INVESTORS LOOKING FOR long-term growth in mortgage-backed securities have to hope for more than the occasional developed-market housing bubble. Rather, they would seek out a market with relatively little mortgage penetration, giving lots of room for growth. There would also be strong population growth, especially among people aged between 20 and 40; an economy with low long-term interest rates; and a government where legislators from all parts of the political spectrum are agreed on the need to build much more housing stock and sell it on the private market.
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