Studies

Included here are studies on mortgage finance, and related housing market issues, in many transition nations. If you would like to request posting a study to the website, please contact CEE@CEEMortgageFinance.org.

SEE Mortgage Market Assessments: Bulgaria, Romania, Croatia, Serbia, and Bosnia

In order to provide background information for the SEE Mortgage Finance Conference: "Developing Secondary Mortgage Markets in Southeast Europe", the Urban Institute carried out assessments of the mortgage markets in Bulgaria, Romania, and Croatia. The assessments were carried out by Sally Merrill and Carol Rabenhorst of UI and Paul Sacks of MNS Advisors. Subsequently, an assessment of the mortgage market in Serbia was carried out by Sally Merrill, Carol Rabenhorst, and Stephen Butler of Jurisconsult. The same authors then addressed the Bosnian mortgage and real estate markets, where they were joined by Norman Flynn of the International Real Property Foundation and Taisa Zecic, IBM, BiH.

The Legal Framework of Mortgage Markets in Southeast Europe: Assessments of the Legal Framework of Primary and Secondary Mortgage Markets in Croatia, Romania, and Bulgaria

The first SEEMFN Working Group meeting in Sofia in May 2003 established a review of the legal infrastructure of primary and secondary mortgage markets in SEE as the highest priority next step. The legal assessment was carried out by Carol Rabenhorst, UI and Stephen Butler, Jurisconsult.

• Regulation and Supervision of Mortgage Lending in Emerging Markets: An Assessment in Bulgaria and Romania

Poland Housing Finance and Housing Policy Papers

The Poland Housing Finance Project prepared numerous reports on a broad range of mortgage finance, housing market, and housing policy issues. The topics include development of mortgage lending and housing finance policy, regulation and supervision of housing finance, rent reform at the national and municipal level, housing allowances, mortgage insurance, links between the housing sector and the macro-economy, housing and tax policies, and the effective demand for housing.

CEE Mortgage Finance and Housing Market Studies

These studies and additional studies of mortgage finance and housing in CEE countries and Russia are posted here. These include:

EBRD Minimum Standards Manual

• Mortgage Loan Minimum Standards Manual April 2004 (Full Report)
• Mortgage Loan Minimum Standards Manual April 2004: List of Minimum Standards and Suggested Best Practices For Financial Institutions (Summary)

Armenia

• Development of a Sustainable Market for Housing Finance in Armenia: Feasibility Study and Project Design, Carol Rabenhorst (UI), Raymond Struyk (UI), Douglas Diamond (Consultant to the Urban Institute), Friedemann Roy (Bankakademie International), Stephen Butler (Jurisconsult LLC) (2005)

Bosnia

• Real Estate Finance and the Real Estate Market in Bosnia: Unlocking Capital for Development, Sally Merrill (UI), Carol Rabenhorst (UI), Stephen B. Butler (Jurisconsult), Norman Flynn (International Real Property Foundation), and Taisa Zecic (IBM/FSBAT/BiH) for USAID/Bosnia. (2004)
• The Real Estate Market in Bosnia-Herzegovina: Current Status and Recommendations for Reform, Carol Rabenhorst (UI) for The Office of the High Representative, Sarajevo, Bosnia-Herzegovina (2000)
• Report on Preliminary Assessment of Mortgage Finance and Privatized Housing Management in the Federation of Bosnia-Herzegovina, Carol Rabenhorst (UI) for USAID Privatization Office, Sarajevo, Bosnia-Herzegovina (1997)

Bulgaria

• The Legal Framework of Mortgage Markets in Southeast Europe: Assessments of the Legal Framework of Primary and Secondary Mortgage Markets in Croatia, Romania, and Bulgaria, Carol Rabenhorst (UI) and Stephen B. Butler (Jurisconsult) for USAID (2004)
• Developing Secondary Mortgage Markets in Southeast Europe: Assessments of the Mortgage Markets in Bulgaria, Croatia, and Romania, Sally Merrill (UI), Carol Rabenhorst (UI) and Paul Sacks (MNS Advisors) for USAID (January 2003)
• Mortgage Financing in Bulgaria: Developments, Housing Market and General Background, Tzveta Dimitrova (IME), Daniela Vladimirova (DSK Bank), Krassen Stanchev (IME, Editor), Martin Dimitrov (IME), for the USAID Pension Reform Project and CARANA Corp. Round Table on Mortgage Bonds Horizon as Long Term Investment (2000)

