The Impact of the GST on Mortgage Yield Spreads of Australian Building Societies

Australia has experienced significant rises in mortgage costs and sharp declines in housing affordability in the last few decades, particularly since it implemented a new tax system of Goods and Services Tax （GST） in July 2000. Prior research has attempted to examine the influence of the GST on general price levels, but little research effort has been directed to investigate the impact of the GST on mortgage costs. Using proprietary data of major building societies in Australia for 36 months, this paper examines the changes of mortgage yield spreads in the pre-and post-GST periods for building societies. Results suggest that the lenders significantly increased their mortgage charges in the post-GST periods, For example, the increase is found to be, on average, 59.0 basis points which are much higher than that of banks.

Roles of Financial Innovation and Information Technology:Lessons from US Sub-prime Mortgage Crisis and Its Implications for China

The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.

Obstacles to the Mortgage Financing of Forest Rights and its Countermeasures

Current status of the mortgage financing of forest rights is introduced.Significance of the development of mortgage financing of rural forest rights is analyzed,indicating that the mortgage financing of rural forest rights is an inevitable trend of rural reform development,Mortgage financing of forest rights in rural China is an effective vector for the farmers' income increase project with financial support,explores the great potential of forest resources,promotes the coordinated development of forestry and financial services.Major obstacles for the mortgage financing of forest rights at present is pointed out,which are the high assessment fees,the complex mortgage valuation,the unsound element market of forestry,and the lack of risk protection mechanism.Countermeasures for the development of mortgage financing of forest rights is out forward.For instance,both government and Forestry Bureau should strengthen the circulation services,establish smooth evaluation mechanism,establish companies for rural assets platform,increase the interest subsidies for forest right mortgage and the risk compensation,strengthen the team construction and improve the service system.

A Review of Rural Policy-favored Petty Loan Forest Property Certificate Mortgage

Studying petty loan forestry property mortgage mode has significant practical meaning in fund-raising and income-increasing in the forest- agriculture industry,restructuring and expanding the industry as well as setting up scientific industrial public policies. On the basis of literature analysis and field research data,this paper will classify and analyze research papers studying in forestry,property mortgage,and therefore draws conclusions on relevant concepts of petty loan forestry property mortgage,economics and property rights theory as well. At present,the studies of petty loan forestry property mortgage are more practical that are lack of an overall theoretical framework. Considering China's real situation of petty loan forestry property mortgage mode,we have investigated some foreign cases in operating forestry property mortgage systemically and some challenges and difficulties confronted by stakeholders in real cases. Therefore,we put forward that in the current period the fund-raising in forestry industry should focus on establishing and improving an overall rural petty loan forestry property mortgage mode.

Developing Situation and Countermeasures of Mortgage Financing of “Three Rights” in China's Rural Areas

By adopting archival analysis method and investigation method,this paper expounds the relationship between "three rights" mortgage and farmers' financing in rural areas,and conducts analysis on behavior choosing of "three rights" mortgage financing in rural areas.The results show that the farmers has strong need for financing,but the satisfaction level of need is not high;the farmers have many irregular channels of financing and there is a ubiquitous phenomenon of loan being rejected without mortgage;agricultural modernization,industrialization and scaling-up management have strong need for capital.The main problems yet to be solved in the process of carrying out "three rights" mortgage loan are expounded and corresponding countermeasures are put forward as follows:first,we should solve the problems of mortgage registration as quickly as possible,which is the prerequisite of implementing "three rights" mortgage loan;second,we should establish smooth evaluation mechanism,which is important condition for promoting "three rights" mortgage loan;we should solve the difficulties in confirmation of farmers' house as quickly as possible,which is indispensable element of expanding mortgage loan of farmers' house;we should effectively solve the problem of turning an asset into cash and assets disposal,which is the key to expanding "three rights" mortgage financing;we should establish sound forestry factor market,which is the main part of promoting healthy development of forestry right mortgage loan;we should formulate management methods of financing risk compensation fund of rural property rights and adopt rational measures to reduce taxation,which is the main approach to quicken offering of "three rights" mortgage loan.

A Probe into the Mortgage Rates of Land Contract Management Rights Based on Unified Annual Output Value

The mortgage of land contract management rights has launched a pilot project in Ningxia,Hubei,Henan,Guizhou,Chongqing and other provinces,municipalities and autonomous regions,which provides a good solution to the problem of funds for rural development and plays a huge role in promoting local rural economic development.In the mortgage financing of land contract management rights implemented in various regions,how to determine a scientific,accurate and reasonable mortgage rate of land contract management rights becomes a difficulty troubling the mortgage financing of land.On the basis of unified annual output value of land,this article uses survey method,income capitalization method,and comparison method to analyze the value of land contract management rights,and finally determine the mortgage rates of land contract management rights.

