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With the Nation in recession lower interest rates provoke the American population to buy and refinance homes across the country On the other hand there may be more mortgage payment default foreclosures due to the economic misfortune some people encounter Much attention has been turned to the housing domain Over 67 of Americans own their homes Housing has always been an important sector in the US economy In 2000 the housing sector as a whole contributed 12 trillion to the Gross Domestic Product or 121 of the US economy Home ownership creates jobs and national wealth not only at the moment a house is built but also through the time the house is placed on the market to the time the new owner furnishes and remodels it following the purchase In 2000 housing construction generated 35 million full-time jobs 1138 billion in wages and salaries and 609 billion in federal state and local tax revenues and fees in the US In 2000 owners of newly built single-family homes spent an additional 59 billion on furnishing decorating and improving their houses in the US Amita Shah Pg 10 Buying a house is the largest purchase and investment in most Americans lives And for most people buying a house behooves them to get a mortgage to finance the purchase The mortgage rate moves together with the long-term bond rates The interest rate an individual borrower gets also depends on the borrowers credit record income the ratio of loan amount to the value of the house etc How the United States housing finance system works is not as lucid as most think it is a system that involves a lot of different financial institutions and financial instruments that help route investors funds into the purchase market and obtain additional funds for mortgage lending It is a system where risks in mortgage lending and mortgage investment are passed on shared and managed The housing finance system consists
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