Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/210700 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Staff Report No. 848
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
Like the United States, Denmark relies heavily on capital markets for funding residential mortgages, and the Danish covered bond market bears a number of similarities to U.S. agency securitization. In this paper we describe the key features of the Danish mortgage finance system and compare and contrast it to the U.S. system. We also note characteristics of the Danish model that may be of interest as the United States considers further mortgage finance reform. In particular, the Danish system includes features that mitigate refinancing frictions during periods of falling home prices, and offers borrowers the option to repurchase their mortgage at the market price, mitigating "lock-in" effects. Danish mortgage intermediaries also have high capital ratios relative to their risk exposures, contributing to the stability of the Danish market.
Schlagwörter: 
mortgage
covered bond
securitization
Denmark
United States
JEL: 
G15
G18
G21
G23
G28
Dokumentart: 
Working Paper

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