The Housing Finance System

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    A. Primary Housing Finance Market

    A.1 Industry Structure and Performance
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Number of firms originating and funding mortgage loans292929
     
    		A.1.1
    Types of originating lenders/market share:A.1.2
    Universal/ commercial banks41% of total41% of total41% of total
    Abecip
    		A.1.2.1
    Other depository institutions (savings and loans/mutual savings and credit institutions)34% of total34% of total34% of total
    Abecip
    		A.1.2.2
    Non-depository financial institutions specialized in housing finance  2% of total
    Abecip
    		A.1.2.3
    Others (e.g. insurance co, pension funds, labor tax funds)24% of total24% of total24% of total
     
    		A.1.2.5
    Identify the 3 largest loan originating lendersCaixa (public), Bradesco (private) and Itaú (private) Caixa (public), Bradesco (private) and Itaú (private) Caixa (public), Bradesco (private) and Itaú (private)
    ABECIP
    		A.1.3
    Are there (quasi) public mortgage lenders:YesYesYes
    ABECIP
    		A.1.4
    Universal/ commercial banksYesYesYes
    ABECIP
    		A.1.4.1
    Other depository institutions (savings and loans/mutual savings and credit institutions)YesYesYes
    ABECIP
    		A.1.4.2
    Non-depository financial institutions specialized in housing financeNoNoNo
    ABECIP
    		A.1.4.3
    General non-depository financial institutionsNoNoNo
    ABECIP
    		A.1.4.4
    Others (e.g. insurance co, pension funds, labor tax funds)YesYesYes
    ABECIP
    		A.1.4.5
    Typical lending spreads for mortgages4.14%3.72%3.52%
    Banco Central do Brasil
    		A.1.5
    Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
    as a % of # of loans  1.84%A.1.6.1
    as a % of outstanding loan amount1.61%1.68%1.75%A.1.6.2
    Average 1997-2007 A.1.7
    as a % of # of loans   8.25%
    ABECIP
    		A.1.7.1
    as a % of outstanding loan amount   Not available
     
    		A.1.7.2
    Lowest decile of the income distribution served by the dominant mortgage lenders  5 decile
    Country Editor
    		A.1.8
    A.2 Size of Mortgage Finance Sector
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Total amount of home mortgage loans outstanding at the end of year in millions of USD: 206,980.92 USD (millions)174,758.4 USD (millions)
    BCB
    		A.2.1
    Total amount of home mortgage loans outstanding at the end of year as % of GDP (current) 10.07%9.73%
    BCB
    		A.2.1.1
    and as % of all credits outstanding19.81%20.36%19.65%
    BCB
    		A.2.1.2
    Total # of home mortgage loans outstanding at the end of year  1,827.45 thousand
    BCB
    		A.2.2
    Total amount of home mortgages made in calendar year in millions of USD32,054.79 USD (millions)31,661.44 USD (millions)32,951.29 USD (millions)
    ABECIP
    		A.2.3
    and as % of GDP (current) 1.7%1.54%1.84%
    BCB
    		A.2.3.1
    and as % of all credits originated in calender year32.5%31.3%36.4%
    BCB
    		A.2.3.2
    Total # of home mortgage originations made in calendar year  508.89 thousand
    Country Editor
    		A.2.4
    What % of total new mortgages is refinance?  Not available
     
    		A.2.5
    A.3 Housing Finance Products
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
    Fixed rate for life of loan  10.95%
    BCB
    		A.3.1.1
    Variable rate/indexed  89.05%
    BCB
    		A.3.1.2
    Variable rate/discretionary0%0%0%
    BCB
    		A.3.1.3
    Other fully amortizing loans (e.g. Rollover)0%0%0%
    BCB
    		A.3.1.4
    Non-fully amoritizing loans (e.g. Price level adjusted/Interest only) 0%0%0%
    BCB
    		A.3.1.5
    Loans based on foreign currency as % of all mortgage products0%0%0%
    BCB
    		A.3.2
    Most prevalent type of foreign currency mortgage used:A.3.3
    Most frequent interest rates on fully amortizing:A.3.4
    10 year fixed rate mortgage  13.93%
    Country Editor
    		A.3.4.1
    most common indexed ARM/10 year term  9.97%
    Country Editor
    		A.3.4.2
    Typical lender fees associated with mortgage origination: A.3.6
    as % of loan amount  1.05%
    Country Editor
    		A.3.6.2
    Typical third party fees associated with mortgage origination:A.3.7
    Appraisal fees  850 USD
    Country Editor
    		A.3.7.1
    Title related fees  1.75 USD
    Abecip
    		A.3.7.2
    Legal fees  2.25 USD
    Country Editor
    		A.3.7.3
    Search fees  800 USD
    Country Editor
    		A.3.7.4
    Loan-to-Value (LTV) on first mortgage: A.3.8
    Maximum LTV90%90%90%
    Country Editor
    		A.3.8.1
    Typical LTV at origination  60%
    BCB
    		A.3.8.2
    Maximum term over which pmt is calculated? 35 years35 years35 years
    Country Editor
    		A.3.9
    Mortgage pmt-to-income ratio A.3.10
    Maximum pmt-to-income ratio (HH income)30%30%30%
    Country Editor
    		A.3.10.1
    Maximum pmt-to-income ratio (Individual income)  9.09%
    Country Editor
    		A.3.10.2
    Typical pmt-to-income ratio (HH income)  16%
    Country Editor
    		A.3.10.3
    Typical pmt-to-income ratio (Individual income)  7.57%
    Country Editor
    		A.3.10.4
    A.4 Lending and Servicing Process
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Does the mortgage industry use standard principles/guidelines for underwriting?NoNoNo
    Country Editor
    		A.4.1
    Which institutions define underwriting rules? A.4.2
    Central Bank/Ministry of FinanceYesYesYes
    Country Editor
    		A.4.2.1
    Secondary market facilityYesYesYes
    Country Editor
    		A.4.2.2
    Major LenderNoNoNo
    Country Editor
    		A.4.2.3
    OtherYesYesYes
    Country Editor
    		A.4.2.4
    Are loan originations conducted by others than employees of lenders?YesYesYes
    Country Editor
    		A.4.3
    % of Originations done by brokers  Not available
     
    		A.4.3.1
    % of appraisals done by employees of lenders  20%
    Country Editor
    		A.4.4
    Do third party servicing institutions exist? YesYesYes
    Country Editor
    		A.4.5
    % of loans serviced by originators/lenders  98%
    Country Editor
    		A.4.6
    A.5 Credit Risk Assessment
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Do credit bureaus exist? YesYesYes
    Country Editor
    		A.5.2
    Are there legal/regulatory constraints to gaining access to credit information?NoNoNo
    Country Editor
    		A.5.2.1
    What percentage of mortgage originations use credit scoring?100%100%100%
    Country Editor
    		A.5.1
    Is mortgage default insurance available?  Yes
