin) products to low-income The next two articles deal with two global credit crunch has played with a households, and never able to deliver a emerging housing financing markets in quote of Winston Churchill’s speech on the long-term perspective of capturing any Sub-Saharan Africa – Ghana and Uganda. progress of the war. Do we see “the market share that was both sizeable and The first article is by Dr Noah Kofi Karley, beginning of the end” or “the end of the promising stability at the same time. dealing with an analysis of the constraints beginning”? in the Ghanaian residential property The author of the second article is Dr market. First, it assesses the current house The breakdown of the securitisation market Barbara Drexler who explores the types and conditions and then discusses makes it still hard for lenders to securitize importance of central bank transparency factors affecting housing delivery. It their loan portfolios. Worst of all, a for housing finance in central and eastern assesses housing affordability by taking forthcoming accounting change known as Europe. Transparent monetary policy into consideration house prices, household FAS 140 may force banks to take previous decisions, ie better communication of incomes and the mortgage products. The securitisations back onto their books. expected interest rate movements, would second part comments on how this According to The Economist, it is estimated allow lenders to hone their long-term affordability and mortgage market potential that about USD 5 trillion of assets will planning horizon and product portfolios, may grow in light of the improving macro return to banks’ balance sheets.1 thus increasing overall competitiveness in economic conditions observed in Ghana the housing finance sector. The first part of over the last few years. Do these appallingly high figures mean that her article concentrates on the securitisation has any future? It still has! measurement of central bank transparency The second article by James Kanagwa is Notwithstanding the current developments, and its effects on housing finance. The about the impact of servicing on the it will remain an instrument for lenders to second part assesses the significance of performance of mortgage lenders in manage their portfolio risks. Regulators will central bank policy to housing finance Uganda. Based on the mortgage have, however, a stronger impact on the markets in central and eastern Europe as operations of Housing Finance Limited as design of the individual instruments. It is an example. an example, the author looks at all the likely that securitisation will appear in much areas that affect the servicing of mortgage simpler form, centred on traditional lines of Carol Rabenhorst and Sonia Ignatova are loans within this organisation. His findings business, such as creating mortgage- the authors of the third article on confirm that there is a positive correlation backed bonds. Securitisation structures, condominium housing and mortgage between the quality of servicing and a such as mortgage bond CDOs or so-called lending in emerging markets. Although lender’s profitability. The paper finishes single tranche CDOs may become more condominiums often represent a with recommendations on improvements instruments of the past. In addition, it can substantial portion of the potential market of the servicing function. be expected that lenders will be forced to for mortgage lending, a number of keep a greater chunk of credit risk in their constraints impede lenders to offer Our last article is by N O Jorgensen. In the books but are able to manage more financing for this market segment. In their June 2007 edition, he came up with ideas effectively interest rate risk through article, you find suggestions how these to improve access to housing for low- securitisation. constraints can be remedied, as means to income groups (“Housing the No-income expand the link between condominium Group”). The article presented in this This Housing Finance International’s housing and mortgage markets in edition on the role of housing finance in edition offers a broad variety of different developing countries. Furthermore, it offers alleviating poverty goes further into this articles. The first article is by Joachim a comparative analysis of emerging topic. Dübel and deals with state involvement in mortgage markets in several countries and the US mortgage market. He concludes the developed mortgage sector in two I hope you will enjoy reading these articles. that the private mortgage sector has been countries – the United States and Australia, I am confident the articles will inspire you confined by public intervention to business with focus on the role of the condominium to come up with comments and models that were never sustainable in sector in development of mortgage recommendations. They are more than themselves, due to the self-defeating markets. welcome! character of targeting risky (variable-rate, 1 See The Economist, “Buttonwood: Recovery? What Recovery?” – the credit crunch looks far from over. 2 HOUSING FINANCE INTERNATIONAL – June 2008 OBSESSED WITH PUBLIC MORTGAGE BANKING – THE US SPECIALIZATION OF COVERED BOND ISSUERS IN EUROPE SHOULD GIVE THE PRIVATE SECTOR A FAIR CHANCE Obsessed with public mortgage banking – the US should give the private sector a fair chance By Hans-Joachim Dübel1 When the author of these lines, an thrifts put into a super-tight corset after the America’s segmented state banking international mortgage sector consultant, 1980s crisis. With the subprime crisis in full systems that was unable to produce new was invited for a job interview on a bright swing, the ‘niche’ now has the connotation mortgages, requiring large (ie national) fall morning in 2000 to Armonk, upstate of a dump, and the reputation of the capital pools, efficiently. New York, he was unsurprised that the American private financial sector has meeting did not take long. MBIA, the giant become badly tarnished as a result. Yet, if To address the first problem, the Roosevelt municipal bond insurer, so the discussion even stellar performers in their core administration started with a vast public concluded quickly, would not have a markets, like MBIA – famous for its almost bailout operation: defaulted loans were chance to compete in the US mortgage real-time monitoring technique of transferred to the Home Owners’ Loan market dominated by semi-public municipalities’ finances, had no chance to Corporation (HOLC), an organization that mortgage banks and bond insurers Fannie establish themselves in the mortgage was unwound in the 1950s even with a Mae and Freddie Mac. As a courtesy to the market, was there something wrong with small net profit for the US government. To company he decided to stay for lunch them as a business, or rather with the encourage new lending the administration before taking the 45min cab ride back to system setup? How much responsibility in 1934 created a splendid world Manhattan to look for safer job options. lies with the ‘conforming’ segment for the innovation: long-term pre-payable fixed- MBIA, on its part, went on to put its AAA failure of the ‘non-conforming’, and what rate mortgages insured by a new public rating and reputation as one of the icons of should be the conclusion for America’s agency, the Federal Housing the American finance industry on Red – in future mortgage sector design? Administration (FHA). To address the the grand casino called US mortgage second issue, insufficient cross-(state) market. To see the depth of the psychological and border lending, a private wholesale real barriers to entry to the mortgage mortgage bank charter was established, Or better: what had been left by Fannie market existing in the US, a brief historical the National Mortgage Association (NMA).
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