Rate Level Indexed Mortgages: An Evaluation
In this paper, a new and superior alternative mortgage design is presented and evaluated. The mortgage design is motivated by a desire to reduce the exposure of both borrowers and lenders to risks that result from high and variable interest rates, while at the same time providing a mechanism by which changes in the real value of payments and rates of amortization can be controlled. In addition to a theoretical discussion of the merits of this design a simulation of the mortgage's performance is provided that uses market data from the period 1965 to 1983. Copyright American Real Estate and Urban Economics Association.
Year of publication: |
1985
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Authors: | Harris, John M. ; Page, Daniel E. |
Published in: |
Real Estate Economics. - American Real Estate and Urban Economics Association - AREUEA. - Vol. 13.1985, 2, p. 195-207
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Publisher: |
American Real Estate and Urban Economics Association - AREUEA |
Saved in:
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