    Country Editor
    		A.5.3
    What is the typical MI product?Government Guarantee Fund under PMCMVGovernment Guarantee Fund under PMCMV Government Guarantee Fund under PMCMV
    Country Editor
    		A.5.3.2
    Number of private mortgage insurers  5
    SUSEP
    		A.5.3.3
    Are credit guarantee systems used?   Yes
    Country Editor
    		A.5.4
    Is there public sponsored MI / guarantee?  Yes
    Country Editor
    		A.5.5
    What share of total annual mortgage production is insured/guaranteed?   37%
    Country Editor
    		A.5.7
    B. Funding Sources for Mortgages and the Secondary Mortgage Market
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    What are the main funding sources for mortgages?B.1
    Retail funding (deposits/other)primaryprimaryprimary
    ABECIP
    		B.1.1
    Wholesale funding: loans from other banks or corporationsprimaryprimaryprimary
    Country Editor
    		B.1.2
    Funding through mortgage bonds secondarysecondarysecondary
    CETIP, Uqbar
    		B.1.3
    Funding through securitization of mortgagessecondarysecondarysecondary
    ANBIMA, Uqbar
    		B.1.4
    Other primaryprimaryprimary
    Country Editor
    		B.1.5
    What % of Residential Mortgage Backed Securities is issued by centralized conduit or liquidity facility?   100%
    Country Editor
    		B.2
    Who are the investors in RMBS?  Investment funds, Financial instituitions linked to the credit originators, Financial instituitions, FGTS, Individuals
    Uqbar
    		B.3
    What is the proportion of RMBS in the overall private securities market?  24.5%
    Uqbar
    		B.4
    C. Housing Microfinance
    VariableEnd of 2018End of 2017End of 2016SourcesVar ID
    Are non-collateralized housing micro-finance loans offered?   Yes
    Country Editor
    		C.1
    Types of lenders operating in the housing micro-finance (HMF) sector:C.2
    Commercial banks  Yes
    Caixa
    		C.2.1
    Specialized non-depository MFIs   Yes
    Country Editor
    		C.2.2
    NGOs  No
    Country Editor
    		C.2.3
    Others  Yes
    Country Editor
    		C.2.4
    Typical lending spreads in HMF  3.3
    BCB
    		C.3
    Level of NPLs (>90 days past due) in HMFC.4
    as a % of loans  Not available
     
    		C.4.1
    as a % of outstanding loan amount  Not available
     
    		C.4.2
    Are non-collateralized but secured housing finance products offered (e.g. secured by pension or insurance savings)  No
    Country Editor
    		C.5
    Lowest income decile served with all non-collateralized housing lending products  5 decile
    Country Editor
    		C.6
    back to top | Country Data:
    Notes: 1.5-2%. ITBI (local tax)
    Notes: 1.5-2%. ITBI (local tax)
    Notes: 1.5-2%. ITBI (local tax)
    Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
    Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
    Notes: Based on Minimum Wage evolution; 2008 BRL415; 2007 BRL380; 2006 BRL350.
    Notes: CMN (Conselho Monetario Nacional). Binding.
    Notes: Conselho Curador do FGTS (CCFGTS). Binding
    Notes: Conselho Curador do FGTS (CCFGTS). Binding
    Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
    Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
    Notes: FGTS
    Notes: FGTS through CEF
    Notes: FGTS through CEF
    Notes: FGTS upfront.
    Notes: Figure is modal value for SBPE (10-12%). FGTS rate for 2007: 9.6%.
    Notes: Figure is over outstanding balance for SBPE. Available 2000-2007, for mortgages and trust deeds together.
    Notes: For CEF's independent agents, 0.8% for FGTS loans, 1.0% for SBPE loans.
    Notes: Ranges from 150 - 300 USD. Variable with bank and, in some cases, with property or project characteristics.
    Notes: Ranges from 150 - 300 USD. Variable with bank and, in some cases, with property or project characteristics.
    Notes: There are inter-institutional working groups in place, with year-to-year evolutions, but no final project yet.
    Notes: Under FGTS and Federal Programs.
    Notes: Under FGTS and Federal Programs.
    Notes: "Conta Propria." Nov.09, for Recife, Salvador, Belo Horizinte, Rio de Janeiro, São Paulo and Porto Alegre metro areas.
    Notes: 1 Minimum Wage
    Notes: 1 Minimum Wage
    Notes: 1 Minimum Wage
    Notes: 1 to 8 deciles. Up to 5 Minimum Wages HH income for FTGS loans (national data).
    Notes: 1 to 8 deciles. Up to 5 Minimum Wages HH income for FTGS loans (national data).
    Notes: 1.5-2%. ITBI (local tax)
    Notes: 1.5-2%. ITBI (local tax)
    Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
    Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
    Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
    Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
    Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
    Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
    Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
    Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
    Notes: 1-2%.
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 30% of debt for mortgages; 2% for trust deeds.
    Notes: 30% of debt for mortgages; 2% for trust deeds.
    Notes: 30% of debt for mortgages; 2% for trust deeds.
    Notes: 4th quarter
    Notes: 6 to 8 decile; 3 minimum wages (60th percentile) mostly <5 minimum wages (80th percentile)
    Notes: 6 to 8 decile; 3 minimum wages (60th percentile) mostly <5 minimum wages (80th percentile)
    Notes: 8-year government bond
    Notes: Abecip/CEF modal for SBPE, 2010.
    Notes: Abecip/CEF modal for SBPE, 2011.
    Notes: According to Pnad (IBGE), this figure is 185.65
    Notes: According to Pnad (IBGE), this figure is 187.85
    Notes: According to Pnad (IBGE), this figure is 189.95
    Notes: According to Pnad (IBGE), this figure is 190.73
    Notes: According to Pnad (IBGE), this figure is 192.00
    Notes: According to Pnad (IBGE), this figure is 194.00
    Notes: According to Pnad (IBGE), this figure is 197.83
    Notes: According to Pnad (IBGE), this figure is 199.69
    Notes: According to Pnad (IBGE), this figure is 201. 47
    Notes: According to Pnad (IBGE), this figure is 203.19
    Notes: According to Pnad (IBGE), this figure is 205.45
    Notes: According to Pnad (IBGE), this figure is 206.08
    Notes: According to Pnad (IBGE), this figure is 207.66
    Notes: According to Pnad (IBGE), this figure is 208.49
    Notes: After trust deed, yes. 90% of liens are under the trust deed system
    Notes: After trust deed, yes. 90% of liens are under the trust deed system
    Notes: All are commercial banks.
