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Contact Information

For more information on the Center for Real Estate and Urban Analysis, contact: Rob Valero at

CREUA 2013 Annual Report

FHA Assessment Report Research Papers

May 2012 Report on the Role of the FHA in a Recovering U.S. Housing Market

February 2011 Report on Loan Limits

June 2011 Report on Proposals by the Obama Administration to Reduce FHA Loan Limits

November 2011 Report of Mortgage Risk in the Broader Context of the Overall Housing Market

Research Papers from the Housing and the Credit Crunch Conference, May 2010

The Subprime Crisis: How Much Did Lender Regulation Matter?
Robert Avery & Kenneth Brevoort, Division of Research and Statistics, Board of Governors of the Federal Reserve System

Thy Neighbor’s Mortgage: Does Living in a Subprime Neighborhood Impact Your Probability of Default?* (PDF Draft)
Sumit Agarwal, Federal Reserve Bank of Chicago
Brent Ambrose, Pennsylvania State University

Fools or Crooks: Testing for Fraud in the Residential Mortgage Market (PDF Draft)
Paul Carrillo, George Washington University

What Role did Piggyback Lending Play in the Housing Bubble and Mortgage Collapse? (PDF Draft)
Michael LeCour-Little, Cal State University at Fullerton

A Microsimulation Approach to Establish a New House Price Stress Test for Economic Capital Related to Residential Mortgages (PDF Draft)
James Follain, James R. Follain LLC
Seth Giertz, University of Nebraska-Lincoln

The Credit Ratings Agencies (DOC Draft)
Lawrence White, New York University

The Great Surge in Mortgage Defaults, 2006-2009: The Comparative Roles of Economic Conditions, Underwriting and Moral Hazard (PDF Draft)
Dennis Capozza, Univeristy of Michigan
Robert Van Order, George Washington University

Cherry Picking in Subprime Mortgage Securitizations: Which Subprime Mortgage Loans Were Sold by Depository Institutions Prior to the Crisis of 2007? (PDF Draft)
Paul Calem, Federal Reserve Board
Christopher Henderson, Federal Reserve Bank of Philadelphia
Jonathan Liles, Freddie Mac

Other Research Papers

Deconstructing a Mortgage Meltdown: A Methodology for Decomposing Underwriting Quality (PDF)
Charles Anderson, University Financial Associates, LLC
Dennis Capozza, University of Michigan
Robert Van Order, George Washington University

A Closer Look at Fannie Mae and Freddie Mac: What We Know, What We Think We Know and What We Don't Know(PDF Draft)
Jason Thomas, George Washington University
Robert Van Order, George Washington University

Causes of the Surge in Defaults: Economic Conditions, Underwriting and Moral Hazard(PDF Draft)
Dennis Capozza, University of Michigan
Robert Van Order, George Washington University