10How Freddie and Fannie Grew to Dominate the Home Mortgage Lending Business
AN INTERESTING QUESTION IS, HOW DID FREDDIE AND FANNIE come to dominate the home mortgage lending business? This government control of house finance is relatively recent and highly unusual. The U. S. home lending market is one of the most statist markets in the world, far more so than markets in western European semi-socialist economies. This is an important story about the long-term and often unintended consequences of government policy decisions. There are some important lessons for today.
When we bought our first home in 1975, my wife and I went to the local savings and loan association to finance the purchase. We put 20 percent down (an 80 percent loan/value mortgage) ...
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