But the total stock of mortgages is very low: Chile has the region's best developed mortgage market, at some 20% of GDP.
Bob Dubrish — a founder and CEO of Option One Mortgage, a top subprime lender owned by H&R Block that was shut down in 2007 — teamed up with a firm backed by Lewis Ranieri, who was instrumental in developing mortgage bonds, the type of investments that fueled the economy's spin off the rails in 2008.
In periods and countries with poorly developed mortgage markets, where loan-to-value ratios are low and thus down-payments high, access to homeownership is restricted to those who have savings and/or those who receive financial help from family in the shape of gifts, loans or bequests.
Until this hits the market, all the effort that Japan is putting into developing mortgage-backed securities, REITs and other foreign exotica, welcome as they are, will seem rather beside the point.
These variations have several causes: German housing supply is more responsive than Dutch supply; the German rental market is far more developed; mortgage-interest payments are tax-deductible on the orange side of the countries' shared 500km border, and not in Germany.For the rational-minded, gaps this wide raise questions.
Were talking to a lot of [Mainland] Chinese banks about the credit card business, and we also want to develop the mortgage business in China through our ties with Hong Kong developers.
Early in the day, the market got a lift from General Electric, whose earnings met expectations and which seemed not to be affected by the developing subprime mortgage crisis.
The Wall Street Journal reports the SEC is looking at the role ratings agencies had in developing the mortgage bond deals that led to the crisis.
After signing Patrick's slap-on-the-wrist settlement, Arnall developed his mortgage operation into Ameriquest, which became the world's largest subprime lender during the housing bubble.
