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

Robert Shiller

No 1934, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

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).

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) (search for similar items in EconPapers)
JEL-codes: R31 (search for similar items in EconPapers)
Pages: 8 pages
Date: 2014-01
New Economics Papers: this item is included in nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (19)

Published in American Economic Review, Papers and Proceedings (May 2014), 104(5): 73-76

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