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Instruments to Tap Capital Markets for Funding in Housing and Related Considerations Concerning the Sistema Brasileiro de Poupança e EmpréstimoAt the request of the Secretariat of
 Economic Policy (SPE) at the Brazilian Ministry of Finance
 (Fazenda), the World Bank carried out a second phase of the
 Non-Lending Technical Assistance (NLTA) aimed at supporting
 the Government's ongoing housing sector reform efforts.
 Work provided under Phase II of the NLTA focused on two
 interrelated issues : Proposing the introduction of new
 instruments which will allow lenders to raise long-term
 funds from the capital markets; and Identifying options to
 ensure a better alignment of the Sistema Financeiro de
 Habitação (SFH), with its two pillars SBPE and FGTS, with
 the introduction of new capital market instruments.
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The Sub Prime Crisis : Implications for Emerging MarketsThis paper discusses some of the key
 characteristics of the U.S. subprime mortgage boom and bust,
 contrasts them with characteristics of emerging mortgage
 markets, and makes recommendations for emerging market
 policy makers. The crisis has raised questions in the minds
 of many as to the wisdom of extending mortgage lending to
 low and moderate income households. It is important to note,
 however, that prior to the growth of subprime lending in the
 1990s, U.S. mortgage markets already reached low and
 moderate-income households without taking large risks or
 suffering large losses. In contrast, in most emerging
 markets, mortgage finance is a luxury good, restricted to
 upper income households. As policy makers in emerging market
 seek to move lenders down market, they should adopt policies
 that include a variety of financing methods and should allow
 for rental or purchase as a function of the financial
 capacity of the household. Securitization remains a useful
 tool when developed in the context of well-aligned
 incentives and oversight. It is possible to extend mortgage
 lending down market without repeating the mistakes of the
 subprime boom and bust.
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Financial Sector AssessmentTajikistan’s economy is entering a
 downturn and the banking sector is showing substantial
 weaknesses. Although regulation has improved in line with
 recommendations of the 2007 financial sector assessment
 program (FSAP), supervision and enforcement have been
 lagging behind. The widespread solvency problems in the
 sector must be addressed head-on and the authorities should
 be jointly prepared to cope with the worst. As the current
 banking sector development strategy is ending, the main
 stakeholders in financial policy should develop a
 comprehensive strategy that addresses issues in achieving
 greater financial stability, efficiency, and inclusion in
 Tajikistan. To fully realize the potential of its financial
 infrastructure in support of financial stability,
 efficiency, and inclusion, Tajikistan needs to implement
 further reforms: the private credit reporting system draws
 on data sourced from banks and microfinance institutions but
 fails to exploit other useful data such as telecommunication
 companies, utilities and insurance companies to evaluate the
 creditworthiness of individuals with greater efficiency;
 enforcement of immovable collateral can benefit from
 improved out-of-court enforcement and credit collection
 through auction sales, which is quite ineffective; and to
 achieve greater use of non-cash payments, greater efforts
 are needed to stimulate both demand and supply of non-cash
 instruments and capture a greater share of the remittance market.