Analysis of Risks in the Individual Housing Mortgage Loan with Game Theory

Through using game theory,a game model of lendingand borrowing money between banks and individuals isestablished to explain how the risks come into being and are transferred in the dynamic point of view.Some sug-gestions about how to avoid the risks are proposed.

Analysis on Mortgage of Farmland Contractual Management Right and Countermeasures

In recent years, a series of pilot projects in mortgage of farmland contractual management right have been carried out in some regions. However, there is considerable dispute over whether the farmland contractual management right can be mortgaged in the practice of China's legislation on land circulation. We firstly introduced current situations of mortgage of farmland contractual management right in China. Then, we analyzed existing problems in mortgage of farmland contractual management right. Finally, we put forward corresponding countermeasures and recommendations, to bring into full play land use efficiency, more rationally distribute land resource, and further promote development of rural economy.

Subprime Mortgage Crisis and the Exchange Rate Channel: Evidence from Six Countries of the Zone Euro-Med

This article proposes to assess the impact of the subprime mortgage crisis on the exchange rate channel in 6 countries of the Euro-Med zone. To do this, our analysis is based on three evaluation methods that allow us to conclude that the exchange rate channel is better evaluated by the non-linear approach of the countries studied. Thus, the depreciation of the exchange rate adopted by the countries of the Med zone did worse macroeconomic stability and economic convergence.

＂Cold Shoulder＂ Experience of Farmland Property Right Mortgage--Based on the questionnaire of 1250 households in Jiangxi Province

Rural households field questionnaire survey found that current promotion pilot of agricultural property mortgage loan policy suffered the "cold shoulder" experience, and the analysis on the survey found that agricultural property mortgage loan pilot policy had significant effect on the economy in Jiangxi, which still had improvement space. Loan institutions obviously lack enough trust on the policy, leading in general reluctance to lending, and farmers suffered "loan embarrassing", trust loss, more loan difficulty and loan disdain. Therefore, it suggested that the mortgage policy for rural land property rights should be implemented according to different local conditions, so as to enhance the useful decisions of CPC Central Committee on financial benefits of farmland consolidation results.

The Pricing of Reverse Mortgages in the Chinese Market

Reverse mortgages(RM)are an attractive tool to increase retirement incomes and to face the needs of health care for elderly people.The investor in the RM market faces several risks:longevity risk,as retirees’life expectancy increases,interest rate risk,especially in the low-rate post-crisis period,property market risk,in the last stage of the current business cycle.In our pricing model we incorporate the overall risk of the RM,focusing on the feature of the developing Chinese market.

Predictive Modeling and Expectable Loss Analysis for Borrower Defaults of Mortgage Loans

Home mortgage loan lending firms are exposed to many business risks.This paper focuses on the mortgage loan borrower risks and proposes a prospective loss analysis approach in regard to loan repayment defaults of borrowers.For this purpose,a predictive modeling is presented in three stages.In the first stage,occurrence of borrower defaults in a mortgage loans portfolio is modeled through the generalized linear models(GLMs)type regressions for which we specify a logistic distribution for default events.The second stage of modeling develops a survival analysis in order to estimate survival probability and hazard rate functions for individual loans.Ultimately,an expectable loss amount model is presented in the third stage as a function of conditional survival probabilities and corresponding hazard rates at loan levels.Throughout all modeling stages,a large and real data set is used as an empirical analysis case by which detailed interpretations and practical implications of the obtained results are stated.

Mortgage of Land Management Right in the Rural Area Under the Policy Context

The aim of this study is to explore the necessity to consider the specialty of policy context in ethnic minority area during the policymaking process.Case analysis is applied to study the policy context in microscopic aspect.The information came from two sources:questionnaires or phone calls,and related documents.Study suggested that the mortgage of land management lies in the negligence of temporal dynamic balance when it comes to the mastering of policy context.Optimal plan of method design was given in the end of this paper.

mortgage和hypothecate二法律术语的汉译

mortgage和hypothecate是民法中两个有着很大区别的概念 ,然而 ,我国的一些英汉词典及法律词典似乎将其等同化了 ,结果导致汉译不准确 ,出现法律翻译中“专门术语不一致”现象。本文旨在分析这两个词的内涵 ,探讨其中文译法 。

Redlining in Residential Mortgages in Johannesburg, South Africa

The aim of the research in the paper was to study redlining practice within the greater Johannesburg area. The aim can be summarised by the following objectives： firstly, to investigate the evidence of redlining in the Greater Johannesburg area and to test its existence; secondly, to investigate the reasons why the areas were redlined; thirdly, to understand what the South Africa government and society did to combat the redlining practice. The research methodology was based on a questionnaire and interviews. A pool of respondents from the Greater Johannesburg suburbs that had interest or were affected by the practice of redlining was sought and interviewed. Analysis of the responses was made and conclusions were drawn from the responses. Secondary data was also sought from publications on the redlining practice to support the primary interviews data. From the interview responses and the secondary data, it was established that redlining existed in Greater Johannesburg and that the areas where redlining was practised could be marked on a map.

