How Mortgage Finance Reform Could Affect Housing
分析了自次贷危机后抵押贷款金融改革（如取消GSE利率补贴、调整资本要求或FHA贷款上限）对房价的影响，模拟发现利率补贴变化影响小，而资本要求或贷款上限变化影响大。
Although major changes in mortgage finance have occurred since the subprime bust, several issues remain unresolved, centering on the roles of Fannie Mae, Freddie Mac, and the FHA. We analyze how some reforms might affect house prices in a framework rich enough to simulate the impact of several reforms which change mortgage interest rates and/or loan-to-value (LTV) ratios of first time home buyers, the key drivers of house prices in recent decades. Simulations suggest that ending the GSE interest rate subsidy would have small effects, while changes in capital requirements or maximum FHA loan size limits would have larger effects.