Paper Information

Journal:   FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)   FALL 2014 , Volume 7 , Number 23; Page(s) 57 To 74.
 
Paper: 

A MODEL OF SECONDARY MORTGAGE MARKET, SUIT THE REQUIREMENTS OF IRAN (AS ONE OF THE SUBSTRATES REQUIRED FOR CREDIT RISK MANAGEMENT IN MONEY MARKET)

 
 
Author(s):  SAYYAH S., SAFARI M.
 
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Abstract: 

Mortgage market refers to a market where mortgage funds are mobilized and allocated. The main product of the mortgage market is the mortgage loans. These loans are paid to the borrower after collateralization and imply a contract between the lender and the borrower by witch the base asset is collateralized for guaranty of repaying the principal and interest of the mortgage loan.
Regarding the functioning of the mortgage market and its agents, this market contains for two submarkets; (a) Primary Market and (b) Secondary Market. In the primary mortgage market the real loans are provided to the applicants and in the secondary mortgage market, liquidity is entered to the primary market by purchasing packages of mortgage loans.
Considering the importance of issuing mortgage in credit risk management in money market, this paper reviews the secondary mortgage market in selected countries and focuses on America's most active institutions in the secondary mortgage market "Fannie Mae", "Freddie Mac", and "Ginnie Mae" and finally by reviewing the proposed structures for the secondary mortgage market participants in Iran, provides an appropriate model for establishment and public/private structure such institutions in the country.

 
Keyword(s): CREDIT RISK, RISK MANAGEMENT, MORTGAGE, SECONDARY MORTGAGE MARKET
 
References: 
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