Mentions
Byrne Hobart @ByrneHobart
ยท
Aug 14, 2021
At one level, this is an excellent history of how the modern mortgage market was born, and the role bailouts played in making it happen and fixing early mistakes. But it's also a great history of how the entire concept of banking changed to accommodate the growth of mortgages: historically, bankers did not make long-term loans, and mortgage loans were either made by rich individuals or by life insurance companies and other entities with long-duration liabilities.