The main reason for this negative relationship is likely that most people buying a home in California are probably also selling a home in California and using at least part of their accumulated home equity capital gains as a down payment on their new house. Apparently, many households are forgoing some consumption to lower their new mortgage balances.
The aim of the programme is to support the Central Bank of Egypt in drafting new rules, policies and practices that will effectively create an appropriate Egyptian version of the internationally accepted banking supervision standard known as Basel II. In this process we will also take account of the most recent European experiences from the financial market turmoil.