Institutional and financial innovations in the U.S. housing finance system

Abstract

 This article has the gold of summarize the institutional modifications of the US housing finance system between the 60´s and the end of the 90´s. Those changes narrowed the bonds between this segment of the credit market and the securitized financial markets, encouraging the foundation and diffusion of financial innovations that are in the core of the current financial crises.

JEL Classification: G1; G21; N22.