Search Results (4)

Our objective is to test for evidence of information asymmetry in the mortgage servicing market. Does the sale of mortgage servicing rights (MSR) by the initial lender to a second servicing institution unveil any residual asymmetric information? We are the first to analyze the originator’s selling choice of MSR. We use a large sample of U.S. mortgages that were securitized through the private-label channel during the period of January 2000 to December 2013 (more than 5 million observations). We propose a new nonparametric instrumental variable testing procedure to account for potential endogeneity. For robustness, we present parametric analyses to corroborate our results using instrumental variables. Our empirical results provide strong support for the presence of second-stage asymmetric information in the mortgage servicing market during the period of analysis and before the risk retention reform of 2014. Full article

An important feature of China’s housing market is the coexistence of a high house-price- to-income ratio and high homeownership rates. The purpose of our study is to reveal the root causes of this paradox from a new perspective and theoretical foundation. Based on questionnaire data from Hangzhou and logistic regression models, our research finds that the most important factors driving middle and lower-income groups to buy homes are its unique household registration and school district housing system, underdeveloped housing rental market and inadequate regulatory system, and the wealth appreciation effect caused by the continued rise in housing prices. Furthermore, intergenerational wealth transfers, private lending, and China’s generous home mortgage policies have made homeownership possible for this groups. However, the high house-price-to-income ratio leads to heavy financial pressure on the middle- and low-income groups and is not conducive to sustainable and healthy economic development. To this end, we suggest that the government accelerate the equalization of public services, improve the regulatory system governing the rental housing market, and control the unreasonable rise in housing prices and diversify investment channels for residents. Full article

In Latin America, the energy crisis has worsened due to the dependence on energy services and fossil fuel imports from highly industrialized countries at prices established by the international market; this is particularly relevant to the construction industry, which presents a significant deficit in optimal energy consumption. Hence, some governments have established public policies to maximize the efficiency of these services and, at the same time, minimize the carbon footprint. In this research study, we reviewed the public policies, strategies, and incentives for energy efficiency (EE) implementation in the residential sector established by the Mexican government. A scoping review methodology was chosen and implemented in the following steps: 1. Research inquiry identification. 2. Determination of the relevant literature and studies. 3. The literature selection. 4. Data graphing. 5. Results collection, overview, and submission. In this systematic review, we identified five mandatory standards (NOM-008-ENER-2001, NOM-009-ENER-2014, NOM-018-ENER-2011, NOM-020-ENER-2011, and NOM-024-ENER-2012), six optional standards, four strategies (Green Mortgage, Integral Sustainable Improvement in Existing Housing, ECOCASA, and NAMA), and three kinds of incentives (green bonds, credit and interest rates (Green Mortgage, FIDE, and Ecocasa), and taxes (Income Tax Reduction)). As a result of the implementation of the above, as of December 2020, NAMA financed 5106 developers of 38 projects in 15 states; contributed to a reduction of 126,779 tons of CO₂; and aided 19,913 people. From 2013 to December 2023, EcoCasa subsidized 71,440 households for a total of 224 projects in 25 states; contributed to a reduction of 2.6 million tons of CO₂; aided 285,760 Mexicans; and issued EcoCasa certificates for 3,473,556 m². The results of the EE indicators in residential buildings showed an increase in the housing unit number as well as an increase in household appliances, with those based on power consumption prevailing. The residential sector ranks third in power consumption in Mexico, consuming an estimated 790 pj, of which 76% corresponds to thermal energy and 24% to electric power. Among countries in Latin America and the Caribbean, Mexico has achieved an Energy Transition Index of 62%. Full article

This study has the following objectives: to analyze the state of agrarian business lending and the market of banking services, establish the reasons for the insufficient level of mortgage lending implementation, and develop ways and tools to improve lending to the agrarian sector. The research methodology considers a systematic approach to the statistical analysis of bank lending in the agricultural sector of Ukraine, the development of criteria, and the implementation of the hierarchy analysis method for the reasonable selection of a loan product and banking institution. We conducted an analysis of the current state of lending to agricultural enterprises. We also analyzed lending trends, loan products, and basic lending terms by banks of Ukraine to agricultural enterprises. The share of bank lending of the working capital of the agricultural industry was estimated. The dynamics of preferential lending to the agricultural sector were determined. Its essence is that banks with partial repayment of loan rates are given loans at the expense of the state budget. The directions and volumes of borrowed loan resources usage by agricultural enterprises were considered. It is recommended to use the hierarchy analysis method by T. Saaty for choosing an effective loan product. We developed the criteria that could be applied when selecting a loan product. We also determined potential directions for the development of mortgage lending for the agricultural sector. Full article