Delay in the development of the non-profit sector and excessive reduction of the social role of the state, albeit for budgetary reasons, could place the whole burden of assisting society’s most vulnerable members on the family. Owing to the changes in society, the family is no longer capable, unaided, of dealing with the complicated problems posed by the modern world. 3.
In an accounting sense, most of this increase in funding from the capital markets came at the expense of direct holdings of whole loans by insurance companies (the dashed green line) and other intermediaries (the black line), whose funding shares fell by half between 2000 and 2008. In contrast, depositories' share of commercial mortgages outstanding (the purple line) held steady from 1990 through 2007.