Review of policy options

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European Central Asia Vice-Presidency Finance Private Sector Development Vice-Presidency The World Bank

78346

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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