The mortgage market has two primary sectors: retail and commercial.
Single-family constitutes the retail sector. Multi-family comprises part of the commercial sector.
Vast: in excess of $6 trillion of mortgage loans outstanding
Demand for mortgage product high: over 6.4 million single-family homes purchased in both 2002 and 2001
Government sponsored entities (Agencies) facilitate highly liquid securitization market
Securities market deep: over $ 1 trillion in securities issued in both 2002 and 2001
Mortgage products highly standardized with virtually no penalty for prepayment
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