Abstract

http://ssrn.com/abstract=410141
 
 

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Home Equity Insurance: A Pilot Project


William N. Goetzmann


Yale School of Management - International Center for Finance; National Bureau of Economic Research (NBER)

Andrew Caplin


New York University (NYU) - Department of Economics; National Bureau of Economic Research (NBER)

Eric Hangen


Neighborhood Reinvestment Corporation

Barry J. Nalebuff


Yale University - Yale School of Management

Elisabeth Prentice


Neighborhood Reinvestment Corporation

John Rodkin


University of Chicago - Law School

Matthew I. Spiegel


Yale University - Yale School of Management, International Center for Finance

Tom Skinner


Real Liquidity

May 2003

Yale ICF Working Paper No. 03-12

Abstract:     
Home equity is the single largest component of household wealth for the majority of American households. Yet, there is virtually no way for the average family to insure itself against drops in home value and the ensuing destructive financial loss. Much of U.S. housing policy has focused on helping them against the risk that home ownership entails.

In this paper, we document the development and implementation of a home equity insurance program launched in 2002 in Syracuse, New York. The range of issues arising from the practical implementation of a home equity insurance program, as well as the institutional challenges offer useful data for further extensions of the program.

Highlights of the outcome, to date, of the pilot program include the finding that implementation of the program was feasible on the local level, that customers understand and wanted to take part, and that clean data on housing transactions is a vital component of the future success and expansion of the project.

Number of Pages in PDF File: 33

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Date posted: May 28, 2003  

Suggested Citation

Goetzmann, William N. and Caplin, Andrew and Hangen, Eric and Nalebuff, Barry J. and Prentice, Elisabeth and Rodkin, John and Spiegel, Matthew I. and Skinner, Tom, Home Equity Insurance: A Pilot Project (May 2003). Yale ICF Working Paper No. 03-12. Available at SSRN: http://ssrn.com/abstract=410141

Contact Information

William N. Goetzmann (Contact Author)
Yale School of Management - International Center for Finance ( email )
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
United States
203-432-5950 (Phone)
203-432-8931 (Fax)
HOME PAGE: http://viking.som.yale.edu

National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Andrew Caplin
New York University (NYU) - Department of Economics ( email )
269 Mercer Street
New York, NY 10003
United States
212-998-8950 (Phone)
212-995-3932 (Fax)
HOME PAGE: http://www.econ.nyu.edu/user/caplina/
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Eric Hangen
Neighborhood Reinvestment Corporation ( email )
1325 G Street NW
Suite 800
Washington, DC 20005
United States
Barry Nalebuff
Yale University - Yale School of Management ( email )
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
United States
203-432-5968 (Phone)
203-432-6974 (Fax)
Elisabeth Prentice
Neighborhood Reinvestment Corporation ( email )
1325 G Street NW
Suite 800
Washington, DC 20005
United States
John Rodkin
University of Chicago - Law School ( email )
1111 E. 60th St.
Chicago, IL 60637
United States
Matthew I. Spiegel
Yale University - Yale School of Management, International Center for Finance ( email )
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
United States
203-432-6017 (Phone)
203-432-8931 (Fax)
HOME PAGE: http://som.yale.edu/~spiegel
Tom Skinner
Real Liquidity ( email )
1054 31st Street NW
Suite 410
Washington, DC 20007
United States
202-295-3048 (Phone)
202-338-6014 (Fax)
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