Gręšigisvakinn sem var leystur śr lęšingi.

 

Gręšigisvakinn sem var leystur śr lęšingi.  

                                                                                                                                                                         

Hér į grafinu fyrir nešan mį sjį hlutfallslegan vöxt į verši fasteignafermetra og löggiltri um 1982 neysluvķsitölu til  verštrygginga frį janśar 1994 til desember 2009 .  Fasteignaferill og neysluferill ķ  žjóšfélögum sem teljast sišmenntuš, žroskuš og einkennast af stöšuleika į heimamarkiš haldast ķ hendur žannig aš vöxturinn stefnir upp lķnulega [undirliggjandi ešlilega bólga  < 2,5 - 5% į löngum tķmabilum] fjarlęgšin milli žeirra hverfandi, skipast į aš vera yfir og undir. Rįšstöfunartekjur ķbśafjölda stórborganna skiptast ķ hśsnęši [30% til 50%] of annaš [50% til 70%]  og taka miš af žjóšartekjum į haus [per capita].

Allan žennan tķma į Ķslandi voru žjóšartekjur į haus óbreyttar į alžjóšamęlikvarša.  Nżbyggingarkostnašur fór lękkandi svo sem annaš vegna styrkingarkrónu og minna krafna og ódżrara byggingarefnis og minni launakostnašar.

Viš sjįum aš vöxtur fasteignaferlisins stjórnast af veldisvķsisfalli  fer hęgt af staš og rżkur svo skyndilega upp.

Žar ég öfugt viš flesta fręšinga sķšustu 50 įra hef allar reikniformślur ķ heilanum žar meš hęfileika til aš skilja ešli žeirra: fęst meš aš žjįlfa sig ķ smķši žeirra frį ungra aldri. Ekki fara aš stinga tölum ķ stašlašar formślur hvers grunnforsendur eru löngu gleymdar eša aldrei lęršar utan aš.   Tel ég mig vita hvaš var aš gerast.

Śtlįnamįttur bankastofnunnar žar meš endurfjįrmögnunar mįttur hans ręšast aš föstu reišufjįrhlutfalli. Fyrir 30 įrum žżddi žaš aš ég lagši 1.000.000 inn ķ banka aš hann gat lįnaš śt 20 milljónir į hagstęšustu śtlįnsvöxtum: trygging samkeppnihęfni.

Hér į Ķslandi er einn flokkur innlįna jafngreišslu (annuitet) verštryggšur meš fasteign og meš neysluvķsistengingu svo kölluš hśsbréf ķ daglegu tali.  Hann er mjög ungur aš aldri į Ķslandi og žekktist varla fyrir 1982, varš svo einokunarlįnsform, sem er alls ekki tilfelliš hjį žroskašri žjóšum žar er fasteigna tryggingin lįtin nęgja. Fastir lķnulegir vextir meš innbyggšum undirliggjandi heima veršbólguvöxtum lįtnir nęgja eša breytilegir mišaš viš veršbólgu į hverjum tķma. Einn flokkur į Ķslandi samsvarar mörgum flokkum hjį žroskašri žjóšum.

Jafngreišsluflokkurinn er veldisvķsislegur m.t.t. raunįvöxtunarkröfu sérstaklaga. Žaš aš tvķtryggan gerir hann aš nokkurskonar reišufjįrķgildi. Eykur lįnshęfi bankastofunnar og śtlįnagetu. Til aš byrja meš fęr bankastofnum ekkert nema [vaxta]tekjur, skuldarinn ekkert nema [vaxta skuldir].      Svo kemur fram ešlileg žörf til aš réttlęta žörf til nżbygginga, ķbśafjölgunar, endurnżjunar hśsnęšislįna, lįnalenginga, minnkunar śtborgunarhlutfalls,... allt til halda upp vaxtatekjum langstęrsta śtlįnaflokksins.   Žį hękkar fasteignaveršiš, žį er upplagt aš markašstengja fasteignagjöld.  Almennt fasteigna hękkun hękkar svo öruggan höfušstól. Fyrr sķšar byrja vaxtatekjur aš minnka hlutfalslega og žį er byrjaš sleppa veškröfum fyrir alvöru.  

Ég tel aš of stór flokkur jafngreišslulįna meš tvķtryggingu hafa veriš žśfan sem velti hlassinu eša gręšgivakinn sem orsakaši óešlilegu śtlįnažörfina meš tilsvarandi sišspillinu eša agaleysi: śt śr heimamarkaši alla leiš til Asķu.

T.d. viš śtreikning į jafngreišslu er notuš formśla sem er eftirfarandi:

  H = Höfušstóll lįnsins

i = Nafnvextir(į tķmabili) : 100

^ = Fjöldi greišsla (sem veldi).

 

H* _______i_______ = greišsla

     1 - (1 - 1:1 + i)) ^

 

 

Hvernig hefši mįtt fyrirbyggja aš reynslulausir og žeir sem žurfa aš apa eftir: hjaršešli vegna skorts į raunverulegri framsżni eša įreišanlegri įlyktunarhęfni, hefšu fylgt stefnumörkuninni? Mat svar er aš ef tekin hefši veriš upp fasteignavķstala til verštryggingaleišréttingar fyrir žennan stóra lįnaflokk į Ķslandi.  Žį hefšu allir kosningarbęrir hśsbréfaskuldarar įriš 2000 lįtiš ķ sér heyra. Svo hefši žaš virkaši letjandi į vęntanlega fasteignkaupendur aš verštryggingarleišrétting ķ hverjum mįnuš hefši hękkaš  mįnašargreišslurnar ķ žį stefnu sem fasteigna ferillinn vķsaši. Fasteignavķsir og neysluvķsir eins og tvö hagstjórnartęki sem vinnan saman aš halda launkröfužörf ķ lįmarki.

 

Grafiš er unniš eftir talnagrunni frį Hagstofu og Fasteignaskrį Ķslands sem hefur haldiš um fasteignavķsirinn sķšan 1990.

Lóšrétti kvaršinn sķnir hlutfalslegar hękkanir vķsitalnanna žegar bśiš er aš stilla bįšar į 100 1994. Žannig aš 2004 hefur fasteigna verš tvöfaldast kvaršinn sżnir 200 eša 100 % hękkun.

Gręšisvakinn uppspretta sjįlfsblekkinga_img_0

 

 

Hluti skżringanna į Ķslenska heimatilbśna vandamįlinu felast ķ aš fyrir um 40 įrum hófst hér śtrżming allar getu til hugarśtreikninga į öllum stigum Ķslenska tekjufręšingakerfisins.   Ég get dęmt um žaš af mķnum samferšamönnum į lķfsleišinni sem er fullnęgjandi fjöldi til aš įlykta almennt. Žetta eru margir mķnir lķkar hęverskir į meginlandinu löngu bśnir aš stašfesta.

