It has become fashionable to rail against government intervention in the economy, and the FHA is a favorite example by those trying to show the government's overreach. In reality, the FHA shows how government action during the Great Recession forestalled a much worse economic fate.

No one should expect the value of their house to appreciate quickly - counting on your home to be a significant part of your retirement saving isn't a winning strategy - but it is reasonable to expect that prices generally will rise with at least the rate of inflation for some time to come.

I've done work for both Democrats and Republicans.

The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow.

Our biggest challenge is to eliminate the popular perception that economists don't have anything useful to say.

We need to get rid of the debt ceiling law. It's anachronistic and it's a problem.

Predicting recessions is indeed a dark art, but I think we are several years away from the next one.