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Evolution of the U.S. Housing Finance System: A Historical Survey and Lessons for Emerging Mortgage Markets

机译:美国住房金融体系的演变:对新兴抵押贷款市场的历史考察和教训

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摘要

In the past 180 years, the U.S. housing finance system (HFS) has evolved from an informal/communal institutional arrangement to one of the most well-functioning and extensive financial intermediation systems in the world. This evolution did not develop in a linear fashion in that policy changes were made in response to economic shocks and that innovations such as mortgage products, mortgage-related securities, specialized institutions, and risk management tools appeared discretely over time in government policies. This study seeks to provide a critical survey of this evolutionary process focusing on milestone events and the shaping of key functions of the U.S. HFS over time. It also aims to infer lessons from the U.S. experience for assisting emerging mortgage market systems. Four particular countries representing diverse market and institutional conditions are selected for contrast with the U.S. HFS: Mexico, Korea, South Africa, and Poland.

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