Introduction: In praise of homeownership -- Housing finance before the New Deal -- The New Deal mortgage -- The rise of … definitive account, Adam Levitin and Susan Wachter pinpoint its source: the shift in mortgage financing from securitization by … in mortgage underwriting standards, as banks competed in laxity to gain market share. The Great American Housing Bubble …

securitization. Elsewhere securitization has not developed. The US provided the underpinnings for its mortgage security … infrastructure with the creation of FNMA in 1938 and in order to create liquidity in the mortgage market required the standardization … of mortgage documentation and more fundamentally required that home mortgages within securities would be sufficiently …

mutual ownership of the GSEs by mortgage originators; and (3) an opposing plan from Mark Calabria, arguing against …