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• MODULE I: Housing Markets, Housing Policy, and Housing Finance
  • DiPasquale, Denise and William C. Wheaton. “The Property and Capital Markets”, Chapter 1; “The Market for Housing Units”, Chapter 8 in Urban Economics and Real Estate Markets. Prentice-Hall, Inc., a Division of Simon and Schuster, New Jersey, 1996.
  • Whitehead, Christine. International Trends in Housing Tenure and Housing Finance. CML Research, 2004.
  • Mayo, Steve, “Housing: Enabling Markets to Work”, Washington DC, 2003.(Link)
  • Gleaser, E. and J. Gyourko. “The Impact of Building Restrictions on Housing Affordability”, Federal Reserve Bank of New York Economic Policy Review. June 2003.
  • Gyourko, J., Saiz, A., and Anita Summers, “A New Measure of the Local Regulatory Environment for Housing Markets: The Wharton Residential Land Use Regulatory Index”, The Wharton School, University of Pennsylvania. Draft of October 22, 2006.
• MODULE II: Innovations and Reforms in Housing Finance Systems
  • Lea, Michael J., “Global Trends”, The Banker. January 2007. Pages 6-9.(Link)
  • Carroll, Christopher D., Misuzu Otsuka, and Jirka Slacalek. “How Large is the Housing Wealth Effect? A New Approach”. NBER Working Paper Series, National Bureau of Economic Research. December 2006.(Link)
  • Guttentag, Jack M.  “Secondary Market–Based Versus Depository–Based Housing Finance Systems”, Secondary Mortgage Markets: International Perspectives. International Union for Housing Finance, 1998.(Link)
  • Guttentag, Jack M.  “Reorganizing Housing Banks: A Case Study of the Fiji Bank”, Housing Finance International. March 1998.
  • Chiuri, M.C. and Japelli, T., “Financial Market Imperfections and Home-ownership: An International Comparison”, European Economic Review 47, 2003. Pages 857-875.
  • US Mortgages on New Homes and Mortgage Debt Outstanding, US Federal Reserve, 2007. (Link 1, Link 2)
  • European Mortgage Federation Quarterly Statistics. February 2007.
  • “A Review of European Mortgage and Housing Markets”, Hypostat, European Mortgage Federation. Brussels. 2006.
  • Nogales, David, Gonzalo del Real, and Jesús Portomarin, “The Spanish Housing Market”, Housing Finance International. March 2007.
• MODULE III: The Business of Housing Finance: Profitability and Risk
  • Managing Profitability and Risk
    • Koch, Timothy and S. Scott MacDonald, Bank Management, 6^th Edition. Thomson South-Western, Chapters 2, 5, 6, 7, 8, 10, and 12. 2006.
    • Saunders, Anthony and Marcia Millon Cornett,  Financial Institutions Management: A Risk Management Approach, 5^th Edition.  McGraw-Hill Irwin, Chapters 7, 8, 11, and 18. 2006.
• MODULE IV: Primary Mortgage Market Innovations and Microfinance for Housing; Development Finance
  • The Mortgage Instrument: Structure and Design
    • GHR Systems Inc., “Tables Illustrating Various Types of Residential Mortgages”. June 2007.
    • Guttentag, Jack M., “A Flexible Payment Mortgage”, Mortgage Banking. November 1999.
    • Guttentag, Jack M., “Flexible Rate Mortgages with Flexible Payments”. August 2005.
    • Guttentag, Jack M., “How Do the Payment Rate and Interest Rate Differ?”. 2007.(Link)
    • Chiquier, Loic, “Dual Index Mortgages: Lessons from International Experience and Conditions of Development in Poland”, Housing Finance International, 13, 1, September 1998.
    • Miles, David, “The UK Mortgage Market: Taking a longer-Term View, Final Reports and Recommendations”, March 2004.
    • Interagency Guidance on Non-Traditional Mortgage Products. US Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration. 2005.
  • Innovations in Loan origination and Administration
    • Jacobides Michael G. “Mortgage Banking Unbundling: Structure, Automation and Profit”, in Mortgage Banking, January 2001.(Link)
    • Edward M. Lewis, “An Introduction to Credit Scoring”, Athena Press, 1992, pp. xv-23.(Link)
    • Avery, Robert B. et al., “Credit Risk, Credit Scoring, and the Performance of Home Mortgages”, Federal Reserve Bulletin, July 1996.(Link)
    • Guttentag Jack M., “Credit Reports and Credit Scoring: The US Case”. 2004.
    • Interagency Guidance on Non-Traditional Mortgage Products. US Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration. 2005.
    • Jacobides Michael G., “Technology with a Vengeance: The New Economics of Mortgage Banking”, Mortgage Banking. October 2001.
