The Committee on the Global Financial System (CGFS) is today releasing a report
entitled Housing finance in the global financial market.
The report was prepared by a Working Group set up to study recent changes in
housing finance systems as part of the Committee's ongoing work to guard
against risks to financial stability. The main objectives of the Working Group
were to analyse the significance of developments that are common across
countries and affect the supply of, and demand for, housing finance.
The report identified a number of developments of importance for housing finance
markets, including higher loan-to-value ratios, an increase in the range and
complexity of mortgage products, the growing importance of capital markets in
the funding of mortgages, and a greater willingness of households to assume
interest rate risk.
The Working Group comprised representatives of 17 CGFS-participating central
banks and the BIS and was chaired by Lars Nyberg, Deputy Governor of Sveriges
Riksbank. The Working Group's members are listed in the report, which is
available on the BIS website.
Specific questions regarding the report may be sent to the Committee on the
Global Financial System by e-mail (CGFS@bis.org)
or fax (+41 61 280 9100). For further information or to request a printed copy,
please e-mail publications@bis.org.