“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.”

So begins a report commissioned in 2006 by the U.S. Department of Housing and Urban Development (HUD). The authors continue on to laud our achievements in institutionalizing, securitizing and automating this “HFS.” Our system was so well developed, they said, that other nations should look to us for how to build their own.   Read more on The Hill.