3. Case Schiller Housing Price Index 1890-2008 and prediction Based on past adjustments bottom by 2010 200___ 190___ 180___ 170___ 160___ 150___ 140___
4.
5. Borrower Mortgage Broker Lender Loan $$$ Loans facilitated by Mortgage Brokers who had no continuing Interest Principal Agent Problem
6. Borrower Mortgage Broker Lender Issuer Investors Credit Rating Underwriter Loan $$$ $$$ Loan Monthly $ Security $$$ Monthly $ Lenders sell their loans to Others to recapitalize and continue Loaning. Issuers bundle loans into securities (Collateralized Debt Obligations) To resale to investors