Cooperative home financing
This paper integrates the literature of Mortgage Design with that of Rotating Savings and Credit Associations (ROSCAs) to present a novel way of mortgage financing (with a zero interest rate) using cooperatives. This mode of financing dissipates credit (default) risk better than the normal mode of financing (via traditional intermediaries). It is also resilient to volatility of interest rates (stemming from changes in inflationary expectations) and is pareto-efficient to traditional interest bearing mortgages
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