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Impact Of The Regulatory Regime On Promoting The Housing Finance Market In Australia
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Book Synopsis Impact of the Regulatory Regime on Promoting the Housing Finance Market in Australia by : Pelma Jacinth Rajapakse
Download or read book Impact of the Regulatory Regime on Promoting the Housing Finance Market in Australia written by Pelma Jacinth Rajapakse and published by . This book was released on 2015 with total page 5 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this article is to analyse how Australia's regulatory framework for housing finance mitigates various risks in mortgage lending and promotes positive market outcomes and system stability. The article first considers the main bodies involved in the regulation of residential mortgages, their roles and the type of regulations enforced by each regulator in relation to housing finance in Australia. The key regulators identified in this article include the Reserve Bank of Australia, the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission and the Australian Competition and Consumer Commission. This part focuses on the post-financial crisis regulatory changes in housing finance, including revisions to existing regulations and introduction of new regulations. The article then discusses the implications of regulation for mortgage markets and players, practices and conduct. This section reviews mortgage lending practices in Australia that can be viewed as either particularly prudent or particularly risky. Finally, the article analyses the impact of regulation on promoting positive market outcomes, including housing finance system stability in Australia.
Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Book Synopsis Residential Mortgage Securitisation in Australia by : Pelma Jacinth Rajapakse
Download or read book Residential Mortgage Securitisation in Australia written by Pelma Jacinth Rajapakse and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract : In a residential mortgage-backed security (RMBS) program, a bank or other financial institution sells its rights in a pool of home loans to a special purpose vehicle (SPV), which pays for the asset pool by issuing fixed or floating rate bonds in the financial markets to institutional investors. The SPV finances the interest and principal payments under these bonds from the pooled home loan repayments. The SPV is a 'special purpose' vehicle in the sense that it is established especially, and solely, for the purpose of acquiring the asset pool and issuing bonds against it. In practice in Australia, the SPV itself is invariably structured as a trust, which holds the asset pool on behalf of the bondholders. Frequently, but not always in Australia, the income and security features of the asset pool are effectively split, so that the SPV retains the rights to the income from the asset pool, but grants a charge or charges over the property in the asset pool in favour of a separate 'security trustee', who holds these on behalf of the bondholders. In selling the asset pool to the SPV, the bank or financial institution removes those assets-subject to prudential regulator approval-from its balance sheet for prudential regulation purposes. This has the effect of substantially reducing the bank's or institution's operating costs. For regulatory and tax purposes, it is important that the SPV is seen to be entirely independent of the originating bank or institution; that the sale to the SPV is seen as a 'clean sale'; and the SPV is 'insolvency-remote', in the sense that the asset pool cannot be put at risk by the insolvency of the SPV or the originating institution. Securitisation via RMBS programs involves the risk that borrowers might find their homes sold by downstream financial intermediaries who have 'purchased' their bank's or independent mortgage provider's (IMP's) mortgagee rights, not due to a failure to pay on the part of the borrowers but as a result of the insolvency of, or some act or omission by, a downstream financial intermediary in the supply chain. This begs the question of whether most home loan borrowers are aware of this risk at the time of taking out their loans. Experience would indicate that most are not, and nor is it specifically brought to their attention. The risk that the banks and the IMPs run, if they do not bring the risks of their participation in RMBS programs to the attention of home loan borrowers, is that they could ultimately face a wave of litigation similar to that precipitated by the foreign currency loan scandals during 1985-1990. In essence, all of that litigation arose, not from the complicated nature of then-'novel' financing arrangements, but from the banks' failure to notify borrowers of the risks involved. In those cases, the borrowers faced the risk of their mortgage properties sold, not through any conscious default on their part, but because of adverse exchange rate fluctuations over which they had no control. Compounding this risk is the fact that there is currently no specific legislation requiring banks or IMPs to bring the risks of securitisation to the attention of their home loan borrowers. While it is (arguably) true that borrowers may be protected by section 