Description |
1 online resource (36 pages) |
Series |
IMF country report ; no. 11/369 |
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IMF country report ; no. 11/369.
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Contents |
Cover; Contents; Glossary; I. Introduction and Summary; II. Covered Bonds versus Securitization; A. German Covered Bonds (Pfandbriefe); Figures; 1. German Mortgage-Backed Covered Bond and Mortgage-Backed Securities Issuance; 2. German Non-Jumbo Versus Jumbo Pfandbrief Issuance; B. German Mortgage Securitization; Boxes; 1. The German True Sale Securitization Initiative; 2. Recent European Mortgage Securitization Issuance; 3. The KfW PROVIDE Securitization Platform; Tables; 1. Comparative Performance of Securitization Markets in Germany, Europe, and the United States |
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3. German Asset-Backed Securitization (Non-Mortgage)4. Small- and Medium-Sized Enterprise Securitization in Germany; C. Comparison of German Covered Bonds (Pfandbriefe) with Securitization; 2. Comparison of United States and German Loan Origination and Securitization; 5. Covered Bond Credit Rating Uplift; 3. Covered Bonds, Mortgage-Backed Securities and Senior Unsecured Debt Comparison; III. New Legislation and Regulations Could Make Securitization Less Attractive; A. Making Securitization Products Safer Through Risk Retention and Transparency; 6. Incentive Problems in Securitization |
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B. Making Securitization Products Less (and Covered Bonds More) Attractive to InvestorsC. Need for a Balanced Approach to Regulating Covered Bonds and Securitization; D. Systemic Risk Considerations; 4. Credit Spreads on Pfandbriefe and Covered Bonds; 7. Regulatory Capital Treatment of Holdings of Credit Institutions; E. Summary and Conclusions |
Summary |
As part of the 2011 Financial Sector Assessment Program (FSAP) update for Germany, this Technical Note reviews recent developments of mortgage-covered bond (Pfandbrief) and mortgage securitization markets in Germany, and explores future prospects for each against the background of ongoing regulatory changes. It examines the characteristics of the two markets and their performance through the crisis, and analyzes some of the policy reactions that are currently tending to favor covered bonds over securitization. Some of the systemic vulnerabilities associated with covered bonds are also discussed |
Notes |
"December 2011." |
Bibliography |
Includes bibliographical references (pages 33-36) |
Notes |
Online resource; title from PDF caption title (IMF, viewed November 1, 2013) |
Subject |
Mortgage-backed securities -- Germany
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Covered bonds -- Germany
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Covered bonds
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Economic history
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Mortgage-backed securities
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SUBJECT |
Germany -- Economic conditions -- 1990-
http://id.loc.gov/authorities/subjects/sh91000418
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Subject |
Germany
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Form |
Electronic book
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Author |
International Monetary Fund, issuing body.
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ISBN |
1283569892 |
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9781283569897 |
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1463955391 |
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9781463955397 |
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9781463928544 |
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1463928548 |
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