Benito Arruñada - Universitat Pompeu Fabra
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Spanish youngsters have not been educated to postpone gratification.
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Prime Property Institutions for a Subprime Era

 
Arruñada, Benito, and Amnon Lehavi (2011), “Prime Property Institutions for a Subprime Era: Exploring Innovative Models of Residential Development and Finance,” Berkeley Business Law Journal, 8(1), 1-34.
 
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  This paper breaks new ground toward contractual and institutional innovation in models of homeownership, equity building, and mortgage enforcement. Inspired by recent developments in the affordable housing sector and in other types of public financing schemes, this paper suggests extending institutional and financial strategies such as time- and place-based division of property rights, conditional subsidies, and credit mediation to alleviate the systemic risks of mortgage foreclosure. Alongside a for-profit shared equity scheme that would be led by local governments, we also outline a private market shared equity model, one of bootstrapping home buying with purchase options.  
 
 
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