When making a decision about housing, a household must choose
between renting and owning. Multiple factors, such as a household's
financial status and expectations about the future, will influence
the decision. Few that decide to purchase a home have the necessary
savings or available financial resources to make the purchase on
their own. Most need to take out a loan. A loan that uses real
estate as collateral is typically referred to as a mortgage.
Historically, the government has played an important role in the
housing finance system providing both support to the system and
regulation of it. The housing finance system has two major
components: a primary market and a secondary market. Lenders make
new loans in the primary market, and loans are bought and sold in
the secondary market. This book provides an overview of how the
housing finance system works and provides context for housing
finance-related policy issues that Congress might choose to
consider.
General
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