Subprime and prime – the US housing market simple mortgages – homeowners and (local) banks simple mortgages – homeowners and (local) banks the ever extending system of financial intermediation the ever extending system of financial intermediation an ever wider range of highly specialized institutions an ever wider range of highly specialized institutions mortgage finance, refinance (public concerns like Fannie and Freddie) and insurance mortgage finance, refinance (public concerns like Fannie and Freddie) and insurance the thriving secondary markets for the mortgage based assets the thriving secondary markets for the mortgage based assets