 

2007 ķ upphafi formlega hrunsins sem hófst um 1995 kom fram tvennt : hér rķkt hjaršešli ķ stjórnar og įkvöršunarstöšum og nżi fjįrmįlageirinn hefši sogaš til sķn alla bestu verkfręšinga og ašra meš sambęrilegan reikningsundirbśning.

 

Žaš sem sóst var eftir er įn alls vafa ķ dag einstaklingum sem mastera veldavķsa og logaritma įlyktunnar hęfni.   Sérhver flokkur og sérhvert safn sjóša hefur žörf fyrir sķnar eigin reikniformślur, nįkvęmni oftar en ekki naušsynleg ķ haršri fjįrmįlasamkeppni gerir kröfur aš vera innan skekkju marka innan viš hundrašhluta af hundrašshluta hverju sinni.  

Veldisvķsa og logaritma reikningar er mįliš žegar viš erum aš tala um įvöxtunarkröfur og jafngreišslulįn [anniutets]: 40 įra.

Grunnurinn aš raunverulega žroskušum efnahagsreikningum framtķšar  ķ samkeppni mešal žroskašra fjįrmįlažjóša er ekki žeir sem sżnast ķ hlutfallslegu samręmi į skermi eša į blaši.

Ķslensk stjórnvöld eiga ekki aš lįta kśga sig meš žessum žroskaveikleika žvķ flest öll rķki heims bśa viš sama skort hęfra einstaklinga svo sem Tyrkir meš 10% veršbólgu.  

Einfalt dęmi er sį sem lęrir litlu Margföldunartöfluna utan aš hefur smķšaš sér litla hugarreiknivél sem starfar 24 tķma sjįlfvirkt į sólarhring  og mótar og litar allar hans sķšari tķma įkvaršanir.

Hvaš haldiš žiš fręšingakerfi Ķslands sķšustu 40 įr hafi śtskrifaš marga sem ekki kunna litlu Markföldunar töfluna utan aš.

Brotareikningur og algebrugrunnur til ęšri menntunar.

Logritminn hefur allaf valdiš heilabrotum žeirra fįu sem hafa hann į valdi sķnu į hverjum tķma. 


mbl.is Bjartsżnir eftir fund ķ Haag
Tilkynna um óvišeigandi tengingu viš frétt

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Athugasemdir

1 Smįmynd: Óskar Arnórsson

Ég kann žetta nś ekki svona vel ķ smįatrušum, enn žś kemur inn į įhugaveršan punkt žarna. Hvernig getur žaš veriš aš milljón sem žś leggur ķ banka, mį lįna 20 sinnum upphęšina į hęrri vöxtum enn žś fęrš? Ekki furša žį sśperlaun og bónusar sé ķ žessum bönkum. Žeir mokgręša, enn svo veršur gręgin svo sjśkleg aš žeir lįta sér ekki nęgja aš gręša. Žeir verša aš ręna žį banka sem žeim er treyst fyrir aš sjtórna.

Óskar Arnórsson, 30.1.2010 kl. 04:39

2 Smįmynd: Jślķus Björnsson

Į grafinu sést aš žaš aš hętta aš kaupa krónur [Deutche bank] fęrir rauša ferill upp, hętta aš lįna til fasteignakaupa og skerša kaupmįtt fęrir blį ferilinn nišur. Žaš gerist fyrir eša um 2014. Žjóšartekjur į höfuš 50 % žess sem er ķ Danmörku, žykir įgętt ķ EU: sjį Grikki. Offręšin er fyrir hjöršina. GDP er fyrir mķna lķka.

Žess vegna  fį žeir sem eiga peninga alltaf bestu lįnakjörinn ķ Bönkunum.  

Offręšingur er einstaklingur brennimerktur af hjaršešli žaš er hann treystir ekki reynsluleysi sķnu og dómgreindar skortir, skilja til aš velja: veršur žvķ aš apa og vešja į fjöldann. Žaš er hęgt aš lęra af bók bśa til bķl. Śtskrifašir śr bestu skólum meš įgętis einkunn hafa tryggingu um aš geta įlyktaš af öryggi ķ faginu ašrir verša aš lįta sér nęgja kennslu tiltekinna atriša. 

Mašur sem fer ķ bķlpróf hermir ekki eftir öšrum ķ verkalega prófinu ef hann vill vera öruggur um aš nį. Strax ķ upphafi formlega hrunsins komu nś margir forystu ašilar og bįru fyrir sig hjaršešli ķ įkvöršunartökum. Björgólfur og Jón Įsgeir gera žaš sem žeim sżnst hverju sinni og žaš viršist skila sér efnahagslega.  Skęrulišar sem nį hįum aldri hafa greind sem kemur bókviti lķtiš viš. Ķ EU er minnst 5 įra reglubśskapur.

Veikleiki Noršurlanda sķšustu 50 įr er aš  framleiša ekki nóg af sjįlfsstęšum einstaklingum til aš leiša hjarširnar.   Žetta er ekki vandamįl ķ Rśsslandi, Kķna, USA, UK,Austurrķki, žżskalandi, Hollandi, Frakkland t.d.  Alvöru samningatękni er improvisation fyrir žann sem gerir góša samninga. Sossar eru misjafnir eftir žjóšrķkjum. Ķslenskir nśtķma verma botninn ķ fjórum flokkum.

Lįnskjör Banka hjį stęrri bönkum rįšast af reišufé og reišufjįrlķki [Ķslensku uppfinningunni]. Vešsetja kofa almennings śtlendingum óbeint eša beint.

Śtlendu matsfyrirtękin föttušu ekki til aš byrja meš žaš sem žau skildu ekki til botns: einokunarverštryggingarform.

Jślķus Björnsson, 30.1.2010 kl. 05:37

3 Smįmynd: Įrni Gunnarsson

Jślķus. Ég jįta aš žessi reiknivķsindi eru mér aš mestu hulinn heimur. Hitt sżnist mér aš žetta sanni einfaldlega žaš sem öllum mįtti vera ljóst aš starfsemi banka og fjįrmįlastofnana okkar hafi frį fyrstu dögum komist upp meš žį einhliša stefnu ķ višskiptum viš fólk aš ganga frjįlslega um eigur žess ef žeir nį į žeim einhverjum tökum.

Žeir hafa alltaf komist upp meš aš leita uppi įhęttusęknar fjįröflunarleišir meš góšar įbatavonir ef vel gengur og žį hirt sjįlfir įbatann. Žegar illa gengur žį bera eigendur fjįrmunanna skašann.

