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Topic: Danish mortgage market

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	Government sponsored enterprise - Wikipedia, the free encyclopedia
		The mortgage borrowing segment is by far the largest of the borrowing segments that the GSEs operate in.
		The GSEs have created a secondary market in these loans through securitization so that the primary market debt issues can be bought and—most importantly—traded by investors.
		Proponents say that this secondary market in consumer loans gives household borrowers cheap fixed rate loans (low fixed rates on long term loans), removes credit risk from banks' balance sheets and provides standardized instruments (securitized securities) for investors.
	en.wikipedia.org /wiki/Government_Sponsored_Entity (278 words)

	Finanstilsynet - Supervision of Danish mortgage banks
		Homeowners and other owners of real estate rely on the mortgage credit system for cheap funding of their assets, and the confidence of and security for the mainly domestic investors such as credit institutions, insurance companies and pension funds in the mortgage bonds is of the highest importance.
		In addition, the regulation of placement of funds of mortgage banks, the balance principle and the lending limits contribute to a limitation of the risks that mortgage banks are allowed to assume.
		For mortgage banks the rating is among other things based on ratios related to solvency, growth in outstanding loans, market risks and share of loans granted to high risk types of property.
	www.ftnet.dk /sw10730.asp (1653 words)

	Danish mortgage market
		98% of Danish mortgages are securitized to mortgage backed securities and sold by the mortage originators.
		Proponents of the Danish system say that its leaner and more efficient than any other system, with costs around 0.5% of the interest on the loans.
		"I don’t believe that other European mortgage lenders would like to be as tightly regulated or as constrained in terms of risk taking as the Danish mortgage credit institutions are.
	www.arikah.net /encyclopedia/Danish_mortgage_market (264 words)

	BRFkredit - About BRFkredit
		The Danish Mortgage Loans and Mortgage Bonds Act and the Danish Financial Services Act regulate the business of BRFkredit, and BRFkredit is supervised by the Danish Financial Supervisory Authority, an institution under the Danish Ministry of Economic and Business Affairs.
		Mortgage bonds labelled 142B and 442B are floating-to-fixed rate bonds where the bonds permanently change into fixed rate bonds if the interest rate at a fixing hits the knock-in rate (cap rate).
		Mortgage bonds labelled 154B and 454B are floating rate bonds with an interest rate cap where the bonds continue to carry floating interest rate even if the interest rate at a previous fixing has been capped at the cap rate (i.e.
	www.brf.dk /C1256A8000376E8E/alldocs/DOCJWIK-5LFD5K (1216 words)

	Prospectus_6 (Site not responding. Last check: 2007-11-03)
		Realkredit Danmark is Denmark's second-largest mortgage credit institution with DKK 373 billion of total assets and approximately half a million customers, corresponding to approximately a third of the total Danish mortgage credit market as at 30 June 1998.
		While the existing mortgage credit institutions had to recognise high losses on loans granted during the 1980s when property prices had fallen sharply, the new mortgage credit institutions were not affected by losses and had a plentiful supply of capital from their parent banks.
		Because of the matching between payments on mortgage bonds and the underlying mortgage loans, interest income is generated only on the securities portfolio and represents a very small part of total income compared with mortgage banks in other countries, for which the interest differential between lending and borrowing is the main source of earnings.
	www.danskebank.com /Link/pros6 (7788 words)

	Prospectus_8 (Site not responding. Last check: 2007-11-03)
		In practice, the mortgage credit institution is authorised to mortgage a property up to the percentage prescribed by the Mortgage Credit Act for the type of property in question, but depending on the property valuation and/or the credit rating of the borrower, a lower percentage may be fixed.
		Finally, it is stated in the Act that a mortgage credit institution must at no time incur any risk which may involve a loss due to differences in the redemption terms or the combination of currencies on the institution's creditor side on the one hand, and the institution's debtor side on the other.
		The Danish bond market is among the largest in the world with a nominal volume in circulation of more than DKK 2,000 billion as at 30 June 1998.
	www.danskebank.com /Link/pros8 (1610 words)