    Notes: All are commercial banks.
    Notes: All are commercial banks.
    Notes: All are commercial banks.
    Notes: All are commercial banks.
    Notes: All are commercial banks.
    Notes: All are commercial banks.
    Notes: All are commercial banks.
    Notes: All are commercial banks.
    Notes: All resolutions are mandatory.
    Notes: All resolutions are mandatory.
    Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
    Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
    Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
    Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
    Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
    Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
    Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
    Notes: An educated guess would be 60-70 m².
    Notes: Based on LCI issuance, as informed by Bacen.
    Notes: Based on LCI issuance, as informed by Bacen.
    Notes: Based on LCI issuance, as informed by Bacen.
    Notes: Based on LCI issuance, as informed by Bacen.
    Notes: Based on LCI issuance, as informed by Bacen.
    Notes: Based on LCI issuance, as informed by Bacen.
    Notes: Based on Minimum Wage evolution, values indicated beside: BRL 415,00; BRL 380,00 (2007); BRL 350,00 (2006)
    Notes: Below market interest rates - all SFH and specially PMCMV.
    Notes: Below market interest rates - all SFH and specially PMCMV.
    Notes: Below market interest rates - all SFH and specially PMCMV.
    Notes: Between 0.90% - 1.20%.
    Notes: Between 0.90% - 1.20%.
    Notes: Between 0.90% - 1.20%.
    Notes: Between 0.90% - 1.20%.
    Notes: Borrowed, etc.
    Notes: Borrowed, etc.
    Notes: Borrowed, etc.
    Notes: BRL 379.14. IMF average annual principal exchange rate for 2007 used (BRL 1.95 = 1 USD).
    Notes: BRL 413.37. IMF average annual principal exchange rate for 2008 used (BRL 1.83 = 1 USD).
    Notes: BRL 465. IMF average annual principal exchange rate for 2000 used (BRL 2.00 = 1 USD).
    Notes: Caixa and Banco do Brasil (the latter only after 2009), plus five State Banks.
    Notes: Caixa and Banco do Brasil (the latter only after 2009), plus five State Banks.
    Notes: Caixa and Banco do Brasil (the latter only after 2009), plus five State Banks.
    Notes: Caixa and Banco do Brasil (the latter only after 2009), plus five State Banks.
    Notes: Caixa plus five State Banks.
    Notes: Caixa plus five State Banks.
    Notes: Caixa plus five State Banks.
    Notes: Caixa, using FGTS funds for construction materials.
    Notes: Caixa, using FGTS funds for construction materials.
    Notes: Caixa, using FGTS funds for construction materials.
    Notes: Caixa, using FGTS funds for construction materials.
    Notes: Caixa, using FGTS funds for construction materials.
    Notes: Caixa, using FGTS funds for construction materials.
    Notes: CEF started to allow "correspondentes bancarios" to originate loans.
    Notes: CEF started to allow "correspondentes bancarios" to originate loans.
    Notes: CEF started to allow "correspondentes bancarios" to originate loans.
    Notes: CEF started to allow "correspondentes bancarios" to originate loans.
    Notes: CEF started to allow "correspondentes bancarios" to originate loans.
    Notes: CEF started to allow "correspondentes bancarios" to originate loans.
    Notes: CEF started to allow "correspondentes bancarios" to originate loans.
    Notes: CEF started to allow "correspondentes bancarios" to originate loans.
    Notes: CEF started to allow "correspondentes bancarios" to originate loans.
    Notes: CEF, using FGTS funds for construction materials (Construcard).
    Notes: Census data (2000). Total percentage is shown in the data. The percentage for urban and metro areas is 12.2%.
    Notes: CMN (Conselho Monetario Nacional) resolutions.
    Notes: CMN (Conselho Monetario Nacional) resolutions.
    Notes: CMN (Conselho Monetario Nacional). Binding.
    Notes: CMN (Conselho Monetario Nacional). Binding.
    Notes: CMN (Conselho Monetario Nacional). Binding.
    Notes: CMN (Conselho Monetario Nacional). Binding.
    Notes: CMN (Conselho Monetario Nacional). Binding.
    Notes: CMN (Conselho Monetario Nacional). Binding.
    Notes: CMN (Conselho Monetario Nacional). Binding.
    Notes: CMN (Conselho Monetario Nacional). Binding.
    Notes: CMN (Conselho Monetario Nacional). Binding.
    Notes: Compulsory deposits equivalent to 8% of monthly salary, made by employers - FGTS
    Notes: Compulsory deposits equivalent to 8% of monthly salary, made by employers - FGTS
    Notes: Compulsory deposits equivalent to 8% of monthly salary, made by employers - FGTS
    Notes: Compulsory deposits equivalent to 8% of monthly salary, made by employers - FGTS
    Notes: Compulsory deposits equivalent to 8% of monthly salary, made by employers - FGTS
    Notes: Compulsory deposits equivalent to 8% of monthly salary, made by employers - FGTS
    Notes: Compulsory deposits equivalent to 8% of monthly salary, made by employers - FGTS
    Notes: Conselho Curador do FGTS (CCFGTS). Binding.
    Notes: Conselho Curador do FGTS (CCFGTS). Binding.
    Notes: Conselho Curador do FGTS (CCFGTS). Binding.
    Notes: Conselho Curador do FGTS (CCFGTS). Binding.
    Notes: Conselho Curador do FGTS (CCFGTS). Binding.
    Notes: Conselho Curador do FGTS (CCFGTS). Binding.
    Notes: Conselho Curador do FGTS (CCFGTS). Binding.
    Notes: Conselho Curador do FGTS (CCFGTS). Binding.
    Notes: Conselho Curador do FGTS (CCFGTS). Binding.
    Notes: Conselho Curador do FGTS (CCFGTS). Binding.
    Notes: Considering A.1.3
    Notes: Considering A.1.3
    Notes: Considering A.1.3
    Notes: Considering A.1.3
    Notes: Considering A.1.3
    Notes: Considering A.1.3
    Notes: Considering A.1.3
    Notes: Considering A.1.3
    Notes: Considering A.1.3
    Notes: Considering A.1.3
    Notes: Considering that there are assumed subsidies up to 10 MWs, at FGTS.
    Notes: Considering that there are assumed subsidies up to 10 MWs, at FGTS.
    Notes: Considering that there are assumed subsidies up to 10 MWs, at FGTS.
    Notes: Country Editor
    Notes: CVM (Brazilian SEC). Binding.
    Notes: CVM (Brazilian SEC). Binding.
    Notes: CVM (Brazilian SEC). Binding.
    Notes: CVM (Brazilian SEC). Binding.
    Notes: CVM (Brazilian SEC). Binding.
