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

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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 2007-9 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://cowles.econ.yale.edu/P/cd/d19a/d1934.pdf
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    Bibliographic Info

    Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1934.

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    Length: 8 pages
    Date of creation: Jan 2014
    Date of revision:
    Publication status: Published in American Economic Review, Papers and Proceedings (May 2014), 104(5): 73-76
    Handle: RePEc:cwl:cwldpp:1934

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    Keywords: Mortgages; securitization; Financial crises; Self-amortizing mortgages; Installment mortgages; Level-payment mortgages; Price-level-adjusted mortgages (PLAMs); Shared appreciation mortgages (SAMs); Housing partnerships; continuous workout mortgages (CWMs); Automatic workout mortgages (AWMs); Dodd-Frank Act; Continuing Care Retirement Communities (CCRCs); Consumer Financial Protection Bureau (CFPB.gov);

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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. F Javier Mato Diaz, 2012. "Poor Economics. A Radical Rethinking of the Way to Fight Global Poverty," The European Journal of Development Research, Palgrave Macmillan, vol. 24(5), pages 832-834, December.
    3. Henderson, J Vernon & Ioannides, Yannis M, 1983. "A Model of Housing Tenure Choice," American Economic Review, American Economic Association, vol. 73(1), pages 98-113, March.
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