Explain the evolution of the housing mortgage market and the factors that led to its collapse in 2007-2009
In 500-750 words, explain the evolution of the housing mortgage market and the factors that led to its collapse in 2007-2009. In your essay, describe the process of matching investor/ lenders with borrowers-homeowners, including all the entities who touch the process at various points. In addition, please describe the various frictions in the mortgage market (see the Ashcraft and Schuerman article) and identify the role, if any, that those played in the collapse.
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