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Global Financial Crisis and Mortgage Finance and Valuation Problems: An Assesment of the US and Turkish Mortgage Systems

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  • Coskun, Yener

Abstract

Abstract After emerging from the U.S. real estate and financial markets, financial crisis has gradually become global. Due to both primary and secondary mortgage market problems in the U.S. are accepted as the essential reasons of the current crisis, it is believed that financial markets and real estate sector need a new design. In this paper, the author condiders the importance of real estate valuation in the origination of crisis and whether Turkish mortgage market has similar problems with the U.S. It is argued in the paper that real estate valuation is one of the most critical reasons of crisis. To implement effectively of the real estate valuation, market culture and knowledge are of great importance expected to developed by market players, NGOs, SROs, regulators, academicians etc. The author suggests that brand new establishment of The Association of Appraisal Experts of Turkey is important for the development of sound real estate valuation. But the next and bigger step should be a new property valuation legislation which should cover all relevant (and possible) real estate valuation rules and practices of the Turkish law/commercial life.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 35301.

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Date of creation: 15 Sep 2010
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Handle: RePEc:pra:mprapa:35301

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Keywords: Real estate; valuation; mortgage; global financial crisis;

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References

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  1. Gary B. Gorton, 2008. "The Subprime Panic," NBER Working Papers 14398, National Bureau of Economic Research, Inc.
  2. Kristopher Gerardi & Andreas Lehnert & Shane M. Sherlund & Paul Willen, 2008. "Making Sense of the Subprime Crisis," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(2 (Fall)), pages 69-159.
  3. Luci Ellis, 2010. "The Housing Meltdown: Why Did It Happen in the United States?," International Real Estate Review, Asian Real Estate Society, Asian Real Estate Society, vol. 13(3), pages 351-394.
  4. Bhattacharya, Sudipto & Boot, Arnoud W A & Thakor, Anjan V, 1998. "The Economics of Bank Regulation," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 30(4), pages 745-70, November.
  5. Christopher L. Foote & Kristopher Gerardi & Lorenz Goette & Paul S. Willen, 2008. "Subprime facts: what (we think) we know about the subprime crisis and what we don’t," Public Policy Discussion Paper, Federal Reserve Bank of Boston 08-2, Federal Reserve Bank of Boston.
  6. Danielle DiMartino & John V. Duca, 2007. "The rise and fall of subprime mortgages," Economic Letter, Federal Reserve Bank of Dallas, Federal Reserve Bank of Dallas, vol. 2(nov).
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Cited by:
  1. Coskun, Yener, 2010. "An Analysis of the Strenghts and Weaknesses of the Turkish Real Estate Market," MPRA Paper 28361, University Library of Munich, Germany.

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