Pfandbrief, officially mortgage bond since 2005

Debt security backed by mortgages or a government guarantee. – In the more than two hundred-year history of this product, no German Pfandbrief has ever defaulted; it is therefore considered an extremely safe investment. Nevertheless, the financial crisis that followed the subprime crisis also affected this refinancing instrument, causing the market to almost dry up at times. The Pfandbrief market was spared an even greater disruption not least because the state saved Germany’s largest issuer, Hypo Real Estate Holding (HRE), from collapse. – See commercial mortgage-backed securities, covered bonds, aircraft Pfandbrief, mortgage bank, jumbo Pfandbrief, long-term culture, social Pfandbrief, interest rate freeze. – Cf. the monthly statistical supplement “Capital Market Statistics” of the Deutsche Bundesbank on the scope of issuances and, in the explanatory notes, important definitions and classifications, BaFin Annual Report 2004, p. 105 f. (definitions, classifications, new legal situation under the new Pfandbrief Act [PfandBG] of July 19, 2005), Deutsche Bundesbank Monthly Report of March 2006, p. 40 (comparative overview of other types of securitization), p. 43 (quality features), BaFin Annual Report 2005, p. 111 et seq. (initial experience with the new law; durability of the Pfandbrief business in the supervisory authority’s focus; Regulation on the Determination of the Mortgage Lending Value), BaFin’s 2006 Annual Report, p. 70 ff. (cover audits), BaFin’s 2008 Annual Report, p. 111 (amendment to the Pfandbrief Act), ECB Monthly Report of August 2009, pp. 18 et seq. (legal differences between the mortgage markets in the euro area and the U.S.), BaFin Annual Report 2009, p. 129 (the number of banks issuing Pfandbriefe is growing), Financial Stability Report 2009, p. 22 et seq. (Pfandbriefe in the financial crisis), Bafin Annual Report 2010, pp. 131 et seq. (amendment to the Pfandbrief Act; innovations in the wake of the Restructuring Act), p. 151 (Pfandbrief circulation declining), BaFin Annual Report 2012, pp. 124 ff. (Pfandbrief Act amendment: list of changes), BaFin Annual Report 2013, pp. 81 f. (further amendment through the IAFM Implementation Act).

Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent!
University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/