Outline A Brief History of Mortgage Lending The Story of Mortgage Lending Key Terminology Government Agencies Federal Housing Finance Agency (FHFA) Federal Housing Administration Industry Participants – Primary Mortgage Markets Commercial Banks Savings and Loan Associations Mortgage Companies, Bankers, and Brokers Other Primary Mortgage Market Lenders Secondary Mortgage Markets Function of Secondary Markets The Flow of Mortgage Funds Secondary Markets Agencies Secondary Market Standards Present Day Mortgage Lending The Subprime Mortgage Crisis Learning Objectives   …