The article discusses how private efforts in the United States before Fannie Mae and Freddie Mac played a significant role in making home mortgages more affordable. Activities like mortgage-backed securities and building and loan associations helped lower interest rates and improve noninterest terms. Large life insurance companies also became important mortgage lenders between the 1880s and 1920s. These private initiatives were crucial in improving the accessibility and affordability of mortgages before the government-sponsored enterprises were established.