Housing investment is its relative size and long investment horizon, requiring large amounts of long-term finance. The aim of a housing finance system is to provide these funds to the producers and purchasers of housing, both rental and owner-occupied. This simple description has spawned a broad array of institutional arrangements, ranging from contractual savings schemes; to depository institutions specializing in mortgage finance; to the issuance, sale, and trading of mortgage bonds and securities. All of these arrangements have been created with the same purpose in mind, to mobilize and channel funds from savers to borrowers in an effective way.