Alternative mortgage contracts and affordability- overview by Mark J. Garmaise
Mark J. Garmaise
Regional Science and Urban Economics, 2020, vol. 80, issue C
This paper provides an overview of alternative mortgage designs and discusses their potential role in alleviating problems of housing affordability. Alternative mortgages with backloaded payments were popular in the pre-crisis years and, from a theoretical perspective, they should have served to ease borrower constraints and to facilitate home purchases. There is some evidence that alternative mortgages perform this function for young, highly-educated borrowers. It also appears that alternative mortgages served as the vehicle for some speculative housing investments pre-2008, but it has not been compellingly demonstrated that they exacerbated the crisis.
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:regeco:v:80:y:2020:i:c:s0166046217303150
Access Statistics for this article
Regional Science and Urban Economics is currently edited by D.P McMillen and Y. Zenou
More articles in Regional Science and Urban Economics from Elsevier
Bibliographic data for series maintained by Haili He ().