An article in a Federal Reserve publication observes that 20 or 30 years ago, local financial institutions

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An article in a Federal Reserve publication observes that "20 or 30 years ago, local financial institutions were the only option for some borrowers. Today, borrowers have access to national (and even international) sources of mortgage finance." What caused this change in the sources of mortgage finance? What would be the likely consequence of this change for the interest rates borrowers have to pay on mortgages? Briefly explain.
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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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