The U.S. mortgage system is unusually generous: 30-year fixed rates with low down payments, backed by Fannie Mae and Freddie Mac guaranteeing bank loans. Banks lend confidently because appraisers have access to detailed MLS data to verify home values, a foundation most other countries lack.
Did you know that we are a unicorn when it comes to mortgages and financing for real estate in the world? In the world, we have a 30-year fixed mortgage here that doesn't exist anywhere else, at least not with the low down payments that we have. We have a system that was designed with the backing of the federal government, and we'll not debate that today. All right. But with the backing of Fannie and Freddie, We have a system that says to a bank, go ahead and take a chance on the person who wants 3 bedrooms and 2 baths. We'll backstop you. So we have a federal backstop on the mortgages. The mortgages are applied for by the consumer, and then the data for the asset, for the collateral, is verified by the appraiser. The reason our banks in the US are so comfortable giving out mortgages is because our appraisers have access to good data, and the good data is the Multiple Listing Service. Did y'all think about that? Did you realize that without good appraisal data, banks are less likely to lend loans? Did you
