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

Robert Shiller

American Economic Review, 2014, vol. 104, issue 5, 73-76

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 2007-2009 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).

JEL-codes: G21 R21 R31 (search for similar items in EconPapers)
Date: 2014
Note: DOI: 10.1257/aer.104.5.73
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Citations: View citations in EconPapers (19)

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