    Notes: CVM (Brazilian SEC). Binding.
    Notes: CVM (Brazilian SEC). Binding.
    Notes: CVM (Brazilian SEC). Binding.
    Notes: CVM (Brazilian SEC). Binding.
    Notes: CVM (Brazilian SEC). Binding.
    Notes: CVM (Brazilian SEC). Binding.
    Notes: CVM (Brazilian SEC). Binding.
    Notes: Developers and consortia
    Notes: Developers and consortia
    Notes: Developers and consortia
    Notes: Developers and consortia
    Notes: Developers and consortia
    Notes: Developers and consortia
    Notes: Developers and consortia
    Notes: Developers and consortia - 10% of total in 2011
    Notes: Developers and consortia - 11% of total in 2010
    Notes: Developers and consortia - 15% of total in 2009.
    Notes: Developers and consortia; 10% of total in 2008.
    Notes: Developers and consortia; 15% of total in 2007.
    Notes: Estimate
    Notes: Federal Law 9514/1997.
    Notes: Federal Law 9514/1997.
    Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
    Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
    Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
    Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
    Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
    Notes: FGHab under PMCMV
    Notes: FGHab under PMCMV
    Notes: FGHab under PMCMV
    Notes: FGHab under PMCMV
    Notes: FGHab under PMCMV
    Notes: FGHab under PMCMV
    Notes: FGTS
    Notes: FGTS
    Notes: FGTS and FAT (punctual)
    Notes: FGTS and FAT (punctual)
    Notes: FGTS is a workers indemnity fund managed by the government which pays interest to deposits and offers housing credit at below market rates.
    Notes: FGTS is a workers indemnity fund managed by the government which pays interest to deposits and offers housing credit at below market rates.
    Notes: FGTS loans' rates are limited by CCFGTS rulings (fixed spread).
    Notes: FGTS loans' rates are limited by CCFGTS rulings (fixed spread).
    Notes: FGTS loans' rates are limited by CCFGTS rulings (fixed spread).
    Notes: FGTS through CEF
    Notes: FGTS through CEF
    Notes: FGTS through CEF
    Notes: FGTS through CEF; FAT through CEF (a one time transaction in the early 2000's).
    Notes: FGTS through CEF; FAT through CEF (a one time transaction in the early 2000's).
    Notes: FGTS upfront.
    Notes: Figure is for SBPE (between 4-5%). For 2008, FGTS:2.16%. Margins set by public institutions. FGTS spread is set by Conselho Curador resolutions. FGTS savers are remunerated at TR+3%, while financial agents charge TR+6%+2.16% (if the borrower is a FGTS member the rate is TR+5.5%+2.16%; and TR+7.5% +2.16% for higher income salary workers). For SBPE, funding cost is TR+6% (savings accounts).
    Notes: Figure is for SBPE (between 4-5%). For 2009, FGTS:2.16%.
    Notes: Figure is for SBPE (between 5-6%). For 2007, FGTS: 2.16%. Margins set by public institutions. FGTS spread is set by Conselho Curador resolutions. FGTS savers are remunerated at TR+3%, while financial agents charge TR+6%+2.16% (if the borrower is a FGTS member the rate is TR+5.5%+2.16%; and TR+7.5% +2.16% for higher income salary workers). For SBPE, funding cost is TR+6% (savings accounts).
    Notes: Figure is for SBPE.
    Notes: Figure is for SBPE.
    Notes: Figure is for SBPE. For FGTS: 66% in 2007.
    Notes: Figure is for SBPE. For FGTS: 70% in 2008.
    Notes: Figure is for SBPE. For FGTS: 73% in 2009.
    Notes: Figure is for urban units. Evolution of number of "domicilios," from PNAD/IBGE.
    Notes: Figure is for urban units. Evolution of number of "domicilios," from PNAD/IBGE.
    Notes: Figure is modal value for SBPE (8-11%). FGTS rate for 2009: 8.8%.
    Notes: Figure is modal value for SBPE (9-12%). FGTS rate for 2008: 9.8%.
    Notes: Financeiras, financing construction materials (as well as consumer durables)
    Notes: Financeiras, financing construction materials (as well as consumer durables)
    Notes: Financeiras, financing construction materials (as well as consumer durables)
    Notes: Financeiras, financing of consumer goods, construction materials, etc.
    Notes: Financeiras, financing of consumer goods, construction materials, etc.
    Notes: Following CVM rules. Federal Law 9514/1997.
    Notes: Following CVM rules. Federal Law 9514/1997.
    Notes: Following CVM rules. Federal Law 9514/1997.
    Notes: Following CVM rules. Federal Law 9514/1997.
    Notes: Following CVM rules. Federal Law 9514/1997.
    Notes: For 2008, SBPE Trust Deeds 1.5%; all SBPE 3.07%; FGTS 5.1%. For 2007, SBPE is 4.23% and FGTS is 6.0%. Global figures are calculated as weighted averages over outstanding balances.
    Notes: For CEF's independent agents, 0.8% for FGTS loans, 1.0% for SBPE loans.
    Notes: For FGTS materials' loans, until October 2009.
    Notes: For FGTS materials' loans, until October 2009.
    Notes: For private investors, following CVM regulations.
    Notes: For private investors, following CVM regulations.
    Notes: For private investors, following CVM regulations.
    Notes: For private investors, following CVM regulations.
    Notes: For private investors, following CVM regulations.
    Notes: For private investors, following CVM regulations.
    Notes: For private investors, following CVM regulations.
    Notes: For private investors, following CVM regulations.
    Notes: For private investors, following CVM regulations.
    Notes: For private investors, following CVM regulations.
    Notes: For private investors, following CVM regulations.
    Notes: For private investors, following CVM regulations.
    Notes: For SBPE, in reality 70%, not legally determined. For FGTS, following CCFGTS resolutions, 80-100%
    Notes: For some mortgage pools standardization is used, but in general there is no standardization.
    Notes: For some mortgage pools standardization is used, but in general there is no standardization.
    Notes: For some mortgage pools standardization is used, but in general there is no standardization.
    Notes: For some mortgage pools standardization is used, but in general there is no standardization.
    Notes: For some mortgage pools standardization is used, but in general there is no standardization.
    Notes: For some mortgage pools standardization is used, but in general there is no standardization.
    Notes: For some mortgage pools standardization is used, but in general there is no standardization.
    Notes: For some mortgage pools standardization is used, but in general there is no standardization.
    Notes: For some mortgage pools standardization is used, but in general there is no standardization.
    Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
    Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
    Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
    Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
    Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
    Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
    Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
    Notes: Housing consortium from Caixa.
    Notes: Housing consortium from Caixa.
    Notes: Housing consortium from Caixa.
    Notes: Housing consortium from Caixa.
