The decentralization of employment from central cities to the suburbs in U.S. metropolitan areas has been an active area of research in urban economics for many years. A key policy question has been whether the location and relocation decisions of firms are significantly influenced by state and...

The main objective of this paper is to lay out a methodology for optimal sizing, or subordination, and pricing of the credit-sensitive Residential Mortgage Backed Securities (RMBS). To that end, we combine a Monte Carlo simulation framework with a model of cash flow waterfalls across multiple...

This paper examines the optimal operation strategies for income properties. Specifically, the rental rate and the operating expense should be set at levels to maximize the return on investment. The results suggest that for a given demand curve of a specific rental property, there exist optimal...

This paper introduces Home Appreciation Participation Notes (HAPNs), an innovative new housing finance tool. Housing is a commodity providing two distinct utilities: shelter and investment. Traditionally, buyers have had to purchase both elements in tandom. HAPNs allow buyers to purchase these...

The Chinese government has embarked upon an effort to reduce the number of tenants living in publicly owned housing. This is a significant challenge for any government, but may be especially so for a country where private homeownership is a new option. Out of concern that many of its citizens...

During the recent housing recession and financial crisis, mortgage modification has been heavily promoted by government as a way to stabilize the housing and the national banking systems. Numerous programs, such as the Home Owners Preserving Equity (HOPE), Home Affordability Modification Program...