Not so long ago, the US housing finance system was arguably the best in the world. Consumers had access to products that were not available elsewhere, and the market was able to sustain major economic disruptions with relatively little impact on either the cost or availability of mortgage...

This paper describes and evaluates the Home Equity Conversion Mortgage (HECM) insurance demonstration, designed to encourage the development of private reverse mortgage programs by insuring lenders against the risks associated with new mortgage lending programs and with reverse mortgages in...

A housing purchase certificate (HPC) is a voucher for the purchase of a dwelling unit, either for the full price (up to a programme-determined maximum) or a grant for a partial payment (i.e. a downpayment subsidy). Using a special sample survey of programme participants, this paper examines why...

The implementation of housing allowances is an integral part of Russia's programme of systematic rent increases on state and municipal rental units which began in 1994. Because housing allowances constitute the country's first income-tested programme, its performance transcends the housing...