Gyourko’s own 2013 study concludes that the FHA, now effectively leveraged 30 to one on guarantees of home mortgages that are themselves leveraged 30 to one, is underwater to the tune of tens of billions of dollars. He wants the FHA shut down and replaced with a subsidized saving program that does not attempt to compete with the private sector in evaluating mortgage risk.
卡普林的讨论者、沃顿商学院的约瑟夫·盖约克（Joseph Gyourko）对此表示同意。盖约克本人的2013年研究认为，FHA对住房按揭贷款的担保的杠杆率达到了30:1，而被它所担保的按揭贷款本身的杠杆率也达到了30:1，这导致FHA已经资不抵债，缺口达数十亿美元。他希望关闭FHA，替之以不与私人部门竞争按揭风险评估业务的补贴储蓄计划。