Abstract

This Federal Housing Finance Agency (FHFA) report fulfills the requirement of Section
1602 of the Housing and Economic Recovery Act of 2008 that FHFA conduct a study of
ways to improve the overall default risk evaluation used with respect to residential
mortgage loans and report to Congress on the results of that study. To aid in the
preparation of the report, FHFA and the Federal Deposit Insurance Corporation’s
(FDIC’s) Center for Financial Research jointly selected seven papers for a public
symposium held on September 16th, 2009. This report summarizes and evaluates those
papers in the context of previous research and the comments provided by discussants at
that symposium. The appendices to the report provide the papers themselves.
FHFA is grateful to the FDIC’s Center for Financial Research and its director, Paul
Kupiec, for co-sponsoring the September 2009 symposium. FHFA also gratefully
acknowledges the contribution of Professor John Quigley of the University of California,
Berkeley to the preparation of the report.

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