Liquidity Crises in the Mortgage Market

By Nancy Wallace, Karen Pence, Richard Stanton, Steven M. Laufer, You Suk Kim

​Nonbanks originated about half of all mortgages in 2016, and 75 percent of the mortgages insured by the FHA and the VA. Both shares are much higher than those observed at any point in the 2000s. 
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