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| Mortgage industry of Denmark ： ウィキペディア英語版 |
Mortgage industry of Denmark
The mortgage industry of Denmark has proved very effective in providing borrowers with flexible and transparent loans on conditions close to the funding conditions of capital market players. Simultaneously, the ''covered mortgage bonds''〔(Housing finance in the global financial market, CGFS Publications No 26, January 2006; Box 3 )〕 transfer market risk from the issuing mortgage bank to bond investors. Lastly, strict property appraisal rules, credit risk management by the mortgage banks, and tight regulations including the so-called 'balance principle', have also historically shielded mortgage bonds from default risk.〔(International Monetary Fund: The Danish Mortgage Market — A Comparative Analysis, IMF Country Report No. 07/123, March 2007 )〕 High industry concentration and automatic stabilizers also play a role in maintaining stability.〔Michael Simkovic, (''Competition and Crisis in Mortgage Securitization'' )〕
In Denmark, the mortgage banks are the only financial institutions allowed to grant loans against mortgage on real property by issuing covered mortgage bonds ((デンマーク語:Realkreditobligationer)). The scope of activities allowed to mortgage banks is limited to the origination and servicing of mortgage loans, their funding, exclusively through the issuance of mortgage bonds, and activities deemed accessory. As of 2007, there are eight mortgage banks active in the Danish mortgage market, some affiliated with commercial banks.〔
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抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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