The Zero-Coupon/Interest-Only Fixed-Rate Mortgage: An Alternative for Funding Low-to-Moderate Income Housing

Stephen F. Thode and Richard J. Kish ()
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Stephen F. Thode: Finance Department Lehigh University Bethlehem, Pennsylvania 18015, http://www2.lehigh.edu/
Richard J. Kish: Finance Department Lehigh University Bethlehem, Pennsylvania 18015, http://www2.lehigh.edu/

Journal of Real Estate Research, 1994, vol. 9, issue 2, 263-276

Abstract: 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.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1994
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