	REUTERS Danish MBS
		Denmark’s bond market is dominated by the substantial Danish MBS market.
		It is Europe's second-largest mortgage market, after the German Pfandbriefe, with some 1.243 billion crowns (US$155 billion) outstanding at the end of 1999, almost twice the size of the government’s bond market.
		Large international investors are drawn to the Danish MBS market by the yield pick-up they provide over Danish state bonds, especially since European Monetary Union removed many of the big government yield spread previously available.
	about.reuters.com /dmbs (488 words)

	Securitization market in Denmark
		It is said that mortgage markets in Denmark have existed for last 200 years, and therefore, Denmark is the real birthplace of securitisation.
		Danish mortgage pools (or series) tend to be large in size, typically $1billion or more initially (some issues are more than $10 billion).
		The Danish mortgage credit Act has been amended several times and the latest amendment has allowed all mortgage banks to grant mortgage loans to agricultural property with a general maximum limit of 70% of the value of the property.
	www.vinodkothari.com /secdenma.htm (525 words)

	Economy of Denmark - Wikipedia, the free encyclopedia
		Denmark's industrialized market economy depends on imported raw materials and foreign trade.
		This thoroughly modern market economy features high-tech agriculture, up-to-date small-scale and corporate industry, extensive government welfare measures, comfortable living standards, and high dependence on foreign trade.
		The coalition has lowered marginal income tax rates while maintaining overall tax revenues; boosted industrial competitiveness through labor market and tax reforms; increased research and development funds; and improved welfare services for the neediest while cutting paperwork and delays.
	www.wikipedia.org /wiki/Economy_of_Denmark (979 words)

	Nordic Cash Flow Fund
		The Danish mortgage bond market is the third largest in the world.
		The investment objective of the fund is to achieve long-term capital preservation investing in Danish mortgage bonds in particular, with long-term performance generated by constant positive cash flow.
		The investment strategy of the fund is to invest in Danish mortgage bonds offering a high rate of return with coupons paid quarterly.
	www.ncf-fund.com (695 words)

	Safe Haven \| The Great Mortgage Spread Trade
		The average Purchase mortgage was $215,600, and the average ARM was $285,200.
		Mortgage Originations increased 45% during the quarter to $12.26 billion and were more than double the year ago level.
		And his rationale for making that claim is that the Fed has encouraged the financial markets to participate, in his view, in the carry trade, where one can borrow cheaply on the short end of the yield curve and invest those borrowings in a longer-dated security.
	www.safehaven.com /article-1789.htm (5621 words)

	Russian mortgage market reports boost in business (Site not responding. Last check: 2007-11-03)
		Analysts say the increasing demand for real estate, and mortgages in particular, can be traced back to increasing confidence in the economy and a sense of stability in the country.
		The market is divided between international fast-food giants and their domestic competitors, and both are looking at expansion.
		Meanwhile, experts say that only about a quarter of the capital’s fast-food market is accounted for by fast-food chains, with the rest of it made up of street vendors selling poor-quality hot dogs, shaurma and chebureki, which means that there is substantial room for proper companies entering the sector.
	www.russiajournal.com /fan/russia_4802_5484_news.htm (1984 words)

	Research and Markets - European Mortgage Markets: Opportunities for Australian Lenders - Printer Friendly
		Ireland remains a small but vibrant mortgage market and although Datamonitor predicts the market’s growth to slow over the next five years, relative to other European markets it will continue to grow strongly.
		The UK market boasts a large number of well-positioned small lenders that would be valuable acquisitions if the opportunity arose.
		Market sizing and forecasts will allow you to compare the past, present and future of European mortgage markets relative to the market in Australia.
	www.researchandmarkets.com /reports/45104/45104.htm (4148 words)