Sparisjóšunum var stżrt meš hagsmuni byggšarlags og sparifjįreigenda ķ huga, jöfnu bįšum. žetta var heilbrigšur hugsunarhįttur og treysti stošir atvinnu og uppbyggingar į svęšinu.

"Fé įn hiršis!" ępti Pétur Blöndal žegar hann kom auga į žessa peninga og flżtti sér viš aš gera žį aš spilapeningum fyrir spilafķkla.

Nęstum öllum hęgri sem vinstri mönnum į Ķslandi kemur saman um aš Pétur sé gleggsti og heišarlegasti fjįrhiršir hjį okkar "vel menntušu žjóš." og jaršbundinn aš sama skapi.

Įrni Gunnarsson, 30.1.2010 kl. 12:25

4 Smįmynd: Jślķus Björnsson

Fašir minn var dśx frį MR į sķnum tķma Stęršfręšideild, Pétur er ekki sį klįrasti. Hinsvegar var ég "semi Dśx ķ MS 82&#39; Ešlisfręšideild. Öfugt viš föšur minn hefur breidd žekkingarinnar skipt meira mįli en sérhęfing. Svo ólst ég upp viš skipaśtgerš, og rak sjįlfur kjöt heildsölu og framleišslu. Žekki žess vegna alla inni viši višskiptalķfsins frį fyrstu hendi. Mįliš er Stęršfręši tryggir ekki skilning į žvķ sem mętti kalla ešlisfręši grunns višskipta reikniformśla eša sįlfręšižįttinn sem žęr hafa į vištakendur. Žaš var ekki fyrr en ķ hruninu aš ég fór aš velta mér upp žessu og gat žvķ bęši sett mig ķ spor lįndrottins og skuldara.  Tókst aš leysa vandamįl sem hvorki fašir minn eša Pétur hafa skiliš.

Sś žjóšsaga sem komiš var į var aš Jón sparfjįreigandi hafi greitt nišur hśsnęšislįn Jóns launamanns.

Mįliš er aš sparfjįrreikningar almennings bįru ekki nógu hįa vexti til aš standa undir veršbólgu og žaš var meš samžykki stjórnvalda į hverju įri. Žetta eru stašreyndir.

Önnur er sś aš lķfeyrissjóšir launafólks bįru žungan af lįnum almenns launafólks. Žį voru oft fyrst 10 įrinn gķfurlega žung mörgum fjölskyldum vegna žess  aš sjóšir voru ķ raun aš taka fyrirfram greišslur ķ formi vaxta. Žeir höfšu alveg efni į žvķ aš fį minna hinn seinni hluta lįnstķmans. Enda voru žeir alltaf aš fitna hęgt og róllega. Žį hljóta žeir aš hafa grętt. Eins og allir hinir bankarnir.

Bankarnir aftur į móti stunduš lįnafyrirgreišslu til sérvalinna fyrirtękja og einstaklinga. Lįnušum žeim 3% lįn ķ 40% veršbólgu. Jafnvel vaxtalaus. Fyrirtęki sem tók hį vaxtalįn hélt hagnaši og kaupkröfum nišri. Į móti fékk eigandi  žóknun ķ formi vaxtalauss lįns. Žar slapp hann viš aš borga tekju skatt.

Svo gįtu bankar lķka lįnaš almenning lįn meš fyrirgreiddum vöxtum ķ formi affalla. Žannig tryggt gegn veršbólgu. 

Fašir minn er mjög saklaus og Pétur getur veriš žaš lķka.

Žegar almenningur heil kynslóš sparimerkja eiganda var hętt aš treysta bönkunum žį neyddist Rķkistjórnin til aš bjóša verštryggša reikninga. Kom svo meš verštryggš śtlįn til almennings meš miklum hęrri vöxtum til aš geta haldiš įfram aš millifęra.

Ķ heildina óx höfušstóll bankanna žannig ef einhver stal aš lķtilmagnanum žį voru žaš ašallega žeir sjįlfir.

Svo komu fram hugmyndar ofurlķfeyrissjóši hver kynslóš hugsar fyrir sagši kynslóšin hans sem stal sparifé afa og ömmum barnanna sinna.

Žetta nįši engri įtti fyrir hrun, nś er vķst full öruggt aš žaš veršur ekkert ķ lķfeyrissjóšum žegar ég fer į eftirlaun. Allt sem er öšruvķsi ķ bankamįlum į Ķslandi mišaš viš Žjóšverja og Breta, er ekki sönnun žess aš Pétur toppi žį.

Atvinnurekendur fóru inn ķ launžegasjóšina og įr eftir įr var horfiš frį kaupleišréttingum vegna įvinnings aš fita lķfeyrissjóši sem kannski tryggja Įsmund og Pétur.

Sjóšir sem töpušu įvöxtunarkröfu til hagsbóta fyrir landsbyggšina er mér mikiš meira aš skapi enn erlendu hįkarlarnir sem nś er komnir ķ hśsbónda stólanna eftir aš hafa hirt lungann af įvöxtunar kröfunni undanfarinn įr.

Žegar hękkun į fasteignaveršiš ķ landinu 2007 var oršiš 100 % hęrri en verštryggingar įlįg į höfušstóla lįna sömu fasteigna.  Žį föttušu erlendu Matstofurnar hvaš var gerast.    Fasteignir Rķkissjóšs falla lķka um 40% ķ augum alžjóšafjįrfesta eins og ķbśšin mķn.   

Mįliš er aš ķ žroskuš löndum žį hękka neysluvörur [raušalķnan] og fasteignir[blį lķnan] svipaš og lękka svipaš.

Žaš voru ekki bara Bankarnir sem stušlušu aš of hįu fasteignaverši į męlikvarša EU mišaš viš neysluveršlag, Rķkiš og sveitafélög og fyrirtęki lķka allir vildu eignast meira fé og verša lįnshęfari. Eignir žeirra sem taka ekki lįn hękka lķka. 