    • Guttentag, Jack M., “A Servicing System for Borrowers”. 2002.
    • England, Robert Stowe, “Fire in the Belly”, Mortgage Banking. January 2002.
  • Policies to Protect Borrowers
    • Guttentag, Jack. “Making Mandatory Disclosure Effective: Some Guidelines”. 2002.(Link)
    • Guttentag, Jack M., “Disclosure Requirements and the Sub-prime Meltdown”. April 2007.
    • Guttentag, Jack M., “Dysfunctional Home Mortgage Markets: Suitability Standards and Other Remedies”. March 2007.
  • The US Case
    • “American Mortgages: Bleak Houses”, The Economist. February 2007.
    • Guttentag, Jack M., “Upheaval in the Sub-prime Mortgage Market”. 2007.
    • Wagner, Victoria, “Will Sub-prime Woes Spread to the Wider Mortgage Market?” March 2007.
  • The Mexico Case
    • “Current Housing Situation in Mexico 2005”. Prepared by CIDOC and Sociedad Hipotecaria Federal. 2005.
    • Hipotecaria Su Casita. “Leveraging Non-Tradiational Lenders as an Origination Strategy for Reaching Underserved Borrowers”. June 2007.(Link)
    • Hipotecaria Su Casita. “Master Presentation for IHFP 2007”. March 2007.
    • Benavides, Carlos A., “Hipotecaria Su Casita – Class A Insured Residential Mortgage Backed Floating Rate Notes”, Structured Finance, New Issue Report. Moody’s Investors Service. April 2007.
    • Benavides, Carlos A., “Mexican Sofoles Construction Loan Take-Out Securitization Index 2006”, Structured Finance, Special Report. Moody’s Investors Service. January 2007.
  • Developer / Construction Finance
• MODULE V: Multiple Ways to Access Capital Markets for Housing Finance
  • Chiquier, Loic, Olivier Hassler and Michael J. Lea, “Mortgage Securities in Emerging Markets”. World Bank, Working Paper. 2004.(Link)
  • Van Order, Robert, “Public Policy and Secondary Mortgage Markets”. March 2003.(Link)
  • Pollock, A., “Simplicity versus Complexity in the Evolution of Housing Finance Systems”, Housing Finance International. March 1994.(Link)
  • Pollock, A., “Financing a Society of Property Owners: Risks, Instruments, Institutions”, International Union for Housing Finance Newsletter. May 2006.(Link)
  • Hardt, Judith and Jung-Duk Lichtenberger, “The Economic and Financial Importance of Mortgage Bonds in Europe”, Housing Finance International. June 2001.
  • Frankel, Allen, Jacob Gyntelberg, Kristian Kjeldsen and Mattias Persson. “The Danish Mortgage Market”, BIS Quarterly Review. March 2004.
  • FitchICBA, “German Pfandbriefe and Analogous Funding Instruments Elsewhere in Europe-Particularly France and Spain”, 2000.
  • Avesani, Renzo G., Pascual, Antonio G. and Elina Ribakova, “The Use of Mortgage Covered Bonds”, IMF Working Paper. January 2007.
  • European Covered Bond Council, European Covered Bond Factbook. August 2006.(Link)
  • Fabozzi, Frank J and John N. Dunlevy,  “Agency pass-through Securities and Mortgage Strips”, Chapter 3; “Agency Collateralized Mortgage Obligations”, Chapter 4 in Real Estate-Backed Securities. Frank J. Fabozzi Associates, Pennsylvania. 2001.
  • Bear Stearns, “Bear Stearns Quick Guide to Non-Agency Mortgage Backed Securities”. September 2006.
  • Baltic American Mortgage Trust, LLC, “International Structured Finance: Pre-Sale Report”. November 2004.
  • Fitch Ratings, “Structured Finance in Latin America’s Local Markets: 2005 Year in Review and 2006 Outlook”. March 2006.
• MODULE VI: Valuation of Mortgages and Mortgage Instruments
  • Santomero, Anthony M and David Babbel. Chapter 6 – “Valuing Cash Flows”, Chapter 7 - “Recognizing the Uncertainty of Future Interest Rates”, Chapter 8 - “Interest Rate Risk and the Value of Cash Flows”, Chapter 9 - “Other Risks and the Value of Cash Flows”, Chapter 13 - “Understanding the Mortgage Market”, in Financial Markets, Instruments and Institutions. McGraw-Hill, 2001.(Link 1, Link 2)
• MODULE VII: Real Estate Bubbles; Real Estate Finance and the Safety and Soundness of Financial Institutions
  • Real Estate Bubbles
    • Herring, Richard J. and Susan Wachter. “Real Estate Booms and Banking Bust – An International Perspective”, Occasional Paper No. 58, Group of Thirty. 1999.
