Is the FHA Creating Sustainable Homeownership?
研究了联邦住房管理局（FHA）借款人住房所有权的可持续性，预测2007-2009年FHA借款人中最多75%能成功退出FHA系统，引发对FHA角色和问责制的质疑。
We produce first estimates of the sustainability of homeownership for recent Federal Housing Administration (FHA) borrowers. Unfortunately, the FHA does not produce its own statistics on sustainability. Neither does it permit researchers access to its data on internal refinances. This imposes significant barriers to entry for researchers who wish to track FHA borrower performance over time. We carefully construct the required tracking data to overcome this barrier. We forecast that no more than 75% of the 2007–2009 vintages of FHA borrowers will be able to successfully exit the FHA system. Our work raises questions about FHA's role, its accounting and its accountability.