Atlanta’s housing market has been so bad for so long that the last boom (some would say, bubble) is like some feverish, half-remembered dream. Buried somewhere within that dream is an even more elusive memory: For a brief moment in 2002, Georgia had a very tough consumer lending act, designed to prevent some of the very practices that sent the housing market — and with it, the economy — over the cliff.
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How mortgage-backed securities work
Mortgage-backed securities are pools of mortgage loans that have been bundled together by banks or government entities and sold to investors. Organizations known as mortgage servicers collect payments on the mortgages and send those payments to the investors who bought into the pools. If not for them, there would be limited funding for mortgage lending.