John P. Hussman, Ph.D.: Property Appreciation Rights to Restructure Mortgage Debt

Here is an overview of Property Appreciation Rights:

These would essentially break mortgages into two pieces, one representing the prevailing market value of the home, with the remaining amount of the mortgage being a marketable claim that the lender would have on future home price appreciation, which could be pooled and administered by the Treasury without the need for subsidies.

Mechanics of PAR here.

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