52 of the Trade Practices Act 1974 (Cth), State and Territory Fair Trading Acts, and equivalent provisions in the Corporations Act 2001 (Cth), this is by no means clear and unequivocal. The research undertaken for this thesis gives rise to the recommended that this gap be met by legislation requiring the banks and IMPs to inform their home loan borrowers of the risks of securitisation - in particular, the appreciable risk that they could lose their homes through no fault of their own. The aim is not to preclude banks and IMPs from engaging in RMBS programs, but, given that there is a significant risk to borrowers if they do, then borrowers (not banks or IMPs) should be the ones who decide whether they are prepared to bear such risk. In addition, this thesis makes a number of policy recommendations aimed at minimising the information gap between borrowers and securitisers, and minimising potential moral hazard problems within RMBS programs in Australia. First, if the market for RMBSs in Australia expands substantially in the foreseeable future, the regulation of the market may require amendment to allow the sale of RMBSs of less than $500,000 to retail investors, as distinct from the higher face value securities currently marketed to 'sophisticated' institutional investors. If RMBSs are issued to the public, new provisions in the Corporations Act, or possibly an entirely separate regulatory regime, may become necessary. In this context, the approach taken in the United States under the Investment Company Act 1940 could serve as a useful model for Australia. Second, new legislative provisions could be introduced to bring to the notice of home loan borrowers, the relevant assignment clauses in the housing loan contracts, and their implications, and to ensure that borrowers are fully informed of the risks involved. Third, amendments to the various State Consumer Credit Codes could be introduced in a way that could make the legislation uniform across States, to eliminate current disparities in stamp duty and administrative charges between the States. Fourth, the Australian Prudential Regulation Authority (APRA) and perhaps the Reserve Bank of Australia should investigate whether the risk-weighting for RMBSs for capital adequacy purposes in Australia could be reduced to something less than the current 100%. Fifth, the Corporations Act could be amended to mandate more timely disclosure of information about RMBSs, perhaps on a pool basis, to assist fund managers to analyse the prepayment risk in the mortgages and improve efficiency, pricing and investor confidence. Finally, a panel of independent experts could be established to advise APRA and the Australian Securities and Investments Commission (ASIC), where necessary, on complex issues involving RMBSs.
Book Synopsis Fannie Mae and Freddie Mac and the Future of Federal Housing Finance Policy by : David J. Reiss
Download or read book Fannie Mae and Freddie Mac and the Future of Federal Housing Finance Policy written by David J. Reiss and published by . This book was released on 2015 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: The federal government recently placed Fannie Mae and Freddie Mac, the government-chartered, privately owned mortgage finance companies, in conservatorship. These two massive companies are profit-driven, but as government-sponsored enterprises they also have a government-mandated mission to provide liquidity and stability to the United States mortgage market and to achieve certain affordable housing goals. How the two companies should exit their conservatorship has implications that reach throughout the global financial markets and are of key importance to the future of American housing finance policy. While the American taxpayer will be required to fund a bailout of the two companies that will be measured in the hundreds of billions of dollars, the current state of affairs presents an opportunity to reform the two companies and the manner in which the residential mortgage market is structured. Few scholars, however, have provided a framework in which to conceptualize the possibilities for reform. This Article employs regulatory theory to construct such a framework. A critical insight of this body of literature is that regulatory privilege should be presumed to be inconsistent with a competitive market, unless proven otherwise. The federal government's special treatment of Fannie and Freddie is an extraordinary regulatory privilege in terms of its absolute value, its impact on its competitors and its cost to the federal government. Regulatory theory thereby clarifies how Fannie and Freddie have relied upon their hybrid public/private structure to obtain and protect economic rents at the expense of taxpayers as well as Fannie and Freddie's competitors.Once analyzed in the context of regulatory theory, Fannie and Freddie's future seems clear. They should be privatized so that they can compete on an even playing field with other financial institutions and their public functions should be assumed by pure government actors. While this is a radical solution and one that would have been considered politically naiquest;ve until the recent credit crisis, it is now a serious option that should garner additional attention once its rationale is set forth.
