A NEW DEBT MARKET EMERGES
Once upon a time, mortgage loans in the US were funded by deposits from savers in the local community. They still are, to a certain extent. But, today, a huge secondary mortgage market has also developed in which institutional investors across the US, and abroad, have become an important source of funds for America’s housing needs.
The secondary market itself is not new. Thrifts have been buying and selling mortgages among themselves since 1949, for example.
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