Cage homes, rooms diced up or subdivided with boards, and the like, used to be the last resort of the city s poorest.

Finally, Europe s property market and banking problems heighten the danger of a Japanese scenario.

After the sub prime mortgage crisis, politicians alleged that the market was short sighted and irrational, and rushed to propose new regulations.

House prices probably will fall further, so there will be more foreclosures, and no amount of talking up the market is going to change that.

Moreover, millions of middle class American homes are underwater (the mortgage is more than the home s underlying value).

The housing recession the worst in US history and worsening every day will eventually see house prices fall by more than 20 , with millions of Americans losing their homes.

But in 2007, at the height of the sub prime and all the complicated financial structures, it was quite opposite to the reckless risk taking behaviors that we saw on the market.

The Right Weights for Mortgage Risks

Occupy the Mortgage Lenders

So far, the sub prime crisis has had a limited direct impact on Latin America s mortgage markets.

Losses are spreading from sub prime to near prime and prime mortgages, commercial mortgages, and unsecured consumer credit (credit cards, auto loans, student loans).

The Constitution, Land Law and Law on Marriage and Family provide for equal rights of men and women over land (See Article 15).

As a result, mortgage brokers maximize their income by generating larger volumes of mortgages, as do the banks that package these loans into mortgage backed securities (MBS s).

In Mexico, all mortgages carry fixed interest rates, unlike the infamous exploding ARMs that left US homeowners ruing their choice of adjustable rate mortgages when interest rates rose. Mexican mortgages are indexed to inflation, but the state mortgage agency links that index to the minimum wage and makes up the difference if mortgage interest adjustments for inflation outpace wage growth.

With the nationalization of America s two giant mortgage banks, Fannie Mae and Freddie Mac, following the nationalization earlier this year of Britain s Northern Rock, governments have started stepping in again to prevent market meltdowns.

Mortgage debts, too, must be written down.

After the subprime crisis erupted, mortgage and consumer debt was paid down by households either with their savings or by default.

For years, hundreds of billions of new mortgage backed securities (MBSs) and collateralized debt obligations (CDOs) generated from them were sold to the world to compensate for the lack of savings in the United States and to finance American housing investment.

Mortgages became more widely available.

Mortgage brokers were happy to get in on the act.

It was called securitized mortgages.

Land use right for women in rural areas

Unlike virtually every other country, US residential mortgages are effectively no recourse loans.

By the end of this year about 8.4 million US individuals with mortgages will be unemployed and unable to service their mortgages.

As for names in land use certificates, the State has concrete measures that ensure both wife and husband has names in land use certificate.

To compensate for the disappearance of that market, and for the simultaneous disappearance of non securitized bank lending to American homeowners, 95 of US mortgages today are channeled through the state institutions Fannie Mae, Freddie Mac, and Ginnie Mae.

The fall in house prices also led to a sharp rise in mortgage defaults and foreclosures, which has increased the supply of homes on the market and caused house prices to fall further.

Indeed, the foreclosure rate is increasing.

The problem was not just sub prime mortgages.

Moreover, the US housing market appears to be stabilizing....Overall, the US mortgage market has remained resilient, although the sub prime segment has deteriorated a bit more rapidly than had been expected.

a rapid reduction of insolvent households debt burden, preceded by a temporary freeze on all foreclosures

And I want to know the market the size of the market.

Indeed, with its recent decision to pursue QE3, the Fed is focusing once again on the mortgage backed securities market but, given that the market is much healthier now, it is unclear how much good this will do.

But examine the fundamentals in America, real estate prices continue to fall, millions of homes are underwater, with the value of mortgages exceeding the market price, and unemployment is increasing, with hundreds of thousands reaching the end of their 39 weeks of unemployment insurance.

The first run on a bank occurred against the British mortgage lender Northern Rock.

But mortgage markets remain underdeveloped in most emerging economies.

What is needed is a quick write down of the value of the mortgages.

In the fourth act, the real estate bubble will burst.

The prices of traded mortgage backed securities have followed house prices down.

Its members could not agree even on how to define subprime mortgages and calculate how many such mortgages there were in the United States at the time of the crisis.

Circular 1900 2001 TT TCDC by Department of Land Office guide procedures to offer the right to land use without any discrimination against sex of land users.

Many who want to refinance their mortgages still cannot, because they are underwater (owing more on their mortgages than the underlying property is worth).

As a result, one third of all American homeowners with mortgages are already underwater their mortgage debt exceeds the value of the house.

The Obama administration has enacted legislation aimed at helping individuals who are having difficulty making their monthly mortgage payments because of a decline in their incomes or a rise in the interest rate on their mortgage.

With regard to old land use certificates that only put names of the heads of households, local authorities will issue new land use certificates that bear names of both husband and wife as request The 2003 amended Land Law also provides for that land use certificate must bear names of both husband and wife if the land use right is their shared property (Article 48).