CHAPTER 5
Banks, Mortgage Banks, and Mortgage Brokers in the New Mortgage Market
THE HOME LOAN INDUSTRY is constantly evolving. Even though it may not seem that way on a day-to-day or even month-to-month basis, it’s changing. In the late 1800s and early part of the 1900s, private banks made most of the loans people used to buy their homes. Insurance companies also played a huge role in home loan lending.
In the 1970s, home loans began to be issued more by thrifts, or savings and loans (S&Ls) than retail banks. Credit unions also began to play a role in mortgage lending during this time. S&Ls thrived for decades until the late 1980s, when many ...
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