Jślķus Björnsson, 30.1.2010 kl. 14:16

5 Smįmynd: Jślķus Björnsson


Nr.       Gjalddagi  Veršbętur        Eftirstöšvar    Afborgun    Vextir gr. nś Kostn. Greišsla alls

1        28.2.2010       19.224       10.019.224         6.916          37.405       120       44.441
2        28.3.2010       20.624       10.032.932         6.958          40.132      120        47.210
3        28.4.2010       20.652       10.046.626         7.000          40.187      120        47.307

478    28.11.2049          767            373.216      123.909            1.493      120     125.522
479    28.12.2049          514            249.821      124.661               999      120     125.780
480    28.1.2050            258            125.418      125.418               502      120     126.040

Samtals                 9.654.134                      0  19.654.134  18.785.996 57.600 38.497.730

Tegund lįns  Verštryggt jafngreišslulįn (annuitet)
Lįnsfjįrhęš  10.000.000 kr.
Lįntökugjald   100.000 kr.
Stimpilgjald   150.000 kr.
Greišslugjald   120 kr.
Upphafsgjöld   2.800 kr.
Nafnvextir į įri  4,80 %
Veršbólguspį  2,50 %
Fyrsti vaxtadagur   30. janśar 2010
Fyrsti gjalddagi  28. febrśar 2010
Vešsetningarhlutfall T 66,7%

Jślķus Björnsson, 30.1.2010 kl. 15:06

6 Smįmynd: Jślķus Björnsson

Žetta er jafngreišslu lįn ķ bošiš dag.

Heildargreišsla        1. gjalddaga   44.441 kr.  afborgun 6.916 kr vextir alls  37.525 

                                                                                       [16%]                        [84%]

Heildagreišsla sķšasta gjalddaga 126.040 kr.  afborgun  125.418 kr. vextir alls  622 kr.

                                                                                          [99,5%]                     [0,5 %]

Jślķus Björnsson, 30.1.2010 kl. 15:28

7 Smįmynd: Jślķus Björnsson

Banki aš starta hśsbréfakerfi fyrsta mįnušinn 100 nżir višskiptavinir  žį er hann aš fį borgaš af fyrstu körfu ķ nęsta mįnuši  16% ķ afborganir og 84% ķ vexti[tekjur] af hśsbréfa safni sķnum.  Skattmann tekur sitt. Skįlaš į Bessastöšum.

Svo eftir 40 įr žegar sķšasti gjalddagi 100  eru aš skila žį eru tekjurnar 0,5 %. 

Til žess aš halda stöšugum vinsęldum vęri best aš aš fį 100 nżja višskiptavina ķ hverjum mįnuši į jafngreišslu lįnum.    

Ef fasteignaverš hękkar žį er hęgt aš bjóša nż lįn yfir žau gömlu sem byrja ķ ķ 85% vöxtum.  Lengja lįn til fį nż hjį sama einstakling.  Hękka vešsetningar hlutfalliš?.

Žetta kalla žżskir fręndur mķnir idioten. Ķbśšir er ekki  neysluvarningur ķ Žżskalandi. Ekki hjį 80-90% ķ öllum löndum utan Ķslands. Markmiš žessara lįn er halda įvöxtunarkröfu ķ lįgmarki ķ ljósi žess aš vešiš er pott žétt til dęmis mišaš viš hlutabréf ķ Högum.

Jślķus Björnsson, 30.1.2010 kl. 15:54

8 Smįmynd: Jślķus Björnsson

84% vextir į mįnuši eru 1008 % į įri.

Jślķus Björnsson, 30.1.2010 kl. 15:58

9 Smįmynd: Įrni Gunnarsson

Mér finnst 84% vextir į mįnuši sanngjörn žóknun fyrir žį tillitsemi viš lįntaka aš leyfa honum aš trśa žvķ aš hann hafi fengiš peninga aš lįni.

Žaš hefši valdiš sjokki ef honum hefši veriš sagt aš meiningin vęri aš ręna peningunum og ķ staš žess aš honum leyfšist aš ljśka skuldinni į lįnstķmanum žį sitji hann eftir meš skuld sem hvorki hann né afkomendur hans muni losna viš aš óbreyttu įstandi.

Įrni Gunnarsson, 30.1.2010 kl. 19:06

10 Smįmynd: Jślķus Björnsson

Eftir fall Lehmann kom įrssreikningur Glitnis, ekki svo slęmt 50% hagnašur įriš į undan var kominn nišur ķ 30%.

Ég hefši sżnt 3% mišaš viš aš allir įttu von į žvķ į žessum tķma.

Jślķus Björnsson, 30.1.2010 kl. 20:10

11 Smįmynd: Jóna Kolbrśn Garšarsdóttir

Takk fyrir greinargóša fęrslu og flotta mynd, sem skżrir margt fyrir mér. 

Jóna Kolbrśn Garšarsdóttir, 30.1.2010 kl. 22:17

12 Smįmynd: Vilhjįlmur Įrnason

Takk félagi. Verštryggingin veršur aš deyja nśna annars er śti um Lżšveldiš ķsland og viš getum byrjaš aš kalla žaš fjįrveldiš Ķsland.

Vilhjįlmur Įrnason, 31.1.2010 kl. 02:47

13 Smįmynd: Jślķus Björnsson

Ég žakka ykkur fyirir innlitiš.

Leggja verš og tryggingu aš jöfnu kostar sitt.  Vandamįliš į Ķslandi felst ķ laga einokunarskilgreiningu hugtaksins  frį 1982.

Hinsvegar munu vaxtaleišréttingar til tryggja aš heildar vextir til greišslu į sama tķma séu fylgi veršlagi alltaf verši hluti af vöxtum banka.

Meš žvķ aš skylda allar lįnastofnanir til aš bjóša upp į minnst einn verštryggšan innlįnsreikning sem fylgir veršlagi neyslu  og ein sem fylgir veršlagi fasteigna, er tryggt aš žeim er treystandi fyrir aš frjįlst val um vexti į śtlįnum. 

Hinsvegar vegna žess aš heimili į Ķslandi er einkamįl Ķslensk heimamarkašar į aš miša vaxtaleišingar mišaš viš žróun almenns fasteignaveršlags į Ķsland. Lįta leišréttinguna fylgja fasteignavķsinum meš tilliti til 25 įra eša 40 įra.

Žį neyšast ašilar sjįlfkrafa til aš lįta blįa og rauša ferilinn fléttast um hvern annan til aš vernda stöšugleikann um aš Hśsnęšiskostnašur og neyslukostnašur til samans sé stöšugur. Ef annaš hękkar žį lękkar hitt.

Jślķus Björnsson, 31.1.2010 kl. 16:31

14 Smįmynd: Jślķus Björnsson

GDP Žjóšartekjur į haus frį 1994 til 2007 ķ samanburši viš Breta og Dani hafa haldist fastar. Žetta eru alžjóšalegar stašreyndir.

