Mortgage insurance helps lenders if borrowers can't pay back their loans. This study looks at how different types of mortgage insurance were used before and after the housing market crash. It found that FHA insurance and private mortgage insurance both lost popularity during the housing bubble. FHA insurance ended up being used more when private options became scarce. The study also found that FHA-insured loans performed as well or better than uninsured loans, and better than privately-insured loans. The availability of mortgage insurance, especially for racial and ethnic minorities, was affected by the housing market collapse. The study suggests that FHA insurance is important for providing mortgage credit when private options are limited.