Michael A. Lea
Abstract
The U.S. mortgage finance system has gone from the envy of the world to a case study of failure in 2 short years. As recently as the 2003-2005 period the system generated an enormous volume of originations (nearly $4 trillion) that contributed to a record level of homeownership (69.3 percent). 2
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The U.S. mortgage finance system has gone from the envy of the world to a case study of failure in 2 short years. As recently as the 2003-2005 period the system generated an enormous volume of originations (nearly $4 trillion) that contributed to a record level of homeownership (69.3 percent). 2
Key concepts: Default, Foreclosure, Treasury, Monetary economics, Mortgage insurance, Shared appreciation mortgage, Financial system, Interest rate