The Zero-Coupon/Interest-Only Fixed-Rate Mortgage: An Alternative for Funding Low-to-Moderate Income Housing
This proposal sets forth a concept for the public/private finance of owner-occupied, single-family homes for first-time homebuyers utilizing federal guarantees and private sector mortgages. Proposed funding requires no new tax revenues. The security that the program revolves around is a Zero-coupon/Interest-only Fixed-rate mortgage (ZIF). The ZIF has the potential to improve the allocation of resources for subsidizing low-income housing, to reduce risk exposure to rapidly declining property values, and to improve the self-esteem of a group of Americans who have been depressed for far too long by making homeownership a reality.
Volume (Year): 9 (1994)
Issue (Month): 2 ()
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References listed on IDEAS
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- James L. Kuhle, 1987. "Portfolio Diversification and Return Benefits--Common Stock vs. Real Estate Investment Trusts (REITs)," Journal of Real Estate Research, American Real Estate Society, vol. 2(2), pages 1-9.
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- Stephen D. Smith, 1991. "Analyzing risk and return for mortgage-backed securities," Economic Review, Federal Reserve Bank of Atlanta, issue Jan, pages 2-11.
- Patric H. Hendershott & James D. Shilling & Kevin E. Villani, 1983. "Measurement of the Spreads Between Yields on Various Mortgage Contracts and Treasury Securities," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 11(4), pages 476-490.
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- Black, Deborah G & Garbade, Kenneth D & Silber, William L, 1981. "The Impact of the GNMA Pass-through Program on FHA Mortgage Costs," Journal of Finance, American Finance Association, vol. 36(2), pages 457-69, May.
- Patric H. Hendershott, 1986. "Mortgage Pricing: What Have We Learned So Far?," NBER Working Papers 1959, National Bureau of Economic Research, Inc.
- Richard A. Phillips & James VanderHoff, 1991. "Adjustable- versus Fixed-Rate Mortgage Choice: The Role of Initial Rate Discounts," Journal of Real Estate Research, American Real Estate Society, vol. 6(1), pages 39-52.
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