Housing finance matters. In most high-income countries it matters more than any other form of finance. It was intimately related to the recent waves of financial crisis – far more so than the bugbear of public finance. We must rethink what we have been doing, why we have been doing it and whether we could do it better.
Countries finance housing in different ways. In the US, for example, such finance is socialised to an astonishing degree. In the UK, it comes from (more or less) private banks. Amazingly, lending to individuals secured against dwellings accounts for two-thirds of the
balance sheet of the British banking
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