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Why Is Housing Finance Still Stuck in Such a Primitive Stage?

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  • Robert J. Shiller
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    Abstract

    The institutions for financing owner-occupied housing have not progressed as they should, and the financial innovation that has followed the financial crisis of 2007-2009 has not been focused on improving the risk management of individual homeowners. This paper lists a number of barriers to housing finance innovation, and in light of these barriers, the problems of some major innovations of the past and future: self-amortizing mortgages, price-level adjusted mortgages (PLAMs), shared appreciation mortgages (SAMs), housing partnerships, and continuous workout mortgages (CWMs).

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.104.5.73
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    File URL: http://www.aeaweb.org/aer/ds/10405/P2014_1098_ds.zip
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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Review.

    Volume (Year): 104 (2014)
    Issue (Month): 5 (May)
    Pages: 73-76

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    Handle: RePEc:aea:aecrev:v:104:y:2014:i:5:p:73-76

    Note: DOI: 10.1257/aer.104.5.73
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    1. Andrew Caplin & Sewin Chan & Charles Freeman & Joseph Tracy, 1997. "Housing Partnerships: A New Approach to a Market at a Crossroads," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262032430, December.
    2. Todd M. Sinai & Nicholas S. Souleles, 2009. "Can Owning a Home Hedge the Risk of Moving?," NBER Working Papers 15462, National Bureau of Economic Research, Inc.
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