Turmoil in the Residential Mortgage Market: A Review and Compilation of Research and Policy

Brent Smith

Journal of Housing Research, 2010, vol. 19, issue 1, 65-87

Abstract: Although the 30-year fixed rate loan is the standard in the U.S. mortgage market, the interest rate risk is borne by the holder of the note. This risk, and myriad other motivations fostered the development of the subprime and Alt-A instruments that have become the bane of the housing market. Neither is likely to return as viable instruments, but the need for risk-based pricing will return as the housing cycle returns. Thus, it is valuable to examine the academic research on high risk loans as policy and future research advances.

Date: 2010
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DOI: 10.1080/10835547.2010.12092019

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