Fair Valuation Issues and the Subprime Mortgage Debacle： Could Generally Accepted Accounting Principles Underlying the Historical Cost Method Have Prevented the Crisis？

There are three primary methodologies employed to determine real estate value in the appraisal industry： the cost approach, the sales approach and the income approach. The definition of market value is defined as： ＂a type of value, stated as an opinion that includes a set of assumptions concerning the market＂. Unfortunately, untrained and unlicensed appraisers provided opinions using primarily the sales approach or market data approach and virtually ignored the other two methodologies. The ensuing game of ＂Can You Top This＂ resulted in creating an out-of-control real estate market driven by unregulated fiduciaries as appraisers.

Rural Financial Innovation in China Viewed from Subprime Mortgage Crisis

The root causes of subprime crisis are analyzed based on the introduction of the definition and features of subprime mortgage loans:firstly,a loose financial supervision and regulation environment leads to weak risk awareness;secondly,the highly complex financial products enlarge the risk. Taking into account that our rural finance is characterized by vast territory,scattered distribution of population,small economic scale and insufficient mortgage,it is pointed out that rural finance has different development rules and patterns from urban finance. On the basis of introducing that there is an insufficient amount of formal finance in our rural finance and our informal finance is under a long-term suppression,the great significance of financial innovation to rural finance is discussed:firstly,it effectively increases financial supply;secondly,it gradually regulates and develops the informal finance. The enlightenment of subprime crisis to our rural financial innovation is explored:firstly,financial innovation is the driving force of rural financial development;secondly,to strengthen risk awareness is a prerequisite for financial innovation;thirdly,a flexible and effective supervision and regulation system is an effective approach to preventing financial risks.

he U.S. Mortgage Crisis

The financial crisis of 2008 left the U.S. economy in a state of severe recession, which is still being felt all over. This has also left the government in a frantic condition to rebuild the financial markets from the bottom up. What started out with excessive bank lending on mortgages lead to the mortgage crisis and a ripple effect on the economy. The cancer has spread globally, affecting every major marketplace and all the major states in the U.S.. Our economy is still very fragile because of this crisis, but eventually we will recover in a few years time to achieve robust economic growth. Long standing cultural pressures in the United States maintained that home ownership was necessary to be a part of the American Dream, and this cultural stance was reinforced by Clinton in 1994, when he enacted a program to raise home ownership to more than two-thirds of all adults. With the tacit blessing of the Federal Government, many mortgage companies sprung up, that catered to those in lower income brackets, offering them the mortgages that many did not have the financial sophistication to understand and deliver. Coupled with the skyrocketing costs of property taxes, insurance, and maintenance costs, many homeowners found themselves unable to pay their mortgages. The whole industry tanked, causing displacement of people and increased unemployment. The lenders of these mortgages sold the notes to investment bankers, and they were sold as high-quality investment grade securities. The major rating agencies were complacent in this tactic, causing rapid default rates on these mortgages; many commercial and investment banks got caught in this crisis. The prices of homes continue to decline, and many homeowners find themselves under water on their mortgages. It was found that in 2010, the U.S. government was responsible for nine out of every ten mortgages issued, which caused further problems with Fanny Mae and Freddie Mac. The crisis is still continuing, with no end in sight. The analysis was based on the data analysis and readings from the journal, as well as various Wall Street commentaries.

Classification and Prediction on Rural Property Mortgage Data with Three Data Mining Methods

The Farmers Property Mortgage Policy is a strategic financial policy in western China, a relatively underdeveloped region. Many contradictions and conflicts exist in the process between the strong demand for the loans by farmers and the strict risk control by the financial institutions. The rural finance corporations should use scientific analysis and investigation of the potential households for overall evaluation of the customers. These include historical credit rating, present family situation, and other related information. Three different data mining methods were applied in this paper to the specifically-collected household data. The objective was to study which factor could be the most important in determining loan demand for households, and in the meanwhile, to classify and predict the possibility of loan demand for the potential customers. The results obtained from the three methods indicated the similar outputs, income level, land area, the way of loan, and the understanding of policy were four main factors which decided the probability of one specific farmer applying for a credit loan. The results also embodied the difference within the three methods for classifying and predicting the loan anticipation for the testing households. The artificial neural network model had the highest accuracy of 91.4 which is better than the other two methods.

Analysis of Institutional Dilemma of Forest Property Mortgage Loan

Forest property mortgage opens up a new financing channel to revitalize forest resources assets, but there are many restrictions to forest property mortgage loan from relevant legal norms and practices concerning mortgage loan policies.The paper analyzed the institutional dilemma of forest property mortgage loan in accordance with relevant laws and policies,and then made the recommendations,in order to provide a meaningful reference to perfect forest property mortgage loan.