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Alternative mortgage contracts and affordability- overview by Mark J. Garmaise

Mark J. Garmaise

Regional Science and Urban Economics, 2020, vol. 80, issue C

Abstract: 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.

Date: 2020
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DOI: 10.1016/j.regsciurbeco.2018.07.009

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