Žetta merkir aš engin tekjuaukning varš hér.  Allir sem halda öšru fram eru falsfręšingar. Žess getum viš ekki hafa fjįrmagnaš eitt eša neitt utan Ķslands nema skerša almennar tekjur innlands. Ķsland var notaš sem  öryggisventill fyrir gegnumflęši alžjóša fjįrmagns.  Sökudólgarnir flestir sem eru ekki bśnar aš fela sporin sķšan 2004-2005, eru nś komnir śr felum [Dularfullu erlendu fjįrfesta ASĶ  og VSĶ], ašal hluthafar nżju bankanna.

It takes to one. Viš köllumst Masterbrain innbyršis. Viš er talin af fjöldanum skrķtin sjį odd-ur stendur upp śr og hefur heildar yfirsżn. GDP samanburšur er allt sem žarf hann er samžykktur af Rķkisstjórnun allra landa.

Allt sem geršist gįtu ašilar gert sér grein fyrir 2002. Žį hefši veriš hęgt aš stoppa žetta allt saman.

Ķ öllum rķkjum sišmenningar frį upphafi er framfęrslu kostnašur fjöldans alltaf įkvešiš hlutfall af heildaržjóšartekjum Einvaldanna [ sem hata žjóšaratkvęšagreišslur eins og pestina]. Ķ žeirra augum heitir žetta rekstrarkostnašur [sem žeir hata eins og pestina]. 

Žessu fasta rekstrakostnaši, naušsynlegt til aš gera langtķma įętlanir er skipt ķ tvo megin [lįna]flokka. Hśsnęši og upphald. Fasteignaverš og Neysluverši. Žjóšir eins og Frakkar og Žjóšverja eru mjög nįkvęmir į žessu sviši  en launžegin er af stétt 1. žį er hśsnęšiskostnašur 30%  og annaš 70%, stétt 2. žį er hśsnęšis kostnašur 50% og annaš[neyslan] 50%.   Ašalatrišiš til  aš halda stöšugleika er aš fastur heildar kostnašur allra stétta fari aldrei yfir heildarekstrarkostnaš einvaldanna. Til aš halda um žennan stöšugleika beita til dęmi evruhęf Rķki tveimur vķsum annar byggir fasteignaverši[kostnaši ķ augum einvalda] į hżbżlum fjöldans og  hinn į neyslu verši sama fjölda.  Žetta var grunnurinn aš langtķmalįna flokkum fasteigna vķsis og skammtķmalįnaflokkum neyslu vķsis.

Undirliggjandi veršbólga 2,5% aš mešaltali er fķnt meš hįmarki 5%.

Ef engin veršbólga er stoppa gręšgi kauphallir sem vinna eins og happdrętti margir tapa og fįir vinna žegar upp er stašiš. Žaš eru oftar en ekki eigendur kauphallana [eša rįšandi ašilar].  Žetta eru hernašarleyndar mįl žeirra rķkja sem bśa viš stöšugar hįar žjóšartekjur og lįga veršbólgu.

EU vill ekki Tyrki stjórnarskrįin talar um kirkjur en ekki moskur. [skiptir miklu mįli lesa hvaš stendur ekki: alls ekki almennur lestrar skilningur] žessi skilningur helst oft ķ ęttum.

Tyrkir falla fyrir žvķ aš tengja hķbżlalįnin viš launavķsi en allir vita ef neysluverš hękkar žį eykst žrżstingur į almennar launakröfur.  Tengin tryggir hķbżlahękkun.  Žannig žegar Žżskalandi sżnir 5% veršbólgu sżna Tyrkir 10%: verša aldrei evru hęfir.

Mįliš er ef almennur neyslukostnašur vex žį minnkar kaupmįttur til almennra hżbżla og eftirspurn lękkar fasteignaverš fasteignavķsir [halli ferilsins]bendir nišur. launakröfur verša hverfandi.  Svo virkar žessi vķxlverkun aš stöšugleika.

Ég myndi reka alla Ķslenska hagstjórnarfręšinga ķ žjónustu almennings žeir hljóta aš fį vinnu ķ Tyrklandi eša Mexķo. Eša einhverstašar žar sem aušlindaskortur og stórborgafjöldi er vandmįliš.  Allir višurkenndir hagstjórnargrunnar og Nóbels veršlaunahafar hingaš til byggja sķn fręši og įlyktanir į žessu ašal vandmįli.

Viš getum žvķ mišur sökum fólksfęšar og aušlinda alls ekki fjįrmagnaš žetta įhugmįl oftast śr gręšgifjölskyldum. 

Alhęfingar sem byggja į almennum stašreyndum eru alltaf bestu rökin žvķ undantekningarnar styrkja žęr.

Ég er mjög sįttur viš aš hafa fengiš 10 ķ endanlegri stęršfręši [hrein rökhryggja] viš H.Ķ . nęsti fékk 7 og allir hinir 5 eša minna 183 ķ samkeppni. Enda hef ég engan įhuga į sérfręši sem er komin śt fyrir efnislegan grunn meš ég byggi tilvist mķna į jöršinni.

Ég var ekki mjög sįttur viš athyglina sem sönnum mķna į sukkinu fékk į blogginu um daginn. 

Hķbżlakostnašur og neyslukostnašur mį ekki hękka samtķmis nema Žjóšartekjur per haus geri žaš.

Gróf innbyrši stéttatekjuskipting breytir žar litlu um ķ augum t.d. evru rķkja sem eru ekki aumingja góš viš žį sem gerast sekir um gręšgi žaš er žeir fį aš kenna žessi lengi.

Ķsland er mikiš fljótara aš fyrirgefa Mengingararfleiš Meginlandsins hornsteinn EU.    

Jślķus Björnsson, 1.2.2010 kl. 04:18

15 Smįmynd: Jślķus Björnsson

Hvaš segja launžegasamtökin um įkvöršun Félagsmįlrįšherra aš fela fulltrśum gręšgigeirans aš leišrétta hrun hśsbréfakerfis.

Ķ staš žess aš fara sértękarleišir og leggja įherslu į upphęšir [fį einstaklinga] hefši žį ekki veriš nęr aš byrja į almennum žannig aš 40% fölsun höfušstóls [mišaš viš žjóšartekjur į haus hélst sį sami og ķ UK sķšan 1995: aldrei talaš um góšęri žar]  vęri öllu tryggš endurgreišsla aš hįmarki 4 milljónir. Allmennt žarf ekki aš réttlęta. Margir sparendur ęttu žį séreignarlķfeyri ķ dag og bjartari framtķš.

Ein fjölskylda sem fęra 80 milljónir afskrifaš sérstakir skjólstęšingar er žaš betra en 4 milljónir hjį tuttugu.

15 žśsund fjölskyldur 4 milljónir eru 750 fjölskyldur 80 milljónir.

