HOFINET | Housing Finance Information Network

Housing Finance Policy

PDF featuring variable definitions

A. Legal and Regulatory Framework

A.1 Legal and Regulatory Framework

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Basis of the legal system: Civil, Common, Islamic, Other? (Describe)	Civil	Civil	Civil	CIA World Factbook	A.1.1
Are there specific laws that deal with mortgages?	Yes	Yes	Yes	Country Editor	A.1.2
Registration/Transfer of titles:					A.1.3
Does the law clearly define different types of property rights?	Yes	Yes	Yes	Country Editor	A.1.3.1
Are property rights easily transferable?	Yes	Yes	Yes	Country Editor	A.1.3.2
Identify barriers to the registration/ transfer of property title.	Transaction costs, in case of court cases on estate issues, condominium rights and transfer	Transaction costs, in case of court cases on estate issues, condominium rights and transfer	Transaction costs, in case of court cases on estate issues, condominium rights and transfer	Country Editor	A.1.3.3
Typical number of days needed for the transfer of title	38.80	38.80	42.10	WDI	A.1.3.4
Can liens be effectively enforced?	Yes	Yes	Yes	Country Editor	A.1.4
Number of months until lender acquires the property in case of foreclosure on a single-family residential property?	Not available	Not available	Not available	Country Editor	A.1.4.1
Cost of foreclosure process as a percentage of the value of a typical loan?	Not available	Not available	Not available	Country Editor	A.1.4.2
Main causes of inefficiencies (legal, judiciary, administrative, cultural, etc.)	Non-applicable	Non-applicable	Not available	Country Editor	A.1.4.3
Are there legal constraints on the types of mortgage products that are permitted?	Yes	Yes	Yes	Country Editor	A.1.5
Are there legal constraints on mortgage features?	Yes	Yes	Yes	Country Editor	A.1.6
Interest rate caps	No	No	No	Country Editor	A.1.6.1
Loan-to-Value cap	No	No	No	Country Editor	A.1.6.2
Payment-to-Income maximum	Yes	Yes	Yes	Country Editor	A.1.6.3
Other	No	No	No	Country Editor	A.1.6.4
Are there consumer rights for mortgage lending?	Yes	Yes	Yes	Country Editor	A.1.7
Are there disclosure requirements for mortgage lending?	Yes	Yes	Yes	Country Editor	A.1.8
Is there specialized legislation covering:					A.1.9
Issuance of covered mortgage bonds	Yes	Yes	Yes	Country Editor	A.1.9.1
Issuance of RMBS	Yes	Yes	Yes	Country Editor	A.1.9.2

B. Housing Finance Subsidies

B.1 Subsidies to Housing Finance Institutions

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Are there subsidized funding sources for mortgage lenders?	Yes	Yes	Yes	Country Editor	B.1.1
Special government lines of credit	Yes	Yes	Yes	Country Editor	B.1.1.1
Government supported liquidity facility	Yes	Yes	Yes	Country Editor	B.1.1.2
Labor or other tax funds for mortgage lending	Yes	Yes	Yes	Country Editor	B.1.1.3
Tax breaks on mortgage bonds or RMBS	No	No	No	Country Editor	B.1.1.4
Loss and/or cash flow guarantees for RMBS	Yes	Yes	Yes	Country Editor	B.1.1.5
Other	No	No	No	Country Editor	B.1.1.6
Is the lending side of the housing finance system subsidized?	Yes	Yes	Yes	Country Editor	B.1.2
Shared credit risk through public/private mortgage insurance	Yes	Yes	Yes	Country Editor	B.1.2.1
Guarantees for mortgage loans	Yes	Yes	Yes	Country Editor	B.1.2.2
Other	No	No	No	Country Editor	B.1.2.3

B.2 Subsidies to Households

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Are there subsidies to households on housing finance?	Yes	Yes	Yes	Country Editor	B.2.1
Interest rate subsidies by special government funds	Yes	Yes	Yes	Country Editor	B.2.1.1
Buy-down of monthly/interest payments	No		No	Country Editor	B.2.1.2
Down-payment subsidies	Yes;	Yes	Yes	Country Editor	B.2.1.3
Subsidies to savings for mortgage loans	No	No	No	Country Editor	B.2.1.4
Mortgage interest deductibility from income tax	Yes	Yes	Yes	Country Editor	B.2.1.5
Other	Yes	Yes	Yes	Country Editor	B.2.1.6
Reach of subsidies in 2.1.1 to 2.1.4 ?					B.2.2
What is the highest income decile targeted?	6 decile	6 decile	6 decile	Country Editor	B.2.2.1
What is the lowest income decile targeted?	1 decile	1 decile	1 decile	Country Editor	B.2.2.2
What proportion of loans is affected by the subsidies in 2.1.1 to 2.1.4?	17.71%	18.7%	25.1%	Country Editor	B.2.2.3
What proportion of loans on main residences is affected by the mortgage interest deductability in 2.1.5?	30%	30%	30%	Country Editor	B.2.3

C. Taxation

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
What taxes apply to Residential Real Estate?					C.1
Tax on property (home-owners)	Yes	Yes	Yes	Country Editor	C.1.1
Property transaction taxes (purchase/selling)	Yes	Yes	Yes	Country Editor	C.1.2
Mortgage transaction taxes	Yes	Yes	Yes	Country Editor	C.1.3
Tax on mortgage interest pmts	Yes	Yes	Yes	Country Editor	C.1.4
Tax on capital gains on property	Yes	Yes	Yes	Country Editor	C.1.5
Other	Not available	Not available	Not available	Country Editor	C.1.6
Are there tax benefits on rental properties?	No	No	No	Country Editor	C.2
Describe tax benefits (if any) from C.1.2	Non-applicable	Non-applicable	Non-applicable	Country Editor	C.2.1