One of the most interesting trends in housing finance throughout the 1990s has been the declining importance of government insurance in the mortgage market. Early in the decade, the Federal Housing Authority (FHA) and the Veterans Administration (VA), by far the largest two federal programs, guaranteed loans in nearly half of all U.S. mortgage originations. By the second quarter of this year, however, federally insured mortgages constituted only 31.9% of new originations. This general trend has been even more pronounced in Ohio.
Suggested citation: “Housing Finance,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-12, pp. 16, 12.01.1996.