EU tilskipunin leggur įherslu į fjölda en ekki upphęšir til aš tryggja trśveršugleika.

Variš ykkur į SamFó.  Mašur lifir ekki į oršunum einum saman. 

Jślķus Björnsson, 1.2.2010 kl. 06:22

16 Smįmynd: Jślķus Björnsson

Hvaš var aš gerast 2005

 

 

Box 1. The Housing Financing Fund

The Housing Financing Fund (HFF) was created in 1999, replacing the State Housing Board. It is

owned by the central government, exempt from corporate tax, does not pay dividends to its

owners, and its bonds carry a government guarantee. The HFF is accountable to the Minister of

Social Affairs but is financially independent and should meet its lending and operating costs from

own revenues. While initially only the Housing Bonds Department was supervised by the

Financial Supervisory Authority (FME), legislation was amended in 2004 to extend the FME&#146;s

regulation over HFF to cover all its business, in line with the situation of other financial

institutions in Iceland.

Until July 2004, the HFF provided mortgage credit by issuing &#147;Housing Bonds&#148; to house buyers,

which in turn were sold on the capital markets. In return, the HFF received &#147;Mortgage Bonds,&#148;

collateralized by the underlying property. Housing Bonds were indexed to CPI, had a government

guarantee, carried a fixed real interest rate of 5.1 percent, and had a maximum duration of 40

years. An additional fixed interest surcharge was added to the Mortgage Bond.

In July, 2004, the HFF significantly reformed they way it finances mortgage lending. The bond

swap system was abolished and replaced by cash mortgages at market yields, financed by new,

more streamlined, HFF bonds issued directly to the international capital markets. HFF bonds are

indexed annuity bonds with installments twice a year and maturities of 10, 20, 30, and 40 years.

They are listed on both ICEX and at Euroclear and in contrast to the old Housing Bonds, they do

not carry a call option but remain open until maturity. As a result of the reforms, HFF&#146;s mortgage

lending rates, which need to cover HFF&#146;s stipulated interest margin of 60 basis points, have

declined from a fixed real rate of 5.1 percent to 4.15 percent.

Apart from general single-family mortgage credit, the HFF also provides direct loans to

individuals with special needs; municipalities, businesses, and construction companies for rental

housing; community homes for children and teenagers; and residential and nursing homes for

senior citizens. Until July 2004, such supplementary loans were financed by issuing &#147;Housing

Authority Bonds;&#148; now, these loans are also financed through the issuance of HFF bonds.

Loan limits have been successively raised, in response both to rising house prices and, in 2004,

increased competition. Initially maximum loan-to-value ratios were set at 65&#150;70 percent (the

higher ratio for first-time homebuyers/builders), with a maximum loan amount of ISK 6.5&#150;7.7

million. A &#147;supplementary loan&#148; of up to 25 percent of assessed value could be approved (see

above), as long as the total loan amount did not exceed 90 percent of the property value.

Maximum loan limits have since been successively raised to the current 90 percent maximum

loan-to-value ratio, or ISK 15.9 million.

HFF is the largest institution in the Icelandic financial system. It is particularly dominant in the

mortgage market, accounting for about 80 percent of the Icelandic residential mortgage market at

end-September 2004. However, while still dominant, the HFF&#39;s share of the residential mortgage

market had fallen to about 65 percent at end&#150;2004 as a result of the entry of commercial banks

into the mortgage market.

________________

Sources: HFF (2002&#150;05); and Moody&#146;s (2004&#150;05).

Jślķus Björnsson, 3.2.2010 kl. 23:02

17 Smįmynd: Jślķus Björnsson

International Comparison

7. Few countries provide public support through the mortgage system to theextent that is done in Iceland today.5 In other countries in Western Europe, the trend has

rather been to privatize banks that provide mortgages and create a market-oriented

environment for housing credit institutions. Remaining interest rate subsidies for singlefamily

housing are generally based on social needs, focusing on low-income households and

individuals with disabilities. Also countries that traditionally have had a significant state

presence in the mortgage market, such as France, have more limited involvement than is

currently the case in Iceland. Box 2 gives a short overview of the degree of state intervention

in the mortgage markets in some important comparator countries in Western Europe, the

neighboring Nordics and some of the key economies, Germany and France. In contrast to the

developments in these countries, the recent easing in the HFF&#146;s lending conditions seems to

point in the opposite direction, with the HFF reaffirming its position in the mortgage market

in face of the increased competition from the commercial banks.

5 The focus here is on the mortgage market. However, Iceland has one of the lowest levels of

government support for homebuyers through the tax and welfare system compared with other

advanced countries.

Jślķus Björnsson, 3.2.2010 kl. 23:04

18 Smįmynd: Jślķus Björnsson

III. MORTGAGE MARKET DEVELOPMENTS IN ICELAND AND THE ROLE OF THE HOUSING

FINANCING FUND1

A. Introduction

1. During the second half of 2004, there were important developments in theIcelandic mortgage market. The publicly-guaranteed Housing Financing Fund (HFF)

significantly enhanced the efficiency of its mortgage financing and extended its general

lending limits. The latter was in part in response to the entry of the commercial banks into

the mortgage market in the second half of the year, a welcome development that will increase

the banks&#146; domestic financial soundness. As a result, mortgage lending increased sharply and

real mortgage rates declined substantially, adding further demand pressures to an already

over-heated economy.

2.
The purpose of this paper is two-fold. First, it will document the developments in

the Icelandic mortgage market in 2004&#150;05, as well as their impact on other parts of the

economy, such as the housing market, residential construction, and household debt. Second,

in light of these developments, and in line with the trend in other industrialized countries, the

paper will suggest possible reforms of the HFF, aimed at maintaining the key positive aspects

of the current system while allowing banks to profitably remain in the mortgage market.

Jślķus Björnsson, 3.2.2010 kl. 23:24

19 Smįmynd: Jślķus Björnsson

B. Mortgage Market

3. There has been a rapid expansion in mortgage lending in Iceland in recent years,

reflecting both the creation of the HFF in 1999 and its subsequent reforms, in

particular in the last year, and the entry of commercial banks into the mortgage market

in 2004.
While the HFF has significantly increased the opportunities for affordable mortgage

lending, the banks&#146; entry in 2004 provided for mortgage lending at even better conditions

than were then currently available, and significantly boosted mortgage market competition.

As a result, mortgage lending increased sharply, rising by ISK 119 billion or 63 percent in

2004, most of which took place in the last four months of the year. Mortgage rates have also

fallen, with real loan rates declining from 5.10 percent to the current rate of 4.15 percent.