Book Synopsis Promoting Information in the Marketplace for Financial Services by : Paul Latimer
Download or read book Promoting Information in the Marketplace for Financial Services written by Paul Latimer and published by Springer. This book was released on 2014-11-14 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a unique comparative and global analysis of the regulation of disclosure in financial (securities) markets. It is written by two authors who represent both the new world (Australia) and the old world (Germany). The authors present their research in the global business context, with legal and regulatory perspectives including some references from Africa, Asia, the Middle East and South America. After every “boom” and “bust”, legislators pass new disclosure legislation, often in a heated environment fuelled by politics and the media. Little regard is paid to existing regulation or the lessons learned from earlier regulation. The result is the continuing enactment of redundant and overlapping disclosure laws. Since financial markets are often described as markets for information, the failure to ensure disclosure is at the heart of financial services regulation. This book argues that the solution to the failure of disclosure is a brief, easily understood, principles-based, plain English safety-net amendment to statute law such as “you must keep the financial market fully informed”, a measure that would support effective mandatory continuous disclosure of information to financial markets. This book examines the reasons for disclosure regulation, and how the efficient operation of financial markets is dependent on disclosure. It examines the adequacy of common law and civil law concerning broker/client disclosure, and concludes that industry licensing in itself fails to keep the market informed. While recognizing the failures of securities commissions to achieve good disclosure in financial markets, it confirms the effectiveness of coregulation of disclosure by a commission with the support of the financial markets (such as the stock exchange). Coregulation builds on financial market self-regulation, and is best described in the words of one-time SEC Chairman William O. Douglas, who, in the 1930s, described it as a shotgun behind the door.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498321119 Total Pages :85 pages Book Rating :4.4/5 (983 download)
Book Synopsis Canada by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Canada written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-06-24 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Financial System Stability Assessment paper discusses that Canada has enjoyed favorable macroeconomic outcomes over the past decades, and its vibrant financial system continues to grow robustly. However, macrofinancial vulnerabilities—notably, elevated household debt and housing market imbalances—remain substantial, posing financial stability concerns. Various parts of the financial system are directly exposed to the housing market and/or linked through housing finance. The financial system would be able to manage severe macrofinancial shocks. Major deposit-taking institutions would remain resilient, but mortgage insurers would need additional capital in a severe adverse scenario. Housing finance is broadly resilient, notwithstanding some weaknesses in the small non-prime mortgage lending segment. Although banks’ overall capital buffers are adequate, additional required capital for mortgage exposures, along with measures to increase risk-based differentiation in mortgage pricing, would be desirable. This would help ensure adequate through-the cycle buffers, improve mortgage risk-pricing, and limit procyclical effects induced by housing market corrections.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1484398904 Total Pages :41 pages Book Rating :4.4/5 (843 download)
Book Synopsis Australia by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Australia written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-02-21 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This technical note reviews systematic risk oversight and macroprudential policy in Australia. The paper surveys key concerns affecting the Australian financial system, including the substantial increase in house prices and household indebtedness, the rising concentration of bank exposures, and potential volatility from the commercial real estate sector. The macroprudential policy response of the authorities has also been examined. Current arrangements have historically worked well and are based on a culture of strong inter-agency cooperation, and it is important that processes are appropriate to ensure ongoing focus on stability-related risks. The IMF team recommends that the authorities explore options for further extending their macroprudential toolkit, providing additional flexibility in responding to significant shocks, and reducing systemic vulnerabilities. The slowing in the growth of household indebtedness and lower house prices suggest that substantial new measures are not required at the current juncture, but a ‘readiness’ assessment would help to facilitate the introduction of new or expanded policy measures when required.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :356 pages Book Rating :4.:/5 (327 download)
Book Synopsis Enhancing Investor Protection and the Regulation of Securities Markets by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book Enhancing Investor Protection and the Regulation of Securities Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing transitions through the life course by : Beer, Andrew
Download or read book Housing transitions through the life course written by Beer, Andrew and published by Policy Press. This book was released on 2011-06-22 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: The housing we live in shapes individual access to jobs, health, well being and communities. There are also substantial differences between generations regarding the type of housing they aspire to live in, their attitudes to housing costs, the nature of their households and their attitudes to different tenures. This important contribution to the literature draws upon research from the UK, Australia and the USA to show how lifetime attitudes to housing have changed, with new population dynamics driving the market and a greater emphasis on consumption. It also considers how the global financial crisis has differentially affected housing markets across the globe, with variable impacts on the long term housing transitions of different populations.
