This chapter considers the structure of mortgage finance in the U.S., and its role in shaping patterns of homeownership … the design features of mortgage contracts that distinguish them from other loans, and that have important implications for … issues presented in the rest of the chapter. We then explain how mortgage finance interacts with public policy, particularly …

from renting to owning using an FHA-insured mortgage. In addition to calculating the fraction of these borrowers whose FHA … their homeownership without the need for an FHA mortgage. Another 20 percent are either in their original home or have moved … but continue to use an FHA mortgage. …