The Federal Home Loan Bank System has found itself abandoned as the mortgage market moves forward. When it was first proposed, the concept of a government-sponsored enterprise seemed like the perfect wave.

Government would prime the pump for desired social investments-initially in residential real estate. Then the putative discipline of financial markets would take over, ensuring the government a good return on its investment and improving mortgage markets to boot.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.