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Instruments to tap capital markets for funding in housing and related considerations concerning the Sistema Brasileiro de Poupança e Empréstimo (SBPE) (English)

At the request of the Secretariat of Economic Policy (SPE) at the Brazilian Ministry of Finance (Fazenda), the World Bank carried out a second phase of the Non-Lending Technical Assistance (NLTA) aimed at supporting the Government's ongoing housing sector reform efforts. Work provided under Phase II of the NLTA focused on two interrelated issues : Proposing the introduction of new instruments which will allow lenders to raise long-term funds from the capital markets; and Identifying options to ensure a better alignment of the Sistema Financeiro de Habitação (SFH), with its two pillars SBPE and FGTS, with the introduction of new capital market instruments.

Details

  • Document Date

    2011/06/08

  • Document Type

    Other Financial Sector Study

  • Report Number

    69302

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Brazil,

  • Region

    Latin America & Caribbean,

  • Disclosure Date

    2012/06/05

  • Disclosure Status

    Disclosed

  • Doc Name

    Instruments to tap capital markets for funding in housing and related considerations concerning the Sistema Brasileiro de Poupança e Empréstimo (SBPE)

  • Keywords

    exposure to interest rate risk;capital market instruments;housing finance;personal income tax exemption;long term capital market;unidad de valor real;long term interest rate;interest rate risk management;interest rates on loan;loan to value ratio;mortgage loan portfolio;market interest rate;domestic capital market;commercial real estate;government bond;residential mortgage;capital market funding;real estate transaction;interest rate regime;mortgage bond;liquidity risk;interest income;consumer price index;cost of fund;mortgage market development;housing finance system;Fixed income securities;fixed income security;external capital flows;wholesale price index;housing loan;minimum reserve requirement;Type of Investment;domestic saving rate;liquidity risk management;interest rate shock;local capital market;global financial crisis;development of market;interest of investor;fixed interest rate;nominal interest rate;mobilization of funds;capital market development;macroeconomic stabilization policy;increase in risk;fixed income market;capital market financing;development of finance;long-term investment opportunities;fixed rate mortgage;households with income;economic growth rate;capital market environment;source capital;construction of housing;interest rate movement;Finance for Housing;real estate financing;loans from bank;deed of trust;real estate development;bank bond market;supply of capital;short term deposit;foreign capital inflow;secondary mortgage market;mortgage backed securities;minimum qualification requirement;capital market investor;secondary market trading;capital market transaction;real estate finance;real estate loan;deposit rate;liquidity facility;mortgage lending;residential housing;lending limit;fiscal support;liquidity constraint;underwriting standard;holding period;nominal lending;transaction cost;liquidity management;price inflation;market condition;comparator country;minimum wage;private lender;funding source;debt instrument;traditional fund;lending volume;long-term fund;market failure;bank funding;lending activities;tax treatment;short-term deposit;artificial market;prudential regulation;increased demand;macroeconomic condition;housing sector;alternative funding;long-term funding;housing price;mortgage finance;credit quality;low-income housing;maturity transformation;Financial Sector;liquidity reserve;market segment;household use;institutional investor;core deposit;tax regulation;tax rate;outstanding loan;loan finance;transaction account;stock exchange;rising demand;metropolitan region;saving behavior;short-term volatility;credit crunch;small bank;inflation index;savings passbook;secondary spread;bond purchase;savings deposit;treasury department;guarantee scheme;unsecured obligation;housing supply;contract design;inflation indexation;construction industry;high volatility;market participant;deposit growth;unsecured bond;long-term saving;brazilian case;residential property;commercial properties;equity issue;consumer loan;corporate activity;loan pool;savings bank;security interest;underlying mortgage;price rise;disability insurance;quality of house;excessive debt;investment allocation;financing arrangement;limited income;underlying asset;private placement;property value;reinvestment risk;institutional framework;age limits;income range;macroeconomic development;commercial bank;banking system;finance market;regulatory requirement;loan origination;capital regulation;tax concession;effective application;supervisory agency;low-income group;long-term credit;construction sector;eligible deposit;lending institution;Financial Stability;credit line;foreign currency;portfolio growth;external funding;government budget;valuation rule;long-term debt;asset class;mortgage securities;portfolio composition;Investment strategies;sovereign bond;security enhancement;housing affordability;credit enhancement;long-term lending;core functions;eligible mortgage;primary source;Treasury securities;treasury security;serviced land

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Citation

Instruments to tap capital markets for funding in housing and related considerations concerning the Sistema Brasileiro de Poupança e Empréstimo (SBPE) (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/192421468015594786/Instruments-to-tap-capital-markets-for-funding-in-housing-and-related-considerations-concerning-the-Sistema-Brasileiro-de-Poupan-231-a-e-Empr-233-stimo-SBPE