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Prime property institutions for a subprime era: Toward innovative models of homeownership

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Abstract

This Article breaks new ground toward contractual and institutional innovation in models of homeownership, equity building, and mortgage enforcement. Inspired by recent developments in the affordable housing sector and other types of public financing schemes, we suggest extending institutional and financial strategies such as time- and place-based division of property rights, conditional subsidies, and credit mediation to alleviate the systemic risks of mortgage foreclosure. Two new solutions offer a broad theoretical basis for such developments in the economic and legal institution of homeownership: a for-profit shared equity scheme led by local governments alongside a private market shared equity model, one of "bootstrapping home buying with purchase options".

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Bibliographic Info

Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 1217.

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Date of creation: May 2010
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Handle: RePEc:upf:upfgen:1217

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Web page: http://www.econ.upf.edu/

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Keywords: property; homeownership; mortgage; finance; local government; subsidy; tax.;

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  1. Hansmann, Henry, 1991. "Condominium and Cooperative Housing: Transactional Efficiency, Tax Subsidies, and Tenure Choice," The Journal of Legal Studies, University of Chicago Press, University of Chicago Press, vol. 20(1), pages 25-71, January.
  2. Schuetz, Jenny & Been, Vicki & Ellen, Ingrid Gould, 2008. "Neighborhood effects of concentrated mortgage foreclosures," Journal of Housing Economics, Elsevier, Elsevier, vol. 17(4), pages 306-319, December.
  3. Eric A. Posner & Luigi Zingales, 2009. "A Loan Modification Approach to the Housing Crisis," American Law and Economics Review, Oxford University Press, vol. 11(2), pages 575-607.
  4. Brueckner, Jan K., 2001. "Tax increment financing: a theoretical inquiry," Journal of Public Economics, Elsevier, vol. 81(2), pages 321-343, August.
  5. Brent C. Smith, 2009. "If You Promise to Build It, Will They Come? The Interaction between Local Economic Development Policy and the Real Estate Market: Evidence from Tax Increment Finance Districts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(2), pages 209-234.
  6. Michael H. Schill & Ioan Voicu & Jonathan Miller, 2007. "The Condominium versus Cooperative Puzzle: An Empirical Analysis of Housing in New York City," The Journal of Legal Studies, University of Chicago Press, University of Chicago Press, vol. 36(2), pages 275-324, 06.
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