    Notes: Housing consortium from Caixa.
    Notes: Housing consortium from Caixa.
    Notes: Housing consortium from Caixa.
    Notes: IBGE/PNAD 2008 & 2009.
    Notes: IBGE-PNAD: "family" is defined as "a group of people related thru kinship or in a domestic relationship, that live in the same dwelling unit ("unidade domiciliar"), as well as a person that lives alone in a dwelling unit"
    Notes: IBGE-PNAD; "family" is defined as "a group of people related thru kinship or in a domestic relationship, that live in the same dwelling unit ("unidade domiciliar"), as well as a person that lives alone in a dwelling unit"
    Notes: IBGE-PNAD; "family" is defined as "a group of people related thru kinship or in a domestic relationship, that live in the same dwelling unit ("unidade domiciliar"), as well as a person that lives alone in a dwelling unit"
    Notes: IBGE-PNAD; "family" is defined as "a group of people related thru kinship or in a domestic relationship, that live in the same dwelling unit ("unidade domiciliar"), as well as a person that lives alone in a dwelling unit"
    Notes: IBGE-PNAD; "family" is defined as "a group of people related thru kinship or in a domestic relationship, that live in the same dwelling unit ("unidade domiciliar"), as well as a person that lives alone in a dwelling unit"
    Notes: In 2009, a guarantor fund (FGHab) was established under PMCMV
    Notes: In 2009, a guarantor fund (FGHab) was established under PMCMV
    Notes: In 2009, a guarantor fund (FGHab) was established under PMCMV.
    Notes: In 2009, a guarantor fund (FGHab) was established under PMCMV.
    Notes: In 2009, a guarantor fund (FGHab) was established under PMCMV.
    Notes: In 2009, a guarantor fund (FGHab) was established under PMCMV.
    Notes: In 2009, a Guarantor Fund was established under MCMV (Million Houses Program).
    Notes: In 2009, a Guarantor Fund was established under MCMV (Million Houses Program).
    Notes: In 2009, a Guarantor Fund was established under PMCMV.
    Notes: In BRL: 53,185. The only data series available that separates new and existing housing is Caixa's, for FGTS, and thus will be used as a proxy in this case. However, medians are not avialable, only averages. IMF average annual market exchange rate for 2007 used (BRL$1.95 = 1 USD).
    Notes: In BRL: 73,756. The only data series available that separates new and existing housing is Caixa's, for FGTS, and thus will be used as a proxy in this case. However, medians are not avialable, only averages. IMF average annual market exchange rate for 2008 used (BRL$1.83 = 1 USD).
    Notes: In BRL-basis.
    Notes: In BRL-basis.
    Notes: Includes improvised, non-permanent units
    Notes: Includes improvised, non-permanent units
    Notes: Income limits on FGTS, unit price and total mortgage amount on subsidized loans (SBPE and FGTS)
    Notes: Income limits on FGTS, unit price and total mortgage amount on subsidized loans (SBPE and FGTS)
    Notes: Income limits on FGTS, unit price and total mortgage amount on subsidized loans (SBPE and FGTS)
    Notes: Income limits on FGTS, unit price and total mortgage amount on subsidized loans (SBPE and FGTS)
    Notes: Income limits on FGTS, unit price and total mortgage amount on subsidized loans (SBPE and FGTS)
    Notes: Income limits on FGTS, unit price and total mortgage amount on subsidized loans (SBPE and FGTS)
    Notes: Income tax on properties' value gains.
    Notes: Income tax on properties' value gains.
    Notes: Income tax on properties' value gains.
    Notes: Income tax on properties' value gains.
    Notes: Income tax on properties' value gains.
    Notes: Income tax on properties' value gains.
    Notes: Income tax on properties' value gains.
    Notes: Income tax on properties' value gains.
    Notes: Income tax on properties' value gains.
    Notes: Income tax on properties' value gains.
    Notes: Income tax on properties' value gains.
    Notes: Income tax on properties' value gains.
    Notes: Index = 100 in 195
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Index = 100 in 1995
    Notes: Insurance (Mortgage-FGHab, MIP, DFI) premium and other fees under PMCMV as well as local (state and municipal) specific social housing programs.
    Notes: Insurance (Mortgage-FGHab, MIP, DFI) premium and other fees under PMCMV as well as local (state and municipal) specific social housing programs.
    Notes: IPTU (local level)
    Notes: IPTU (local level)
    Notes: IPTU (local level)
    Notes: IPTU (local level)
    Notes: IPTU (local level)
    Notes: IPTU (local level)
    Notes: IPTU (local level)
    Notes: IPTU (local level)
    Notes: IPTU (local level)
    Notes: IPTU (local level)
    Notes: IPTU (local level)
    Notes: IPTU (local level)
    Notes: ITBI (local level)
    Notes: ITBI (local level)
    Notes: ITBI (local level)
    Notes: ITBI (local level)
    Notes: ITBI (local level)
    Notes: ITBI (local tax)
    Notes: ITBI (local tax)
    Notes: ITBI (local tax)
    Notes: ITBI (local tax)
    Notes: ITBI (local tax)
    Notes: ITBI (local tax)
    Notes: ITBI (local tax)
    Notes: ITBI (local tax)
    Notes: ITBI (local tax)
    Notes: ITBI or ITIV (local tax)
    Notes: ITBI or ITIV (local tax)
    Notes: ITBI or ITIV (local tax)
    Notes: ITBI or ITIV (local tax)
    Notes: ITBI or ITIV (local tax)
    Notes: ITBI or ITIV (local tax)
    Notes: ITBI or ITIV (local tax)
    Notes: ITBI or ITIV (local tax)
    Notes: ITBI or ITIV (local tax)
    Notes: ITBI or ITIV (local tax)
    Notes: Lack of organized information on this area is imparing the development of a housing price index. Average appraisal, FGTS: BRL 73.756,08, until Nov.09. IMF average annual principal exchange rate for 2009 used (BRL 2.00 = 1 USD).
    Notes: Lawsuits are still time consuming, and judges tend to favor the "hyposufficient", that is, the weaker part.
    Notes: Lawsuits are still time consuming, and judges tend to favor the "hyposufficient", that is, the weaker part.
    Notes: Lawsuits are still time consuming, and judges tend to favor the "hyposufficient", that is, the weaker part.
    Notes: Likely to be passed in 2010; strong industry lobby.
    Notes: Likely to be passed in 2010; strong industry lobby.
    Notes: Lowest portion of 0-3 MWs.
    Notes: Lowest portion of 0-3 MWs.
    Notes: Lowest portion of 0-3 MWs.
    Notes: Maximum 30 days by law.
    Notes: Maximum 30 days by law.
    Notes: Maximum 30 days by law.