  • The Safety Net in Theory and Practice
    • Beim, David O. and Charles W. Calomiris, Emerging Financial Markets. Chapters 3, 7, 8, and 9. McGraw-Hill Irwin. 2001.
  • The Regulation of Capital: Basel II, The Emerging International Standard
    • Credit Suisse Equity Research, “Figuring Out Basel II”. September 2005. (Link)
• MODULE VIII: Extending Mortgage Lending and Housing Services to Lower Income Groups
  • Expanding Mortgage Finance and Housing Services
    • Hoek-Smit, Marja C., “Setting the Framework: Connecting Public and Private Sector”. 2006.(Link)
    • Malpezzi, Stephen and Stephen K. Mayo, “Getting Housing Incentives Right: A Case Study of the Effects of Regulation, Taxes and Subsidies on Housing Supply in Malaysia”. Land Economics, 73(3), August 1997, pp. 372-91.(Link)
    • Butler, Stephen, “Enforcement of Mortgage Rights in Housing Finance”, World Bank Conference Housing Finance in Emerging Economies. 2003.
    • Blood, Roger, “Mortgage Default Insurance for Developing Economies”.
    • Blood, Roger, “Mortgage Default Insurance – International Perspective”. 2004.(Link)
    • Harney, Kenneth, “Unnecessary Title Insurance Closing Costs”, in The Washington Post. Saturday, April 28^th, 2007.
    • Rabenhorst, Carol S. and Stephen B. Butler, “Tanzania: Action Plan for Developing the Mortgage Financial Market”. Prepared for The First Initiative by The Urban Institute. February 2007.
  • Microfinance for Housing
    • Isem, Jennifer, CGAP, David Porteous, “Commercial Banks and Microfinance: Evolving Models of Success”, CGAP Focus Note. June 2005.(Link)
    • Segel, Arthur, Nadeem Meghji, “Patrimonio Hoy: A Groundbreaking Corporate Program to Alleviate Mexico’s Housing Crisis”. Harvard Business School, 2005.
    • City Alliance. CIVIS, Shelter Finance for the Poor Series, April 2003.
    • CGAP, “Microcredit Interest Rates”, Occasional Paper, August 1996.(Link 1, Link 2)
    • Mesarina, Nino and Christy Stickney, “Getting to Scale in Housing Microfinance: A Study of ACCION Partners in Latin America”, InSight. April 2007.
    • SIDA, “Creative Urban Finance for the Poor”. 2006.
    • Daphnis, Franck, “Elements of Product Design for Housing Microfinance” Chapter 4, in Microfinance for Housing, Kumarian Press. 2003.
    • For various examples of microfinance for housing, please visit the City Alliance Website:  Link.
  • Rental Housing Policy
    • Dubel, Hans J. and Ellen Hamilton, “Rental Choice and Housing Policy Realignment in Transition: Post-privatization Challenges in the Europe and Central Asia Region”. Infrastructure Department, Europe and Central Asia Region, The World Bank, Washington D.C. April 2006.
    • Siegert, Nelliana Villoria, “What to do with Public Rental Housing: Challenges and Options”. Inter-American Development Bank. 2004.
    • Barcelo, Cristina, “Housing Tenure and Labour Mobilitiy: A Comparison Across European Countries”. CEMFI Working Paper No. 0302. January 2003.
    • Lopez, Maria Esther Blas, “Spain: The Rent Decontrol Process”. European University Institute, Florence, Italy. Undated.
    • Turner, Bengt and Stephen Malpezzi, “A Review of Empirical Evidence on the Costs and Benefits of Rent Control”. Swedish Economic Policy Review 10 (2003) 11-56.
    • Rental Housing: An Essential Option for the Urban Poor in Developing Countries. United Nations Human Settlements Programme (UN-HABITAT). Nairobi, 2003.
  • Subsidizing housing Finance
    • Hoek-Smit, Marja and Douglas Diamond, An Illustrated Guide to Housing Finance Subsidies. Chapters 2 and 14 from the draft to be published by the World Bank and Wharton IHFP, 2007.(Link1, Link2)
    • Hirad, Abdighani, Peter M. Zorn, “A Little Knowledge is a Good Thing: Empirical Evidence of the Effectiveness of Pre-Purchase Homeownership Counseling”, Research Institute for Housing America. May 2001.
    • Lowenstein, Roger. “Who Needs the Mortgage Interest Deduction?”, 2006.
    • Van Horne, James C., “The Social Allocation of Capital,” Chapter 12 in Financial Market Rates and Flows, Prentice-Hall, Inc., 1984.
    • Danao-Schroeder, Russell, “A Case Study of the Fundacion Costa Rica – Canada: Capitalizing on the Strength of Community Organizations”. Prepared for Habitat for Humanity. October 2006.

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