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Shared Responsibility, Shared RiskGovernment, Markets and Social Policy in the Twenty-First Century$
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Jacob Hacker and Ann O'Leary

Print publication date: 2012

Print ISBN-13: 9780199781911

Published to Oxford Scholarship Online: February 2015

DOI: 10.1093/acprof:osobl/9780199781911.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 26 October 2021

Risk Allocation in Home Ownership

Risk Allocation in Home Ownership

Revisiting the Role of Mortgage Contract Terms

(p.142) 8 Risk Allocation in Home Ownership
Shared Responsibility, Shared Risk

Katherine Porter

Tara Twomey

Oxford University Press

This chapter examines risk allocation in home ownership. After providing a historical background on home ownership in the United States, it explains the role of government in mortgage risk management and how changes in the terms of mortgage contracts increased the risk of home ownership for families. It then discusses the conditions/features of mortgage risk, with particular reference to adjustable-rate mortgages, the subprime mortgage market, and exotic loans. It also considers the causes of increased risk burden with respect to mortgages before concluding with an assessment of policy responses to mortgage lending.

Keywords:   risk allocation, home ownership, United States, risk management, mortgage contracts, mortgage risk, adjustable-rate mortgages, subprime mortgage market, exotic loans, mortgage lending

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