Mortgage innovation, mortgage choice, and housing decisions

Matthew S. Chambers (), Carlos Garriga () and Don Schlagenhauf

Review, 2008, issue Nov, pages 585-608

Abstract: This paper examines some of the more recent mortgage products now available to borrowers. The authors describe how these products differ across important characteristics, such as the down payment requirement, repayment structure, and amortization schedule. The paper also presents a model with the potential to analyze the implications for various mortgage contracts for individual households, as well as to address many current housing market issues. In this paper, the authors use the model to examine the implications of alternative mortgages for homeownership. The authors use the model to show that interest rate-adjustable mortgages and combo loans can help explain the rise-and fall-in homeownership since 1994.

Keywords: Mortgages (search for similar items in EconPapers)
Date: 2008

Downloads: (external link)
http://research.stlouisfed.org/publications/review/08/11/Chambers.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:fip:fedlrv:y:2008:i:nov:p:585-608:n:v.90no.6

Ordering information: This journal article can be ordered from
http://www.stls.frb. ... h/order/pubform.html

Access Statistics for this article

More articles in Review from Federal Reserve Bank of St. Louis
Contact information at EDIRC.
Series data maintained by Diane Rosenberger ().