Housing finance is a booming business globally – in developed markets since the 1990s  and more recently in emerging markets.  Mortgage debt exceeds 40% of gross domestic product (GDP) in most developed countries, with several countries (Australia, UK, and the US) exceeding 70% and one (Netherlands) exceeding 100%. Countries with growing economies have experienced the strongest growth while slow growth economies (Germany and Japan) exhibit negligible recent growth. Although emerging markets’ mortgage debt is typically much smaller relative to their economies, as a percentage of GDP it now exceeds 10% in several major emerging markets (China, Mexico, and Thailand) and 20% in several others (Chile, Korea, Malaysia, and South Africa).