Fixing the Housing Market: Financial Innovations for the Future

Title Fixing the Housing Market: Financial Innovations for the Future
Author Name Franklin Allen, James R. Barth and Glenn Yago
Link http://www.milkeninstitute.org/publications/publications.taf?function=detail&ID=38801309&cat=BOOK


Ever since the ancient Greeks, financial innovation has enabled more people to purchase homes. Today is no different: in fact, responsible financial innovation is now the best tool available for rebooting crippled housing markets, improving their efficiency, and making housing more accessible to millions. This accessible book tells decision makers what they need to know about addressing the challenges and solutions associated with the current housing slump, building on insights into the past and exploring practical development strategies to bridge funding gaps for the future.

Fixing the Housing Market will:

  • Demystify housing finance, showing how financial innovation can overcome information gaps that disrupt housing markets, promote homeownership, and make housing more affordable
  • Help entrepreneurs, economic development specialists and policymakers develop strategies for improving the housing markets in their specific regions
  • Reflect crucial lessons learned in the housing bubble and bust

The authors begin by explaining how housing financial products, services and institutions evolved through the 19th century, World War I, the Great Depression, World War II, and beyond - culminating in the post-1970s era of securitization. Next, they assess housing finance systems in mature economies during and after the recent crisis, highlighting benefits and risks associated with each widely used mortgage funding structure and product. They also assess current housing finance structures in emerging economies such as Brazil, Russia, India and China.

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