    Notes: Maximum of 6% of sale price.
    Notes: Maximum of 6% of sale price.
    Notes: Maximum of 6% of sale price.
    Notes: Maximum of 6% of sale price.
    Notes: Mortgage Companies and pass-through institutions (repassadoras)
    Notes: Mortgage Companies and pass-through institutions (repassadoras)
    Notes: Mortgage Companies and pass-through institutions (repassadoras)
    Notes: Mortgage Companies and pass-through institutions (repassadoras)
    Notes: Mortgage Companies and pass-through institutions (repassadoras)
    Notes: Mortgage origination fee was prohibited by Res. 3517 (12.06.07) from CMN.
    Notes: Most common term: 15 years
    Notes: Most common term: 15 years
    Notes: Most common term: 15 years
    Notes: Most common term: 15 years
    Notes: Most common term: 15 years
    Notes: New housing corresponded to 35% of Sistema Brasileiro de Poupança e Empréstimo (SBPE) loans in 2011, a raise from the period 2007-2010, when it ranked 25-28%.
    Notes: No data available, but not customary, due to market characteristics.
    Notes: No data available, but not customary, due to market characteristics.
    Notes: No data available, but not customary, due to market characteristics.
    Notes: No data available, but not customary, due to market characteristics.
    Notes: No data available, but not customary, due to market characteristics.
    Notes: No data, an educated guess would be 60-70 m².
    Notes: Non existent (except for emergency retail vouchers and a small pilot project in São Paulo)
    Notes: Non existent (except for emergency retail vouchers and a small pilot project in São Paulo)
    Notes: Non existent (except for emergency retail vouchers and a small pilot project in São Paulo)
    Notes: Non existent (except for emergency retail vouchers and a small pilot project in São Paulo)
    Notes: Non existent (except for emergency retail vouchers and a small pilot project in São Paulo)
    Notes: None issued
    Notes: None issued
    Notes: None issued
    Notes: None issued
    Notes: None issued
    Notes: None issued
    Notes: Not available. (Letras Hipotecarias and Letras de Credito Imobiliario are close, but not equal, to covered bonds. Respectively ruled by Fed. Laws 4380/64 and 10931/04). Recently Letras Financeiras were established, also akin, though still ruled by Medida Provisoria 472 (not yet a law).
    Notes: Not available. (Letras Hipotecarias and Letras de Credito Imobiliario are close, but not equal, to covered bonds. Respectively ruled by Fed. Laws 4380/64 and 10931/04). Recently Letras Financeiras were established, also akin, though still ruled by Medida Provisoria 472 (not yet a law).
    Notes: Not legal but in practice.
    Notes: Not legal but in practice.
    Notes: Not legal but in practice.
    Notes: Not legal but in practice.
    Notes: Not legal but in practice.
    Notes: Not regularized; under discussion in 2010/2011.
    Notes: Not usual.
    Notes: Notary - capacity to deal with demand
    Notes: Notary - capacity to deal with demand
    Notes: Notary and insurance (MIP, DFI) fees under PMCMV
    Notes: Notary and insurance (MIP, DFI) fees under PMCMV
    Notes: Notary and insurance (MIP, DFI) fees under PMCMV
    Notes: Notary and insurance (MIP, DFI) fees under PMCMV
    Notes: Notas do Tesouro Nacional (NTNs) are issued for 10 years maturity, the B series rated at IPCA+6%, and the F series, at fixed rates. Only information available at Treasury for the period is of a NTN-B, with maturity 05/15/2017.
    Notes: Nov.09, for Recife, Salvador, Belo Horizinte, Rio de Janeiro, São Paulo and Porto Alegre metro areas.
    Notes: On FGTS, Federal programs and SBPE.
    Notes: On FGTS, Federal programs and SBPE.
    Notes: On FGTS, Federal Programs and SBPE. PMCMV.
    Notes: On FGTS, federal programs, and SBPE
    Notes: On FGTS, federal programs, and SBPE
    Notes: On outstanding balances, over FGTS and SBPE loans.
    Notes: On outstanding balances, over FGTS and SBPE loans.
    Notes: On outstanding balances, over FGTS and SBPE loans.
    Notes: On outstanding balances, over FGTS and SBPE loans.
    Notes: On outstanding balances, over FGTS and SBPE loans.
    Notes: Only for PMCMV/FGTS loans.
    Notes: Only for PMCMV/FGTS loans.
    Notes: Only for PMCMV/FGTS loans.
    Notes: Only for PMCMV/FGTS loans.
    Notes: Over issuances in 2009.
    Notes: Permanent "domicilios", defined as "a dwelling space, separated and independent, formed by one or more inner divisions."
    Notes: Permanent "domicilios", defined as "a dwelling space, separated and independent, formed by one or more inner divisions."
    Notes: PMCMV (Minha Casa Minha Vida) income limits.
    Notes: PMCMV (Minha Casa Minha Vida) income limits.
    Notes: PMCMV (Minha Casa Minha Vida) income limits.
    Notes: PMCMV (Minha Casa Minha Vida) income limits.
    Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
    Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
    Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
    Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
    Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
    Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
    Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
    Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
    Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
    Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
    Notes: Practically all housing loans are indexed at TR (Taxa de Referência), a reference tax originally created to update contracts longer than 90 days, but that later became the index used for both savings accounts and FGTS funds. It corresponds to the TBF (Taxa Básica Financeira, that is the average remuneration of CD's by the 30 largest financial institutions), multiplied by a reduction factor, defined by CMN/Bacen. Savings earn TR+6% annually, while FGTS balances, TR+3% per year.
    Notes: Practically all housing loans are indexed at TR (Taxa de Referência), a reference tax originally created to update contracts longer than 90 days, but that later became the index used for both savings accounts and FGTS funds. It corresponds to the TBF (Taxa Básica Financeira, that is the average remuneration of CD's by the 30 largest financial institutions), multiplied by a reduction factor, defined by CMN/Bacen. Savings earn TR+6% annually, while FGTS balances, TR+3% per year.
    Notes: Precarious units that need replacement or provision of a unit is a sum of: Improvised units (not originally built for housing) + Rustic units (considered “permanent” units, but classified as precarious due to precarious wall materials ONLY). Other types not included.
    Notes: Predominant, variable with TR (Taxa de Referência).
    Notes: Process is improving
    Notes: Process is improving
    Notes: Process is improving
    Notes: Process is improving
    Notes: Process is improving
    Notes: Ranges from 150 - 300 USD. Variable with bank and, in some cases, with property or project characteristics.
    Notes: Ranges from 150 - 300 USD. Variable with bank and, in some cases, with property or project characteristics.
    Notes: Ranges from 150 - 300 USD. Variable with bank and, in some cases, with property or project characteristics.