Croatia

• The Legal Framework of Mortgage Markets in Southeast Europe: Assessments of the Legal Framework of Primary and Secondary Mortgage Markets in Croatia, Romania, and Bulgaria, Carol Rabenhorst (UI) and Stephen Butler (Jurisconsult) for USAID (2004)
• Developing Secondary Mortgage Markets in Southeast Europe: Assessments of the Mortgage Markets in Bulgaria, Croatia, and Romania, Sally Merrill (UI), Carol Rabenhorst (UI) and Paul Sacks (MNS Advisors) for USAID (January 2003)
• ECRA Housing Project: Financial Sector Analysis, Leslie Matthews Sulenta, The Urban Institute, July 2001.
• Development Credit Authority Croatia: Permanent Accomodations and Home Improvement Loans in War-Affected Areas of Croatia Financial Viability Analysis Loan Portfolio Guarantee for Mortgage Lending, Sally Merrill (UI) for USAID (2002)

Hungary

• Potential Effects of Mortgage and Subsidy Programmes on Housing Affordability: The Cases of Budapest and Moscow, Ray Struyk (UI) with J. Hegedüs, N. Rogozhina, E. Somogyi, and A. Tumanov (2004)
• The Evolution of Housing Finance Policy in Hungary: 1993 - 1999 Douglas B. Diamond (April 1999)
• The Housing Finance Outlook for Commercial Banks, Éva Várhegyi (MRI) (1998)
• Residential Loan Recovery: Managing Risk of Default, Report of the Loan Recovery Working Group for the Conference on Housing Finance in Hungary, November 11-12, 1998
• The Loan Recovery Working Group Meeting, April 1998
• Present Regulations Concerning the Foreclosure of Mortgage and the Possible Ways of Solving the Arising Problems, August 1998.
• Certain Problems of Enforcing Liens under Hungarian Laws, Dr. Gabriella Molnár, March 1997
• Questions Concerning Registration at the Notaries Public
• Recommendations as to the Amendment of the Civil Code Rules Pertaining to Liens, December 1997

Kazakhstan

• Establishing Mortgage Guarantee Insurance In Transition And Emerging Markets: A Case Study Of Kazakhstan; Sally Merrill (UI) and Douglas Whiteley, prepared for Housing Finance International (September 2003).

Poland

• Poland: Housing Finance at the Millenium, An Assessment of Achievements and Outstanding Issues, Sally Merrill (UI), Edward Kozlowski (Cracow Real Estate Institute), Piotr Karas (Cracow Real Estate Institute), Jacek Laszek (Bank Slaski) for USAID (February 2000)
• The Transition in Housing Finance in Central Europe and Russia: 1989 - 1999, Douglas B. Diamond (UI) for USAID (February 2000)
• Global Markets for Funding Housing: What is the Best Model for Poland? Michael Lea (Cardiff Consulting Services) for USAID (February 2000)
• Final Conference of USAID's Housing Finance Project: A Decade of Building Housing Finance in Poland Challenges at the Onset of the New Century, Sally Merrill (UI) for USAID (December 1999)
• Regional Conference on Housing Finance: Building Housing Finance in central and Eastern Europe: Sharing and Comparing, Sally Merrill (UI) for USAID (December 1999)
• Property Valuation and Appraisal U.S. Information Systems and Recommendations for Poland, Mark Bates, David Dale-Johnson, and W.J. Brzeski (Cracow Real Estate Institute) for USAID (September 1999)
• The Feasibility of Estimating the Demand for Residential Mortgage Credit in Poland, Sally Merrill (UI), Rebecca Lawrence (UI), Setphen Mayo, Maciej Grabowski, Martha Sickles-Grabowska, Marek Koziarek, Piotr Karas (Cracow Real Estate Institute) for USAID (April 1999)
• Housing and the Macroeconomy: Tax Reform and Alternative Subsidy Policies for Housing, Sally Merrill (UI), Patric Hendershott, Stephen Mayo, Michael Lea, Douglas Diamond for USAID (April 1999)
• Public Sector Housing Finance Policy Strategies for Poland, Sally Merrill (UI), Michael Lea (Cardiff Consulting Services), Douglas Diamond, Martha Sickles-Grabowska, Katherine Aukward, Edward Kozlowski (Cracow Real Estate Institute), Jacek Laszek (Cracow Real Estate Institute), and Rebecca Lawrence (UI) for USAID (December 1998)
• Local Government Rent Policy and Best Practice in Poland: The Need for Rent Reform and an Improved Housing Allowance Program, Sally Merrill (UI), Rebecca Lawrence (UI), Harry Garnett, Wanda Urbanska (Housing Research Institute), Edward Kozlowski (Cracow Real Estate Institute), and Jacek Laszek (Cracow Real Estate Institute) for USAID (November 1998)
• Regulation of Mortgage Banks and Mortgage Bonds in Poland: Assessment of the Regulatory Framework for Mortgage Banking in European Union Countries with Lessons Learned for Poland, Loic Chiquier for USAID (November 1998)
• Prospective Role of Mortgage Insurance in Support of Housing Finance in Poland, Roger Blood for USAID (September 1998)
• The Current Operation of the Bauspar Systems in Czech Republic, Hungary and Slovakia, Douglas Diamond for USAID (September 1998)
• Analysis and Recommendations for Revision of Statutory Lien Policy in Poland, Carol Rabenhorst UI), Jacek Laszek (Cracow Real Estate Institute), Tomasz Stawecki, Klaus Peter Follack for USAID (September 1998)
• Development of a Regulatory Policy Framework for Real Estate Lending: Review of United States Regulation and Lessons Learned for Poland, William C. Handorf for USAID (May 1998)
• Analysis of Contract Savings for Housing Systems in Poland, Michael Lea (Cardiff Consulting Services), Jacek Laszek (Cracow Real Estate Institute, Loic Chiquier for USAID (March 1998)
• Dual Index Mortgages (DIMs): Conditions of Sustainable Development in Poland, Loic Chiquier for USAID (February 1998)
• The Risks of Commercial Real Estate Lending, Michael J. Lea (Cardiff Consulting Services) with Achim Dubel, Jacek Laszek (Cracow Real Estate Institute), contributions from Loic Chiquier, William Handorf (Abt Associates) for USAID (December 1997)
• Building on Progress: The Future of Housing Finance in Poland for USAID (May 1997)

