A New US Home Mortgage Structure for the 21st Century

Until the 1960s the Savings and Loan Associations (S&L) were able to fund most US home mortgages. Until 2008 Fannie Mae and Freddie Mac were able to fund most US mortgages without direct government financing. After the financial crisis of 2008, the American dream of homeownership is wounded but not dead. Going forward there is a need for reform in government housing policy and mortgage institutions if the US is to maintain a high rate of homeownership.