Akinwunmi, A; Gameson, R; Hammond, F and Olomolaiye, P (2007) Mortgage insurance and housing finance in emerging economies. In: Boyd, D (ed.) Proceedings of 23rd Annual ARCOM Conference, 3-5 September 2007, Belfast, UK.
Abstract
Lending is considered to be the utilisation of resources mobilised and management of associated risk. Existing literature on housing finance in the developed world identifies the high Loan-To-Value (LTV) approach for funding housing purchase as posing a significant risk to mortgage lenders. In response, developed countries have adopted mortgage insurance as the key vehicle for credit risk mitigation. In the emerging economies however, the often adopted formal housing finance mechanism is depository - based, which lacks the mortgage insurance option. This paper provides a comprehensive review of the literature on formal mortgage tools in both developed and emerging economies and concludes that it would appear to be more beneficial for emerging economies to reform their mortgage institutions and incorporate mortgage insurance as a measure to effectively manage housing credit risk. The result of this investigation will form part of an ongoing study on housing finance in emerging economies.
| Item Type: | Conference Paper (Paper) |
|---|---|
| Uncontrolled Keywords: | emerging economies; housing finance; mortgage insurance; risk management |
| Index terms: | risk mitigation, investigation, emerging economy, risk management, mortgage, option, funding, insurance, housing, developed country |
| Subjects: | economic analysis, economic development, decision analysis, construction type, risk assessment, development economics, data collection methods, financial risk |
| Topics: | Cost Management, Business Strategy, Research Practice, International Construction, Risk Management, Construction Technology |
| Descriptive scope: | 3 PCA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here