Abstract
Deregulation of mortgage markets was an important feature in the development of financial markets in the major countries of the Organisation for Economic Cooperation and Development (OECD) in the 1980s. The paper by Diamond and Lea is a helpful effort to describe how housing finance arrangements have changed in the last ten years in the United States, the United Kingdom, France, Germany, and Denmark and to analyze how they will evolve given the liberalization in the European Community (EC) financial markets. This note concentrates first on the descriptive evidence provided by Diamond and Lea, then turns to the consequences of deregulating housing financial markets, an issue to which the authors devote relatively little attention.
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