Book Synopsis International Encyclopedia of Housing and Home by :
Download or read book International Encyclopedia of Housing and Home written by and published by Elsevier. This book was released on 2012-10-09 with total page 3870 pages. Available in PDF, EPUB and Kindle. Book excerpt: Available online via SciVerse ScienceDirect, or in print for a limited time only, The International Encyclopedia of Housing and Home, Seven Volume Set is the first international reference work for housing scholars and professionals, that uses studies in economics and finance, psychology, social policy, sociology, anthropology, geography, architecture, law, and other disciplines to create an international portrait of housing in all its facets: from meanings of home at the microscale, to impacts on macro-economy. This comprehensive work is edited by distinguished housing expert Susan J. Smith, together with Marja Elsinga, Ong Seow Eng, Lorna Fox O'Mahony and Susan Wachter, and a multi-disciplinary editorial team of 20 world-class scholars in all. Working at the cutting edge of their subject, liaising with an expert editorial advisory board, and engaging with policy-makers and professionals, the editors have worked for almost five years to secure the quality, reach, relevance and coherence of this work. A broad and inclusive table of contents signals (or tesitifes to) detailed investigation of historical and theoretical material as well as in-depth analysis of current issues. This seven-volume set contains over 500 entries, listed alphabetically, but grouped into seven thematic sections including methods and approaches; economics and finance; environments; home and homelessness; institutions; policy; and welfare and well-being. Housing professionals, both academics and practitioners, will find The International Encyclopedia of Housing and Home useful for teaching, discovery, and research needs. International in scope, engaging with trends in every world region The editorial board and contributors are drawn from a wide constituency, collating expertise from academics, policy makers, professionals and practitioners, and from every key center for housing research Every entry stands alone on its merits and is accessed alphabetically, yet each is fully cross-referenced, and attached to one of seven thematic categories whose ‘wholes' far exceed the sum of their parts
Book Synopsis Australia's Unintended Cities by : Richard Tomlinson
Download or read book Australia's Unintended Cities written by Richard Tomlinson and published by CSIRO PUBLISHING. This book was released on 2012-11-23 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: Australia’s Unintended Cities identifies and researches housing and housing-related urban outcomes that are unintended consequences of other policies, the structure of incentives and disincentives for the housing market, and governance arrangements for metropolitan areas and planning and service delivery. It is argued that unintended consequences have a greater impact on the housing market and Australia’s cities and their future than policies directly concerned with housing, urban policy and metropolitan strategic planning. The book will inform policy makers, including government officials, consultants and politicians. It will also be used by academics and students in various areas of urban policy, such as housing and urban planning, as well as environment, public policy and economics.
