[20190108]IF10126_金融服务简介：住房金融体系.pdf

https:/crsreports.congress.gov Updated January 8, 2019Introduction to Financial Services: The Housing Finance SystemThis In Focus provides a summary of the U.S. single-family housing finance system and several related policy issues that have been of importance to Congress. The Mortgage Market A loan that uses real estate as collateral is typically referred to as a mortgage. The U.S. mortgage market is one of the largest markets in the world, with approximately $10 trillion in debt outstanding. The mortgage market can be thought of as having two major componentsthe primary market in which mortgages are originated and the secondary market in which existing mortgages are bought and sold. Primary Market. A potential borrower applies for a mortgage from a lender (a mortgage originator) in the primary market. The lender underwrites, or evaluates, the borrower and decides whether and under what terms to extend a loan. Different types of lenders make home loans, including banks, credit unions, and finance companies (institutions that lend money but do not accept deposits). The lender usually requires some additional assurance that it will be likely to recoup the amount it is owed even if