    Notes: Ranges from 600-1,000 USD
    Notes: Ranges from 600-1,000 USD
    Notes: Ranges from 600-1,000 USD
    Notes: Ranges from 600-1,000 USD
    Notes: Ranges from 600-1,000 USD
    Notes: Real estate bonds (LCIs) have been issued and negotiaed since 2004, based on SFH's primary loans, there is no data showing how much of it is actually used to expand mortgage lending.
    Notes: Real estate bonds (LCIs) have been issued and negotiaed since 2004, based on SFH's primary loans, there is no data showing how much of it is actually used to expand mortgage lending.
    Notes: Real estate bonds (LCIs) have been issued and negotiaed since 2004, based on SFH's primary loans, there is no data showing how much of it is actually used to expand mortgage lending.
    Notes: Real estate bonds (LCIs) have been issued and negotiaed since 2004, based on SFH's primary loans, there is no data showing how much of it is actually used to expand mortgage lending.
    Notes: Real estate bonds (LCIs) have been issued and negotiaed since 2004, based on SFH's primary loans, there is no data showing how much of it is actually used to expand mortgage lending.
    Notes: Real estate bonds (LCIs) have been issued and negotiaed since 2004, based on SFH's primary loans, there is no data showing how much of it is actually used to expand mortgage lending.
    Notes: Real estate bonds (LCIs) have been issued and negotiaed since 2004, based on SFH's primary loans, there is no data showing how much of it is actually used to expand mortgage lending.
    Notes: Real estate bonds (LCIs) have been issued and negotiaed since 2004, based on SFH's primary loans, there is no data showing how much of it is actually used to expand mortgage lending.
    Notes: Real estate bonds (LCIs) have been issued and negotiaed since 2004, based on SFH's primary loans, there is no data showing how much of it is actually used to expand mortgage lending.
    Notes: Real estate bonds (LCIs) have been issued and negotiaed since 2004, based on SFH's primary loans, there is no data showing how much of it is actually used to expand mortgage lending.
    Notes: Real estate bonds (LCIs) have been issued and negotiaed since 2004, based on SFH's primary loans, there is no data showing how much of it is actually used to expand mortgage lending.
    Notes: Real estate bonds (LCIs) have been issued and negotiaed since 2004, based on SFH's primary loans, there is no data showing how much of it is actually used to expand mortgage lending.
    Notes: Recently CEF created a system of correspondents (mostly real estate brokers), with this attribution.
    Notes: Registry costs (notary fees)
    Notes: Registry costs (notary fees)
    Notes: Registry costs (notary fees)
    Notes: Registry costs (notary fees)
    Notes: Registry costs (notary fees)
    Notes: Registry costs (notary fees)
    Notes: Registry costs (notary fees)
    Notes: Registry costs (notary fees)
    Notes: Registry costs (notary fees)
    Notes: Registry costs (notary fees)
    Notes: Registry costs (notary fees)
    Notes: Registry costs (notary fees)
    Notes: Restricted to insurance companies linked to main commercial banks.
    Notes: Restricted to insurance companies linked to main commercial banks.
    Notes: Restricted to insurance companies linked to main commercial banks.
    Notes: Restricted to insurance companies linked to main commercial banks.
    Notes: Restricted to insurance companies linked to main commercial banks.
    Notes: Restricted to insurance companies linked to main commercial banks.
    Notes: Restricted to insurance companies linked to main commercial banks.
    Notes: Restricted to insurance companies linked to main commercial banks.
    Notes: Restricted to insurance companies linked to main commercial banks.
    Notes: Retail chains direct finance.
    Notes: Retail chains direct finance.
    Notes: Retail chains direct finance.
    Notes: Retail chains direct finance.
    Notes: Retail chains direct finance.
    Notes: Retail chains direct finance.
    Notes: Retail chains direct finance.
    Notes: Retail chains direct finance.
    Notes: Retail chains direct finance.
    Notes: RMBS have been issued and negotiated for over two decades, however most of it is either bought by FGTS or kept on SBPE's bank balance sheets.
    Notes: RMBS have been issued and negotiated for over two decades, however most of it is either bought by FGTS or kept on SBPE's bank balance sheets.
    Notes: RMBS have been issued and negotiated for over two decades, however most of it is either bought by FGTS or kept on SBPE's bank balance sheets.
    Notes: RMBS have been issued and negotiated for over two decades, however most of it is either bought by FGTS or kept on SBPE's bank balance sheets.
    Notes: RMBS have been issued and negotiated for over two decades, however most of it is either bought by FGTS or kept on SBPE's bank balance sheets.
    Notes: RMBS have been issued and negotiated for over two decades, however most of it is either bought by FGTS or kept on SBPE's bank balance sheets.
    Notes: RMBS have been issued and negotiated for over two decades, however most of it is either bought by FGTS or kept on SBPE's bank balance sheets.
    Notes: RMBS have been issued and negotiated for over two decades, however most of it is either bought by FGTS or kept on SBPE's bank balance sheets.
    Notes: RMBS have been issued and negotiated for over two decades, however most of it is either bought by FGTS or kept on SBPE's bank balance sheets.
    Notes: RMBS have been issued and negotiated for over two decades, however most of it is either bought by FGTS or kept on SBPE's bank balance sheets.
    Notes: RMBS have been issued and negotiated for over two decades, however most of it is either bought by FGTS or kept on SBPE's bank balance sheets.
    Notes: RMBS have been issued and negotiated for over two decades, however most of it is either bought by FGTS or kept on SBPE's bank balance sheets.
    Notes: RMBS were enacted amidst thecreation of real estate financing system (SFI). They are regulated by CVM and registered by CETIP.
    Notes: RMBS were enacted amidst thecreation of real estate financing system (SFI). They are regulated by CVM and registered by CETIP.
    Notes: SBPE - the savings and loans system - pays yields and offers real estate credit at below market rates.
    Notes: SBPE - the savings and loans system - pays yields and offers real estate credit at below market rates.
    Notes: SBPE (poupança) taxbreak deposit.
    Notes: SBPE (poupança) taxbreak deposit.
    Notes: SBPE (poupança) taxbreak deposit.
    Notes: SBPE (poupança) taxbreak on deposit for housing and infrastructure.
    Notes: SBPE (poupança) taxbreak on deposit for housing and infrastructure.
    Notes: SBPE (savings) - 60% of total in 2007
    Notes: SBPE (savings) - 63% of total in 2009.