Book Synopsis Financial System Inquiry by : Financial System Inquiry (Australia)
Download or read book Financial System Inquiry written by Financial System Inquiry (Australia) and published by . This book was released on 1997 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing Market Dynamics in Africa by : El-hadj M. Bah
Download or read book Housing Market Dynamics in Africa written by El-hadj M. Bah and published by Springer. This book was released on 2018-03-12 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book utilizes new data to thoroughly analyze the main factors currently shaping the African housing market. Some of these factors include the supply and demand for housing finance, land tenure security issues, construction cost conundrum, infrastructure provision, and low-cost housing alternatives. Through detailed analysis, the authors investigate the political economy surrounding the continent’s housing market and the constraints that behind-the-scenes policy makers need to address in their attempts to provide affordable housing for the majority in need. With Africa’s urban population growing rapidly, this study highlights how broad demographic shifts and rapid urbanization are placing enormous pressure on the limited infrastructure in many cities and stretching the economic and social fabric of municipalities to their breaking point. But beyond providing a snapshot of the present conditions of the African housing market, the book offers recommendations and actionable measures for policy makers and other stakeholders on how best to provide affordable housing and alleviate Africa’s housing deficit. This work will be of particular interest to practitioners, non-governmental organizations, private sector actors, students and researchers of economic policy, international development, and urban development.
Book Synopsis Social Impact Investing by : Stewart Jones
Download or read book Social Impact Investing written by Stewart Jones and published by Taylor & Francis. This book was released on 2021-12-23 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social impact investing is gaining ground as one of the most important investment trends in the world. While the size of the social impact investing market is still relatively small in global terms, momentum continues to grow unabated. Australia in particular is looking to develop a vibrant and transparent social impact investment market. This book considers a number of innovative strategies and pragmatic policy initiatives that can see the social impact investment market flourish in Australia and internationally. The book describes how social impact investing can enter the investment mainstream and how a high-quality regulatory framework governing the measurement, reporting and evaluation of social impact will be critical to building investor confidence and ensuring the credibility, effectiveness and transparency of this market. It also examines different approaches to measurement and evaluation that will ultimately be critical to the success of this market. The authors also recognise that governments have a pivotal role to play in growing the social impact investing market, not only in its capacity as a market facilitator and regulator but also as an active purchaser of social outcomes. This book will be informative for those who wish to learn more about how governments, private investors, investment intermediaries, social enterprises, service providers and other market participants around the world can work together to initiate and grow a vibrant, transparent and well-functioning social impact investing market.
Book Synopsis The Cambridge Handbook of Social Sciences in Australia by : Ian McAllister
Download or read book The Cambridge Handbook of Social Sciences in Australia written by Ian McAllister and published by Cambridge University Press. This book was released on 2003-08-07 with total page 738 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 2003, The Cambridge Handbook of Social Sciences in Australia is a high-quality reference on significant research in Australian social sciences. The book is divided into three main sections, covering the central areas of the social sciences-economics, political science and sociology. Each section examines the significant research in the field, placing it within the context of broader debates about the nature of the social sciences and the ways in which institutional changes have shaped how they are defined, taught and researched.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1484341821 Total Pages :68 pages Book Rating :4.4/5 (843 download)
Book Synopsis Australia by : International Monetary Fund. Asia and Pacific Dept
Download or read book Australia written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2018-02-20 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2017 Article IV Consultation highlights that Australia has enjoyed a comparatively robust economic performance while adjusting to the end of the commodity price and mining investment booms of the 2000s. The recovery from these shocks has advanced further in 2017. Aggregate demand has been led by strong public investment growth amid a boost in infrastructure spending and private business investment has picked up, but private consumption growth has remained subdued. Employment growth has strengthened markedly over the year, although the economy is not yet back at full employment. Wage growth is weak and inflation is below its target range. The macroeconomic policy stance has become more supportive with the infrastructure investment boost.
Book Synopsis Procyclical Behavior of Institutional Investors During the Recent Financial Crisis by : Mr.Michael G Papaioannou
Download or read book Procyclical Behavior of Institutional Investors During the Recent Financial Crisis written by Mr.Michael G Papaioannou and published by International Monetary Fund. This book was released on 2013-09-11 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the global financial crisis; (ii) identifies the main factors that could account for such behavior; (iii) discusses the implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such procyclical investment behavior is understandable and may be considered rational from an individual institution’s perspective. However, our main conclusion is that behaving in a manner consistent with longterm investing would lead to better long-term, risk-adjusted returns and, importantly, could lessen the potential adverse effects of the procyclical investment behavior of institutional investors on global financial stability.
