CGFS report on housing finance in the global financial market

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.