The institutions for ﬁnancing owner-occupied housing have not progressed as they should, and the ﬁnancial innovation that has followed the ﬁnancial crisis of 2007-9 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).
Shiller, Robert J., "Why Is Housing Finance Still Stuck in Such a Primitive Stage?" (2014). Cowles Foundation Discussion Papers. 2333.