Mortgage Liquidity Facilities

Hassler, Olivier ; Walley, Simon

World Bank, Washington, DC

关键词: ACCOUNTING;    ACCOUNTING FRAMEWORK;    ACTIVE MARKET;    AFFORDABLE HOUSING;    ARBITRAGE;   

RP-ID  :  69723

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This note brings together some of thepolicy lessons learnt in the creation of mortgage liquidityfacilities around the world. It looks at the main benefitswhich can be derived from the creation of a mortgageliquidity facility and the conditions under which they canoperate most effectively. The note details some of thepre-conditions necessary for the creation of a liquidityfacility. There is summary of some of the key techniquesused in obtaining security over the mortgage collateral.Lastly two important aspects which are crucial to buildingconfidence in mortgage liquidity facilities are how they areregulated and their corporate governance. The note brings inrelevant examples from liquidity facilities which have beenset up as far back as 1987 (Malaysia), from developedcountries (France) and from facilities still underdiscussion (West Africa). Overall the note points to thevaluable developmental role that mortgage liquidityfacilities can play in nascent mortgage markets as anintermediary between capital markets in the primary mortgagemarkets. This is especially the case in markets where themortgage lending infra-structure and environment have notdeveloped sufficiently to allow for other more sophisticatedalternatives such as securitization or covered bonds.