The rather restrictive regime of the 1970’s progressively yielded space to liberalisations since the mid 1980’s. The process of economic liberalisation started in the 1990’s hastened the pace of change in the regulatory framework marked by several milestones, including market determined exchange rate of the Rupee and current account convertibility in compliance with the obligations under article VIII of the IMF.
Today these firms originate about half of all mortgages, including more than 70 percent of those securitized through Ginnie Mae and the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. 1 See You Suk Kim, Steven M. Laufer, Karen Pence, Richard Stanton, and Nancy Wallace (2018), “Liquidity Crises in the Mortgage Market,” Brookings Papers on Economic Activity, Spring, pp.