Unfounded optimism: The danger of FHA's mispriced unemployment risk
AbstractDrawing on original risk analysis, Wharton School professor Joseph Gyourko explains why FHA's failure to accurately account for the unemployment risk in its Single-Family Mutual Mortgage Insurance Fund is a key cause of its increasing share of seriously delinquent loans and the insolvency of its main insurance fund.
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Bibliographic InfoPaper provided by American Enterprise Institute in its series Working Papers with number 37370.
Date of creation: Apr 2013
Date of revision:
unemployment; Mutual Mortgage Insurance Fund; Mortgage Bankers Association; housing bailout; FHA;
Find related papers by JEL classification:
- A - General Economics and Teaching
- G - Financial Economics
- R - Urban, Rural, Regional, Real Estate, and Transportation Economics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-08-31 (All new papers)
- NEP-IAS-2013-08-31 (Insurance Economics)
- NEP-URE-2013-08-31 (Urban & Real Estate Economics)
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