10-27.Prior to the secondary mortgage market it was difficult for thrifts to sell mortgages because:

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Prior to the secondary mortgage market, thrifts struggled to sell mortgages because their mortgage assets were not homogeneous, meaning that each mortgage had unique characteristics that made it difficult to compare and value. Additionally, potential buyers were concerned with default risk, which made them hesitant to purchase mortgages directly from thrifts. The development of the secondary mortgage market helped to standardize mortgage assets and reduce default risk, making it easier for thrifts to sell their mortgages to investors.

10-27Prior to the Secondary Mortgage Market It Was Difficult for Thrifts