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作者

来源

HOUSING POLICY DEBATE,Vol.27,Issue3,P.449-466

语言

英文

关键字

Federal Housing Administration; housing finance; mortgage; mortgage insurance; MORTGAGE MARKET; FHA; ORIGINATIONS; RACE

作者单位

[Park, Kevin A.] US Dept Housing & Urban Dev, Off Policy Dev & Res, Washington, DC 20410 USA. Park, KA (reprint author), US Dept Housing & Urban Dev, Off Policy Dev & Res, Washington, DC 20410 USA. E-Mail: kevin.park@hud.gov

摘要

The Economic Stimulus Act of 2008 dramatically but temporarily increased the mortgage loan amount eligible for insurance through the Federal Housing Administration (FHA). We use the implementation and expiration of these loan limits as a source of exogenous variation in the availability of FHA insurance to measure the impact on the overall mortgage market and conventional lending. We find that the introduction of higher loan limits increased the number of loan originations, but that the expiration of those loan limits roughly 6 years later did not significantly decrease affected loan originations. The substitution between loan products and small net impact on the overall mortgage market when the ESA loan limits expired may be explained by the return of a stronger conventional lending industry than existed during the housing crisis.