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Mortgage Risk Since 1990




               Morris A. Davis
             Rutgers University
             William D. Larson
     Federal Housing Finance Agency
              Stephen D. Oliner
   American Enterprise Institute, UCLA




 AEI Economics Working Paper 2019-04
                February 2019


The American Enterprise Institute (AEI) is a nonpartisan, nonprofit, 501(c)(3) educational organization and does
not take institutional positions on any issues.
Working Papers prepared by staff of the Federal Housing Finance Agency (FHFA) are preliminary products
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working paper (other than acknowledgment) should be cleared with the authors to protect the tentative character
of the paper.

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