Mortgage Securitization — Lessons for Emerging Markets
AbstractIt is commonly accepted that a well-developed primary residential mortgage market promotes homeownership and that homeownership in turn promotes economic and political stability. Secondary mortgage markets (SMMs) serve to enhance primary mortgage markets by separating the mortgage investment and origination functions. This separation increases the number of mortgage investors and, ultimately, the amount of capital available in the market. Increased competition in the primary market leads to more choices and lowers costs for borrowers. The net effect is to expand the benefits accruing from a primary mortgage market: making homeownership cheaper and more affordable, and expanding the ability of citizens to become homeowners.
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Bibliographic InfoPaper provided by HUD USER, Economic Development in its series Economic Development Publications with number 39146.
Length: 57 pages
Date of creation: Jul 2007
Date of revision:
Find related papers by JEL classification:
- G00 - Financial Economics - - General - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-11-10 (All new papers)
- NEP-COM-2007-11-10 (Industrial Competition)
- NEP-FMK-2007-11-10 (Financial Markets)
- NEP-URE-2007-11-10 (Urban & Real Estate Economics)
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