The impacts of affordable lending efforts on homeownership rates

By Roberto G. Quercia, George W. McCarthy, Susan M. Wachter. 2003

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On the user cost and homeownership (2006, result): “This calibration choice is also consistent with the estimates in Sinai and Souleles (2005), who find that the house price-to-rent ratio capitalizes expected future rents, as any other asset.”
The GSE implicit subsidy and value of government ambiguity (2003, unknown): “One study, sponsored by Freddie Mac, argues that downpayment requirements constrain some households from homeownership and that GSEs increase homeownership by offering programs that lower downpayments for some mortgages (Quercia, McCarthy, and Wachter, 2003).”