In a forbearance, the homeowner pays interest and principal on a smaller mortgage, at least for a time, but still owes the full amount. The lower monthly payment helps with affordability, giving stressed homeowners a break.

There are different flavors of recession. You can get into some pretty dark scenarios pretty quickly.

I only have two things in my life, my family and work. If there's any time left over, then I play sports.

The discussion in Washington has changed dramatically. I mean, it's no longer a question of should we address entitlements - it's no longer a question of do we need to reduce spending in the future.

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

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.

They called me the sexiest economist in America, and that was years ago, when I had hair and body mass and my teeth were shiny.