Why the US mortgage market is addicted to big government

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Financial Times 3d ago

Why the US mortgage market is addicted to big government - Financial Times

Quick Summary:

Appropriately enough perhaps for a group that calls itself “the world’s most optimistic company”, leading lender Rocket last week announced the acquisition of Mr Cooper, a rival, in a $9.4bn deal.

Back in 2008, as investors became drawn to the high returns from securitisations, the market created more and more non-agency higher-yielding MBS products.

In other words, the US government is underpinning, directly or indirectly, more than 90 per cent of mortgage risk.