Review of policy options



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Europe and Central asia


HOUSING FINANCE CRISIS PREVENTION AND RESOLUTION

A review of policy options


March 2013


European & Central Asia Vice-Presidency
Finance & Private Sector Development Vice-Presidency


The World Bank
Abbreviations and Acronyms

AHML

Agency for Home Mortgage Lending (Russia)

AMF

Azerbaijan Mortgage Fund (Azerbaijan)

APRC

Annual Percentage Rate of Charge

ARM

Adjustable Rate Mortgage

BIS

Bank for International Settlements

CBIC

Covered Bond Investor Council

CDO

Collateralized Debt Obligation

CEE

Central and Eastern Europe

CHF

Swiss Franc

CIS

Commonwealth of Independent States

CPI

Consumer Price Index

CRD

Capital Requirements Directive (EU Directives 2006/48 and 2006/49)

DTI (PTI)

Debt to Income (Payment to Income) – periodic mortgage payment to the borrower income

ECA

Europe and Central Asia

ECB

European Central Bank

ECBC

European Covered Bond Council

EMF

European Mortgage Federation

EMU

Economic and Monetary Union

ESF

European Securitization Forum

EU

European Union

EUR

Euro

FHL

12  Federal Home Loan Banks

FHLMC

Federal Home Loan Mortgage Corporation, Freddie Mac

FNMA

Federal National Mortgage Association, Fannie Mae

FRM

Fixed Rate Mortgage

FSB

Financial Stability Board

FX

Foreign Currency

FYRM

Former Yugoslav Republic of Macedonia

GDP

Gross Domestic Product

GSE

Government Sponsored Enterprises

HOA

Homeowners’ Association, in a condominium or cooperative ownership context

HPA

House Price Appreciation

IAS

International Accounting Standard

IFRS

International Financial Reporting Standards

IMF

International Monetary Fund

IOSCO

International Organization of Securities Commissions

KMC

Kazakhstan Mortgage Company (Kazakhstan)

KYC

Know Your Customer principle

Libor

London interbank offered rate

LTV

Loan To Value – ratio of mortgage loan principal amount to the value of the real estate collateral

MCB

Mortgage Covered Bond

MFI

Monetary Financial Institution

MSA

Metropolitan Statistical Area

NMC

National Mortgage Company (Armenia)

NPL

Non-Performing Loan

OC

Over-Collateralization

OECD

Organization for Economic Co-operation and Development

p.a.

Per annum, annualized

REE

Residential Energy Efficiency

REIT

Real Estate Investment Trust

RHS

Right Hand Scale

RMBS

Residential Mortgage Backed Securities

ROA

Return on Assets

ROE

Return on Equity

RUR

Russian Ruble

SIFMA

Securities Industry and Financial Markets Association

SIV

Structured Investment Vehicle

SMI

State Mortgage Institution (Ukraine)

SPV

Special Purpose Vehicle

SSHF

Small-Scale Housing Finance

UCITS

Undertakings of Collective Investment in Transferable Securities (EU Directive 2009/65)

USD, US$

US dollar

WB

World Bank

Yoy

Year-on-year


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