Why Is Housing Finance Still Stuck in Such a Primitive Stage?
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).
|Date of creation:||Jan 2014|
|Publication status:||Published in American Economic Review, Papers and Proceedings (May 2014), 104(5): 73-76|
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