American Economic Review: Vol. 104 No. 5 (May 2014)

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

Article Citation

Shiller, Robert J. 2014. "Why Is Housing Finance Still Stuck in Such a Primitive Stage?" American Economic Review, 104(5): 73-76.

DOI: 10.1257/aer.104.5.73

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).

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Authors

Shiller, Robert J. (Yale U)

JEL Classifications

G21: Banks; Depository Institutions; Micro Finance Institutions; Mortgages
R21: Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
R31: Housing Supply and Markets


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