The article discusses how different countries handle mortgage finance and what lessons can be learned from them. It compares the housing and mortgage markets of various OECD countries to understand why the US experienced a severe decline in house prices and high mortgage default rates. Key findings include the impact of government support, competition from non-bank lenders, and the effects of predatory lending practices. The study highlights the importance of monitoring affordability, delinquencies, and house prices to prevent a housing market collapse.