Housing Financing Fund2

4. The purpose of the public HFF is to promote home-ownership, in particular for

low-income households and households residing in remote regions, by providing

affordable mortgage credit.
In contrast to its predecessor, the State Housing Board, which

received explicit subsidies from the state budget for its social lending, HFF finances its social

lending out if its own operations. HFF bonds carry a government guarantee and account for

1 Prepared by Ann-Margret Westin

2 This section is mainly based on HFF (2002&#150;05)

Jślķus Björnsson, 3.2.2010 kl. 23:25

20 Smįmynd: Jślķus Björnsson

almost 80 percent of total government guaranteed debt. The very thin Icelandic capital

markets at the time of the inception of the HFF provided a rationale for such broad-based

government support despite a homeownership rate of more than 80 percent. Box 1 gives a

short summary of the role and functioning of the HFF and recent reforms.

5. Reforms of the HFF, in particular in 2004, have contributed to a rapid increasein affordable mortgage financing. The HFF has successively been increasing its lending

limits ever since its inception to match rising house prices. Still, average loan-to-value ratios

have typically been below 50 percent given additional loan restrictions in terms of Icelandic

krónur and fire insurance value. In the second half of 2004, the easing in lending limits was

accelerated sharply, with already planned reforms moved forward as the HFF struggled to

survive in the face of the new competition from the commercial banks. As a result, mortgage

interest rates have declined, and mortgage amounts have increased&#151;in the first quarter of

2005, the average HFF mortgage was twice the size of that during the same period in 2004.

In the words of the HFF, &#147;[i]n the space of two years, a revolution has taken place in general

conceptions as to what should be considered a normal mortgage percentage and nominal

interest rate for members of the general public who own or are purchasing real estate.&#148;3

6. The HFF has played a unique and dominant role in the Icelandic mortgage andbond markets. Before mid&#150;2004, almost 90 percent of households had an HFF loan and

HFF bonds account for more than half of the Icelandic bond market. At end&#150;2004,

parliament reaffirmed the role of the HFF as a clear option for household mortgage

financing, despite the entry of commercial banks into the Icelandic mortgage market.4

Jślķus Björnsson, 3.2.2010 kl. 23:25

21 Smįmynd: Jślķus Björnsson

3 HFF (October 2004).

4 As the banks entered the mortgage market last fall, there were concerns whether they intended to

stay more permanently or not. See e.g. HFF (November 2004).

Jślķus Björnsson, 3.2.2010 kl. 23:26

22 Smįmynd: Jślķus Björnsson

Commercial Banks

8. There are currently four commercial banks in Iceland, Ķslandsbanki, Kaupthing

Bank, Landsbanki Ķslands, and Sparisjóšabanki Islands (Icebank), accounting for almost 90

percent of total bank assets in 2003. Remaining bank assets are with the 24 savings banks,

which account for some 25 percent of household deposits and for which Icebank serves as a

banking institution. The current structure of the Icelandic banking system is the result of

significant consolidation and privatization in recent years.

9.
In the last few years, the access to

international capital markets of the

commercial banks has increased

significantly.
In particular the three largest

banks, i.e., Kaupthing Bank, Landsbanki

Ķslands, and Ķslandsbanki, which are rated by

international rating agencies, have started to

expand their operations internationally,

establishing themselves in some ten countries,

including the United Kingdom and

Luxembourg. The increased access to foreign

capital is evidenced both by the sharp increase

in external debt of the banking sector, which

had risen to 89 percent of GDP at end&#150;2003, up

from 6 percent in 1995, and a marked decline in

domestic bank credit rates.

10.
Reflecting both the enhanced access to international capital as well as other

important factors, in August 2004 the three largest commercial banks entered the

market for first mortgages.
Until then, commercial banks had mainly been active in the

secondary mortgage market, offering loans with some 5 years of duration at about 5.6

percent real interest rates. While the improved access to long-term international capital has

been important in providing financing assurances, the timing of the banks&#146; entry on the

mortgage market mainly reflected:

Jślķus Björnsson, 3.2.2010 kl. 23:33

23 Smįmynd: Jślķus Björnsson

Box 2. Government Mortgage Market Intervention: A European Perspective

Nordic Countries

Denmark:
Mortgage credit is provided by specific private mortgage credit institutes, dating back

to the 18th century. Mortgage credit is provided on competitive conditions, financed through theissuance of mortgage bonds.

There are no subsidies of mortgage interest rates. Homeowners can

deduct interest expenditures, including mortgage interest expenses, from their pre-tax income.

Finland: The main task of ARA, the State Housing Fund of Finland, is to finance state-subsidized

rental housing production&#151;about half of all rental dwellings in Finland are subsidized by the

state.
There are no general interest subsidies for private homeownership (which is mainly

promoted through tax relief on mortgage interest payments, in line with the practice in most other

Western economies); however, interest subsidies can be granted based on social needs.

Norway: Husbanken, the State Housing Bank, mainly lends for new housing, but also plays a role

in providing social support targeted at low-income households, seniors, and individuals withdisabilities

. In 2002, 0.4 percent of GDP was allocated to grants and benefits, and 0.9 percent was

allocated to new lending. The Housing Bank has participated in the financing of approximately 50

percent of existing homes in Norway. Given its focus on social lending, at end-2002 Husbanken

only accounted for 14 percent of outstanding mortgages.

Sweden: The publicly owned SBAB was founded in 1984 to channel state housing loans;however, today there are no interest rate subsidies for single-family homes, and SBAB competes

with the private mortgage institutions, accounting for 11 percent of the Swedish mortgage market.

Interest rate subsidies are only available for multi-family houses, rental and condominiums, with

the subsidy amount corresponding to the tax relief on mortgage interest payments available for

homeowners.

Major Economies

France:
There is public assistance through the mortgage system, mainly through a dedicated
savings scheme&#151;plan d&#146;épargne-logement&#151;which has been used for the purchase of 40 percent

of owner-occupied housing. There are also regulations on private sector mortgages, and there is a

regulated loan scheme&#151;
prét conventionné&#151;for public sector institutions and lenders. Zerointerest

mortgages are offered to low-income households. Although the exact scope of France&#146;s

public involvement in the mortgage market is difficult to assess, it seems well below that in

Iceland, in particular considering a homeownership rate of only 55 percent.

Germany: Subsidies to the housing sector, including for the promotion of social housing, have

declined significantly in recent years, decreasing by 21.4 percent between 2001 and 2004.

Looking ahead, these subsidies are expected to decline further over the medium term, through

2007.

