Why Is Housing Finance Still Stuck in Such a Primitive Stage?
探讨住房金融创新停滞的原因，分析过去和未来主要创新（如自摊销抵押贷款、价格水平调整抵押贷款等）面临的问题，对关注住房金融改革和风险管理的学者有参考价值。
The institutions for financing owner-occupied housing have not progressed as they should, and the financial innovation that has followed the financial crisis of 2007-2009 has not been focused on improving the risk management of individual homeowners. This paper lists a number of barriers to housing finance innovation, and in light of these barriers, the problems of some major innovations of the past and future: self-amortizing mortgages, price-level adjusted mortgages (PLAMs), shared appreciation mortgages (SAMs), housing partnerships, and continuous workout mortgages (CWMs).