	Encyclopedia: Danish mortgage market (Site not responding. Last check: 2007-11-03)
		People who viewed "Danish mortgage market" also viewed:
		Proponents of the Dansih system say that the costs are 0.5% less than the interest rates on the loans (0.5% operating margin).
		For example, the strict cover principle implies that Danish institutions have to pass on all interest rate risk to investors, a significant source of income and profit for mortgage lenders elsewhere."
	www.nationmaster.com /encyclopedia/Danish-mortgage-market (288 words)

	Market share (Site not responding. Last check: 2007-11-03)
		Before 1989, competition in the mortgage credit sector was limited to three market participants, RD, Nykredit and BRFkredit.
		The new mortgage credit institutions, which joined the market after 1989 increased the number of major mortgage credit institutions in Denmark to seven.
		The chart below shows the movements in the market shares of the institutions, in terms of gross new lending, from 1998 to 2002 except the fourth quarter.
	www.rd.dk /Link/marketshare (168 words)

	Mortgage Bonds (Site not responding. Last check: 2007-11-03)
		DANISH MORTGAGE BOND FUND CELL (The Sub-Fund) with the Classes:
		The Company is an open-ended investment company which was registered with limited liability in Guernsey on 3 December 2004 with an unlimited duration.
		The Sub-Fund Danish Mortgage Bond Fund is a Cell of Danske Leveraged Fund PCC Limited, an open-ended protected cell investment company migrated from the Cayman Islands and registered with limited liability in Guernsey on 3 December 2004 and authorised by the Guernsey Financial Services Commission as a Class B collective investment scheme.
	www.danskelf.com /Prospectus.asp (496 words)

	[Report] European Mortgage Markets: Opportunities for Australian Lenders
		Figure 36: Gross advances in the French mortgage market will increase at a compound annual growth rate of 2.9 per cent between 2003 and 2007 and amount to EUR 52.9 billion by the end of the period 117
		Figure 40: Gross advances in the German mortgage market will increase at a compound annual growth rate of 1.1 per cent between 2003 and 2007 and amount to EUR 76.0 billion by the end of the period 139
		Figure 58: Gross advances in the Dutch mortgage market will increase at a compound annual growth rate of 5.0 per cent between 2003 and 2007 and amount to EUR 127.9 billion by the end of the period 199
	www.the-infoshop.com /study/dc17707_mortgage_toc.html (3739 words)

	European Mortgages 2003 : Market Research Report
		The UK continues to account for the largest share of European residential mortgage market gross advances, and in fact in 2002 the UK accounted for more than 40 per cent of the European total.
		Given the size of the German population there is the potential for Europe’s largest mortgage market to develop within the country.
		That such a market has not already developed is the result of the low level of German homeownership and German consumers’ preference for remaining in their properties for a long time once they have become homeowners.
	www.marketresearch.com /map/prod/957849.html (4079 words)

	Mortgage Bonds
		The Danske Leveraged Fund is a Danish Mortgage Bond Fund denominated in Euro of which our company, Capital International, ensures the distribution.
		This Fund invests exclusively in Danish Mortgage Bonds with AA and AAA ratings.
		Capital International design and market a number of innovative and successful limited private placements, structured by major investment banks, to offer investors a competitive choice of income or growth over a fixed term.
	www.capitalio.com (162 words)

	OBLIGATIONER - Handel - Obligationspriser - analyser (Site not responding. Last check: 2007-11-03)
		Our fixed income research team covers Danish, Swedish and German bonds with a special focus on the Danish mortgage bond market.
		For years we have been a specialist in intensive analysis of Danish mortgage bonds using quantitative decision-making tools.
		Being an investor in the international capital markets achieving the highest possible return is the goal.
	www.nordkursbank.pl /dep_research_forside.asp (234 words)

	Danish mortgage credit system (Site not responding. Last check: 2007-11-03)
		The main principle is that the mortgage credit institutions are the only financial institutions allowed to grant loans up to the statutory loan-to-value limit.
		Moody's recognised the strengths of the Danish mortgage credit system by upgrading the sector as a whole, stating that they believe that Danish mortgage bonds are very strong and very low risk financial instruments.
		In the following table you will find the different credit ratings on the five largest mortgage institutions.
	www.danskebank.com /Link/DanishMortgageCreditSystem (130 words)

