Robert Shiller: Housing finance reform falling short on innovation

TRD MIAMI /
Oct.October 27, 2010 03:30 PM

Robert Shiller

Innovation is lacking in current government-led efforts to fix the ailing housing market, Yale economist and home price index guru Robert Shiller argued in a recent interview with Smart Money. Comparing today’s housing market to that of the end of the Great Depression, Shiller said that while the Roosevelt administration created a number of new institutions that have since stuck (a national convention of long-term mortgages, for one), the Obama administration is “not really developing new things for the longer-run.” He noted that this is especially problematic, given that the ideas that came into being after World War II — like the 30-year mortgage and Fannie Mae — are no longer working in the contemporary economic environment. “One of my proposals is that we go to a mortgage that is more flexible. I call it a continuous workout mortgage that would protect people against unemployment or declines in home prices,” Shiller said. [Smart Money]

 

Related Articles

arrow_forward_ios
Home prices rising at fastest rate in years: Case-Shiller

Home prices rising at fastest rate in years: Case-Shiller

Home prices rising at fastest rate in years: Case-Shiller
Miami home prices increase 5% in June, year-over-year, lagging national average: S&P CoreLogic Case-Shiller

Miami home prices increase 5% in June, year-over-year, lagging national average: S&P CoreLogic Case-Shiller

Miami home prices increase 5% in June, year-over-year, lagging national average: S&P CoreLogic Case-Shiller
Miami home prices increase 5.3% in May, year-over-year, lagging national average: S&P CoreLogic Case-Shiller

Miami home prices increase 5.3% in May, year-over-year, lagging national average: S&P CoreLogic Case-Shiller

Miami home prices increase 5.3% in May, year-over-year, lagging national average: S&P CoreLogic Case-Shiller
Miami home prices up 5.4 percent in April, year-over-year: S&P CoreLogic Case-Shiller

Miami home prices up 5.4 percent in April, year-over-year: S&P CoreLogic Case-Shiller

Miami home prices up 5.4 percent in April, year-over-year: S&P CoreLogic Case-Shiller
Miami home prices up 6% in March, year-over-year: S&P CoreLogic Case-Shiller

Miami home prices up 6% in March, year-over-year: S&P CoreLogic Case-Shiller

Miami home prices up 6% in March, year-over-year: S&P CoreLogic Case-Shiller
Miami home prices up 6.7% in January, year-over-year: S&P Corelogic Case Shiller

Miami home prices up 6.7% in January, year-over-year: S&P Corelogic Case Shiller

Miami home prices up 6.7% in January, year-over-year: S&P Corelogic Case Shiller
Miami home prices up 6.8% in December, sixth highest rise nationwide: S&P CoreLogic Case-Shiller

Miami home prices up 6.8% in December, sixth highest rise nationwide: S&P CoreLogic Case-Shiller

Miami home prices up 6.8% in December, sixth highest rise nationwide: S&P CoreLogic Case-Shiller
South Florida home prices increased at a slower pace in November: Case-Shiller

South Florida home prices increased at a slower pace in November: Case-Shiller

South Florida home prices increased at a slower pace in November: Case-Shiller
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...