    Notes: SBPE (savings) - 64% of total in 2008
    Notes: SBPE (savings) - 64% of total in 2010
    Notes: SBPE (savings) - 65% of total in 2011
    Notes: SBPE and FGTS
    Notes: SBPE and FGTS
    Notes: SBPE and FGTS
    Notes: SBPE and FGTS
    Notes: SBPE and FGTS
    Notes: SBPE and FGTS
    Notes: SBPE and FGTS
    Notes: SBPE and FGTS
    Notes: SBPE and FGTS
    Notes: SBPE and FGTS
    Notes: SBPE and FGTS
    Notes: SBPE and FGTS
    Notes: Secretaria da Receita Federal (Income tax service), at Ministry of Finance, requires information from all real estate agents, through DIMOB (Declaração de nformações Imobiliárias) and from all notaries, through DOI (Declaração de Operações Imobiliárias). This data is not available to the public. All cities charge ITBI (Imposto de Transmissão de Bens Imóveis), in some cases disclosed. A WB study, from 2003, pointed 3 million likely home transactions for 2002 (Diamond and Rottmann).ITBI 2008 data for SP City showed c.160,000 residential transactions, which lead to a forecast, based on population, of c. 2,600,000 transactions for Brazil as a whole.
    Notes: State and Municipal Funds.
    Notes: State and Municipal Funds.
    Notes: State and Municipal Funds.
    Notes: State and Municipal Funds.
    Notes: State and Municipal Funds.
    Notes: State and Municipal Funds.
    Notes: State and Municipal Funds.
    Notes: State and Municipal Funds.
    Notes: State and Municipal Funds.
    Notes: State and Municipal Funds.
    Notes: State and Municipal Funds.
    Notes: State and Municipal Funds.
    Notes: Study by Fundação João Pinheiro on PNAD, 2007. Official housing stock deficit: 6,272 thousand units.
    Notes: Taxbreak incentives for investors on savings, real estate bonds (LCIs) and securities (CRIs).
    Notes: Taxbreak incentives for investors on savings, real estate bonds (LCIs) and securities (CRIs).
    Notes: Taxbreak incentives for investors on savings, real estate bonds (LCIs) and securities (CRIs).
    Notes: Taxbreak incentives for investors on savings, real estate bonds (LCIs) and securities (CRIs).
    Notes: Taxbreak incentives for investors on savings, real estate bonds (LCIs) and securities (CRIs).
    Notes: Taxbreak incentives for investors on savings, real estate bonds (LCIs) and securities (CRIs).
    Notes: Taxbreak incentives for investors on savings, real estate bonds (LCIs) and securities (CRIs).
    Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
    Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
    Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
    Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
    Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
    Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
    Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
    Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
    Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
    Notes: The lowest decile stated here is the income limit for participating in MCMV FAIXA I, which does not include financing schemes. Families at lower income deciles can participate if they can qualify for a housing mortgage.
    Notes: The lowest decile stated here is the income limit for participating in MCMV FAIXA I, which does not include financing schemes. Families at lower income deciles can participate if they can qualify for a housing mortgage.
    Notes: The lowest decile stated here is the income limit for participating in MCMV FAIXA I, which does not include financing schemes. Families at lower income deciles can participate if they can qualify for a housing mortgage.
    Notes: The lowest decile stated here is the income limit for participating in MCMV FAIXA I, which does not include financing schemes. Families at lower income deciles can participate if they can qualify for a housing mortgage.
    Notes: There 41 financial institutions registered at Central Bank.
    Notes: There are inter-institutional working groups in place, with year-to-year evolutions, but no final project yet.
    Notes: There are inter-institutional working groups in place, with year-to-year evolutions, but no final project yet.
    Notes: There are two legal instruments; mortgages and trust deed (ownership is transferred to borrower upon full repayment). Cost of mortgage foreclosure are 30% and 2% for trust deeds.
    Notes: There are two legal instruments; mortgages and trust deed (ownership is transferred to borrower upon full repayment). Cost of mortgage foreclosure are 30% and 2% for trust deeds.
    Notes: There is a consumer protection law which is for general commercial relationships and does not focus on mortgages.
    Notes: There is a consumer protection law which is for general commercial relationships and does not focus on mortgages.
    Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
    Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
    Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
    Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
    Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
    Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
    Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
    Notes: There is a guarantor fund in MCMV (Million Houses Program) for 6 months, which is an unemployment insurance.
    Notes: There is a guarantor fund in MCMV (Million Houses Program) for 6 months, which is an unemployment insurance.
    Notes: There is no official estimate, but at least 90% of all housing loans receive some sort of subsidy. Yet, most subsidies do not come from budgetary sources, but from either FGTS (the workers' indemnity fund) or SBPE (the savings and loans system).
    Notes: There is no official estimate, but at least 90% of all housing loans receive some sort of subsidy. Yet, most subsidies do not come from budgetary sources, but from either FGTS (the workers' indemnity fund) or SBPE (the savings and loans system).
    Notes: There is no official estimate, but at least 90% of all housing loans receive some sort of subsidy. Yet, most subsidies do not come from budgetary sources, but from either FGTS (the workers' indemnity fund) or SBPE (the savings and loans system).
    Notes: Though outstanding balances are published for FGTS and SBPE loans, there is no reliable published information on number of active loans.
    Notes: Though under construction industry lobby to be passed.
    Notes: Trust deed system on 100% of mortgage loans since 2004
    Notes: Trust deed system on 100% of mortgage loans since 2004
    Notes: Under construction industry lobby to be passed
    Notes: Under construction industry lobby to be passed
    Notes: Under discussion
    Notes: Under discussion
    Notes: Under discussion
    Notes: Under discussion
    Notes: Under discussion in 2010.
    Notes: Under FGTS and Federal Programs.
    Notes: Under FGTS and Federal Programs.
    Notes: Under FGTS and Federal Programs. PMCMV.
    Notes: Under PMCMV (FGHab)
    Notes: Under PMCMV (FGHab)
    Notes: Under PMCMV, mortgage loans funded by FGTS offer direct subsidies to certain income groups.
    Notes: Under PMCMV, mortgage loans funded by FGTS offer direct subsidies to certain income groups.
    Notes: Under Programa Minha Casa Minha Vida
    Notes: Under Programa Minha Casa Minha Vida
    Notes: Used IPCA (A2.6) as deflator. Based on Minimum Wage evolution, values indicated beside: BRL 415,00; BRL 380,00 (2007); BRL 350,00 (2006).
    Notes: Used IPCA (A2.6) as deflator. Based on Minimum Wage evolution, values indicated beside: BRL 415,00; BRL 380,00 (2007); BRL 350,00 (2006).
    Notes: Variable, typically between 1.5%-3.0%.
    Notes: When SAC amortization system is used. If price, maximum LTV is 80%.
    Notes: Workers with no formal register. Nov.09, for Recife, Salvador, Belo Horizinte, Rio de Janeiro, São Paulo and Porto Alegre metro areas.