	REUTERS Danish MBS
		The DMBS model provides market participants with up-to-date risk and return statistics for the Danish mortgage-backed securities market.
		The DMBS model provides a reference calculation for Danish mortgages, which may be used to compare the different bonds.
		The fact that the model is not tied to any individual investor or trader also means that it could serve as an important middle ground in the comparison of the different assumptions and models used in the market.
	about.reuters.com /dmbs/model (169 words)

	Russian mortgage market reports boost in business (Site not responding. Last check: 2007-11-03)
		Of the 145,000 refugees living in Ingushetia, less than half are in tent cities and rented spaces, while 86,000 are staying with relatives or friends, from whom they most likely receive sustenance.
		In addition to the Russian government, the Danish Support Committee, the Red Cross and Islamic Relief provide rations.
		Russia’s expenses on refugee relief are nothing compared to its expenses on the war.
	www.russiajournal.com /fan/russia_4802_6431_news.htm (1669 words)

	EuroCatalyst
		Securitisation is on the rise in Europe as a viable alternative for funding loans through the capital markets, providing capital relief through off balance-sheet treatment and the promise of lower funding costs for certain issuers.
		Each session covers the most important aspects of that particular mortgage market, giving delegates a well-rounded picture of the lending landscape in each national market or region.
		The EuroCatalyst "Map of the market", produced in conjunction with participating trade organisations and institutions, provides a written overview of all relevant market trends, statistics and players for delegates to follow, and places panel discussions into context.
	www.eurocatalyst.com /program1.php (388 words)

	No incentive yet to save UK mortgage market from itself - [Sunday Herald]
		Meanwhile, as rates begin to rise, up to 40% of all borrowers remain on variable mortgages, subsidising other customers who snap up better deals from lenders, a separate government report claimed last week.
		In a strong criticism of the mortgage market, Professor David Miles says that 40% of existing borrowers who fail to shop around are paying about 1.7% more for their loans than those who do.
		Last week’s report attracted a mixed response from lenders, most of whom dislike having to compete so bitterly in the re-mortgage market, but fear that if they stop their rivals will snap up their business.
	www.sundayherald.com /38590 (1376 words)

	International Business Market Research Reports
		Contact Us International Business Strategies offers current International Market Research Reports on more than 130 topics from more than 75 countries.
		Reports include market size information, market access strategies, market share, export and import information, market analysis, market trends, competition, domestic production, best sales prospects, statistical data, tariffs, regulations, distribution and business practices, end-user analysis, trade shows and contact points.
		Complete reports are immediately available in Adobe Acrobat Reader PDF format for online viewing and/or download.
	internationalbusinessstrategies.com (76 words)

	BRFkredit - Guide_reuter
		If you change the suffix of the name from "=CO" to "=DKMBS" data is calculated using the ScanRate and Reuters Danish MBS model.
		Several Danish banks and brokers have contributor pages and supply quotes on Danish mortgage bonds.
		Quotes are generally supplied for generic mortgage bonds (labelled DMB or MTG) indicating that prices are for issues from Nykredit, Nordea Kredit, BRFkredit, Realkredit Danmark or Totalkredit.
	www.brf.dk /C1256A8000376E8E/alldocs/DOCJWIK-5KZBEQ (360 words)

	Mortgage Bonds (Site not responding. Last check: 2007-11-03)
		Danish mortgage bonds are supported by Denmark's strong legal framework…
		Issues are only by authorized Danish Mortgage Credit institutions…
		Moody's believes Danish mortgage bonds are very strong and very low-risk...
	www.danskelf.com (126 words)

	Central Bank Research Hub Index - M: mainland-maritime
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	www.bis.org /cbhub/indexm2.htm (1955 words)

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