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

Report Acceptance Date: 
April 2006 (46 pages)
Posted Date:   
April 1, 2006

A new release by HUD's Office of Policy Development and Research charts the evolution of our nation's housing finance system. This historical account illuminates the process of linking borrowers with investors/savers and five different financial intermediation models gleaned from the U.S. experience. The authors examine practices that can be of use to nations with emerging mortgage markets which are facing challenges in wholesale funding, risk sharing and management, and affordable lending products. The mortgage market experiences of Mexico, Korea, South Africa, and Poland illuminate lessons learned by the U.S. in the evolution of our housing finance system.

*English version (*.pdf, 1.51 MB)
*Spanish version (*.pdf, 1.28 MB)
*French version (*.pdf, 1.22 MB)
*Russian version (*.pdf, 1.22 MB)