ABSTRACT
The United States has a unique system of housing finance and financial institutions. Composed of 14,000 commercial banks, 5,000 savings and loan associations, almost 500 mutual savings banks, over 750 mortgage banks, and over 21,000 credit unions, these institutions and others—both federally and state chartered—form a crazy quilt which has done a remarkable job of serving the financial and housing needs of our country over the last 40 years. One of the best measures of the long term viability of any institution or area is how well it adapts to shifting conditions. The Federal Government is one of the most diffuse of the six factors in the process of change, and the role at the federal level is complicated by the number and diversity of the actors involved. The US Congress has the final say on any legislative reforms, but the Congress is often divided, especially between the House and the Senate.
