Abstract
High interest rates pose special problems for the financing of home-ownership. A critical public awareness of these difficulties arose with the record interest rate peaks of early 1980. However, the fundamental problem continues with the more moderate, but still high interest rates that accompany continued inflation. This study examines how a new mortgage instrument could ease the financial strains on borrowers in inflationary periods. The proposed new instrument is a 'deferred mortgage' which a public agency would insure for a fee to the borrower. For comparative purposes, a critical analysis of the existing Graduated Payment Mortgage plan is also undertaken.
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