________________

Sources: CBI (2004b); Federal Ministry of Finance of Germany; Vilhjįlmsdóttir (2004);

Jślķus Björnsson, 3.2.2010 kl. 23:36

24 Smįmynd: Jślķus Björnsson

&#x100083; HFF reforms of July 2004, which implied more transparent mortgage financing,

with a clearly stated, and quite generous, interest risk premium; left the HFF

vulnerable to prepayments, as the new HFF bonds do not carry a call option;6 and

which foresaw the increase in the HFF&#146;s loan-to-value ratio to 90 percent, a

development that would significantly reduce the secondary mortgage market for the

banks;

&#x100083; A complaint by the banks to the European Free Trade Association Surveillance

Authority regarding the HFF&#146;s alleged contravention of the European Economic

Area competition rules
was rejected in August 2004. Shortly thereafter, the first

bank entered the mortgage market;7

&#x100083; Excess liquidity in the banking system, reflecting in part the CBI&#146;s decision in 2003

to lower reserve requirements from 4 percent to 2 percent;8 and a

&#x100083; Marketing decision on the part of Kaupthing Bank, the first bank to enter the

market. By taking the initiative, it might have solidified its position as the market

leader.

Jślķus Björnsson, 3.2.2010 kl. 23:37

25 Smįmynd: Jślķus Björnsson

11. The banks entered the mortgage market on terms that were more competitivethan those provided by HFF at that time. Banks initially offered mortgages at fixed real

interest rates of 4.3 percent, below the HFF&#146;s then current rate of 4.8 percent, with maturities

of 25 or 40 years. The maximum loan-to-value ratio was set at 80 percent, with no maximum

loan limits in Icelandic krónur, compared with HFF&#146;s rules at the time of 65&#150;70 percent loanto-

value ratios, and loan limits of ISK 9.2&#150;9.7 million. In addition, the mortgages offered by

the banks are not confined to house purchases or construction but can also be used toward

refinancing previous mortgages and for equity withdrawal. By end-November 2004, bank

mortgage interest rates had come down further to 4.15 percent, the same level as then offered

by the HFF. Furthermore, possibly in response to increases in the HFF&#146;s lending limits (and

in part in reaction to the increased competition among themselves), in November banks

started offering 100 percent mortgages, although on more stringent conditions. In particular,

these loans can only be used to finance house purchases and cannot exceed ISK 25 million.

There is also a more careful evaluation of the house buyer&#146;s debt servicing capacity.9

6 Even under the new system, HFF can add a marked-to-market requirement on prepayments in

&#147;extreme circumstances,&#148; when the Fund&#146;s &#147;viability is in danger.&#148; Apparently the HFF has still not

exercised this option.

7 While this ruling has been appealed (no further decision has yet been made), it is likely that the

initial decision will prevail as the complaint refers to the situation before banks entered the market

when the HFF still was the key provider of first mortgages. However, if successful, the appeal could

have a bearing on the focus of the HFF&#146;s activities going forward.

8 Many banks confessed to the need to &#147;park&#148; its liquidity somewhere.

9 CBI (2004b). In the event, few mortgages have so far been issued with 100 percent loan-to-value

ratios, with most banks issuing mortgages with an LTV of 70&#150;80 percent at the most.

Jślķus Björnsson, 3.2.2010 kl. 23:38

26 Smįmynd: Jślķus Björnsson

G. Conclusions

38. In most countries, the rationale for the government to provide mortgageinterest rate subsidies is to promote homeownership. In particular, subsidies are typically

geared toward the most needy, such as low-income households and persons with disabilities,

which may not have access to affordable housing financing in the private market.

Meanwhile, in Iceland, the HFF implicitly subsidizes, through its access to government

guaranteed borrowing, all households equally, despite very high per capita income and

homeownership rate compared with most other countries. While the limited availability of

affordable mortgage lending may have provided a justification for this generic subsidization

in the past, this justification is no longer warranted given the entry of the commercial banks

into the mortgage market, and banks&#146; enhanced access to the international capital markets.

39.
The entry of domestic commercial banks into the Icelandic mortgage markethas increased the soundness of the financial system. Indeed, with the entry of commercial

banks into the mortgage market in 2004, as also recommended by the IMF&#146;s Financial Sector

Assessment Program on Iceland, the Icelandic capital markets have received a welcome

boost of fresh international capital.
35 Furthermore, banks are provided with additional

domestic stability and profitability by allowing them to diversify their asset base. Also, banks

will be better able than the HFF to undertake the necessary credit checks, which will become

increasingly important as loan-to-value ratios increase.

40. Forcing banks to compete with the HFF may induce them to take on excessive
risk. Looking ahead, commercial banks are likely to remain in the domestic mortgage market

and will increasingly provide competitive alternatives to HFF lending. Meanwhile, forcing

banks to compete with the HFF may induce them to take on excessive risk on the liability

side.

41.
These circumstances constitute a golden opportunity for expeditious and bold

reform of the HFF aimed at maintaining the positive aspects of the current system,

while also enabling banks to profitably remain in the market for first mortgages.
Such

reform should be based on the following principles. First, HFF&#146;s funding expertise should be

fully utilized, and the current economies of scale in funding and pooling of risks should be

retained. Second, domestic financial institutions should have access to funding that allows

them to compete profitably for first mortgages. Third, public housing support should be

tightly focused on ensuring access to homeownership for low-income households and

households residing in remote regions of the country.

Jślķus Björnsson, 3.2.2010 kl. 23:45

27 Smįmynd: Jślķus Björnsson

Žessi brot śr žjóšarsżslu IMF 2005 eru sannlega ķ samręmi viš skynjun mķna af hlutum hingaš til.

Žaš hefšu allir Ķslendingar įtt aš fį fylgjast meš hvaš raušir rįšgjafar eru aš gera žegar žaš varšar lķfsafkomu žeirra. 

IMF er ekki yfirlit eša lögga og skiptir sér ekki af. Nefnir bęši kosti og galla, rök meš og į móti.

Jślķus Björnsson, 3.2.2010 kl. 23:52

Bęta viš athugasemd

Ekki er lengur hęgt aš skrifa athugasemdir viš fęrsluna, žar sem tķmamörk į athugasemdir eru lišin.

Um bloggiš

Júlíus Björnsson

Höfundur

Júlíus Björnsson
Júlíus Björnsson

Áhugasamur um allt milli himins og jarðar. Síðan í upphafi hruns stundað sjálfsnám í EU lögum og rannsóknum á Íslensku hagstjórnargrunni: Auðlinda og fámenns efnisviðar hæfra einstaklinga.

Viðurkendir grunnar byggja á vandamálinu: framfærsla fólksfjölda í stórborgum  í vaxandi auðlindaskorti. Á þeim byggja allir alþjóðlegir Háskólar.

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