Romania

• The Legal Framework of Mortgage Markets in Southeast Europe: Assessments of the Legal Framework of Primary and Secondary Mortgage Markets in Croatia, Romania, and Bulgaria, Carol Rabenhorst (UI) and Stephen B. Butler (Jurisconsult) for USAID (2004)
• Developing Secondary Mortgage Markets in Southeast Europe: Assessments of the Mortgage Markets in Bulgaria, Croatia, and Romania, Sally Merrill (UI), Carol Rabenhorst (UI) and Paul Sacks (MNS Advisors) for USAID (January 2003)
• The Prospects for Housing Finance in Romania, Sally Merrill (UI), Harold Katsura (UI), Carol Rabenhorst (UI), for the USAID East European Regional Housing Sector Assistance Project (1999)

Russia

• Potential Effects of Mortgage and Subsidy Programmes on Housing Affordability: The Cases of Budapest and Moscow, Ray Struyk (UI) with J. Hegedüs, N. Rogozhina, E. Somogyi, and A. Tumanov (2004)
• Integrating Housing Wealth into the Social Safety Net for the Moscow Elderly, Ray Struyk (UI), R. Buckley, E. Szymanoski, and K. Cartwright, Journal of Housing Economics, 2003, vol.12, no.3, pp. 202-23.
• Russia: Dramatic Shift to Demand-Side Assistance, N. Kosareva, A. Tkachenko, and R. Struyk (UI), in R. Struyk (ed.), Homeownership and Housing Finance Policy in the Former Soviet Bloc: Costly Populism. Washington, DC: Urban Institute, 2000, pp. 151-216.
• Homeownership and Housing Finance Policy in the Former Soviet Bloc: Costly Populism, R. Struyk, editor, Washington, DC: Urban Institute, 2000.
• Mortgage Default Insurance in the U.S.: Implications for Russia, Ray Struyk (UI) and Douglas Whiteley for USAID (2002)

Serbia

• An Assessment of the Mortgage Market in Serbia, Sally Merrill (UI), Carol Rabenhorst (UI), Stephen Butler (Jurisconsult) (2004)

Slovakia

• Housing Policy: A Work In Progress, Douglas B. Diamond (February 1996)

SEE and CEE Regional

• The Legal Framework of Mortgage Markets in Southeast Europe: Assessments of the Legal Framework of Primary and Secondary Mortgage Markets in Croatia, Romania, and Bulgaria, Carol Rabenhorst (UI) and Stephen Butler (Jurisconsult) for USAID Competitive Financial Markets - Launching Debt Instruments project (2004).
• Housing Finance in South Eastern Europe, Jozsef Hegeduz (MRI, Budapest), based on Council of Europe Seminar on housing finance for the SEE Housing Network on Housing Finance (2002)
• "The Transition in Housing Finance in Central Europe and Russia: 1989 - 1999", Douglas Diamond, The Urban Institute, 2000.
• Homeownership and Housing Finance Policy in the Former Soviet Bloc: Costly Populism, edited by Raymond Struyk (UI), UI Press (2000).
• "Solving the Housing Problem: Lessons from Poland and Hungary in Creating a New Housing Finance System", Rebecca Black, Krzysztof Jaszczolt, Michael Lee, USAID Warsaw, June 2002.

If you would like to request posting a study to the website, please contact CEE@CEEMortgageFinance.org.