A/HRC/10/7 page 18 ethical lending. Such programmes can provide a critical contribution to improved shelter and livelihood strategies.61 This approach is far from the perception of housing as a mere means of appreciation of value for globalized investors and brokers. F. Titling for land and housing 55. Another dimension of the emphasis on financial markets of housing policies has been the spread of irregular land titling programmes. According to Hernando De Soto, who actively promoted these programmes, one of the principal reasons for underdevelopment is the absence of a property registration system to facilitate mortgage lending, consequently prohibiting the development of personal capital and equity growth in land and housing.62 56. Under the above assumptions, massive land titling programmes were considered as the preferred option to assist slum dwellers. Under this assumption, Western legal systems and property law approaches were exported to other parts of the world. This has contributed to the impact of globalization, further legitimizing practices resulting in the patenting, control, appropriation, and commodification of physical and human resources worldwide. During the 1980s and 1990s, some countries - supported by international financial institutions - thus promoted programmes aimed at giving title to slum and informal settlement dwellers to enable them to enter the market. In this context, mortgages were widely promoted by credit institutions.63 57. Some argue that in order to develop and implement fair housing markets, legal instruments and State involvement are required in order to ensure a property rights regime, housing finance regime, residential infrastructure regime, regulatory regime, and housing subsidies regime. A functional and effective property rights regime must involve a set of transparent, predictable, non-discriminatory and stable rules that preserve the rights of individuals to use, invest, maintain, rent, mortgage and sell their land and housing without hindrance and with full protection against arbitrary action by the authorities.64 Others have viewed the process of 61 D. Mitlin, Finance for low-income housing and community development, International Institute for Environment and Development (IIED), Environment & Urbanization Brief, No. 16, June 2008. 62 H. De Soto, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else (New York, Basic Books, 2000). 63 See H. De Soto, “La protección del derecho de propiedad y la sociedad civil”, La Economía Política de la Reforma Judicial, E. Jarquin y F. Carrillo-Florez. (eds.), (Washington D.C., Banco Interamericano de Desarrollo, 1997); H. de Soto, The Other Path (New York, Basic Books, 2002). 64 S. Angel, Housing Policy Matters: a Global Analysis, (Oxford University Press, 2000).