The stock market makes a miserable secondary market for mortgages. Not only did it make life miserable for borrowers when it did work (ever had your Lender change five times on you in a year?) - it destroyed our entire industry when it didn't work.

The truth (that you will never see in print) is that the construction of mortgage Notes are far too usurious; we would be better off without a secondary market altogether; let local banks write the loans and hold the loans; make it illegal to sell mortgages and make it a local market that returns capital to the town / city where the houses exist. Why should the mortgage on my house be serviced by a bank out of Shanghai? Why should a bond be traded as a security on the stock market?

See anyone standing up and calling the whole system stupid? Nope. See anyone in government who really cares about the homeowner? Nope. Why on earth did they build such a twisted over sized market for mortgages? No one cared what was best for the homeowner, all they cared was how to make more money off the homeowner.