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Clearing House for Mortgages (secondary mortgage market):
"Clearing House for Mortgages" is a place where people go to buy and sell mortgages. It's like a big marketplace for mortgages where banks and other companies can trade them. It's also known as the "secondary mortgage market".
Let's say a bank gives a mortgage loan to someone to buy a house. But the bank doesn't want to wait for 30 years to get all the money back, so they sell the mortgage to another company through the Clearing House for Mortgages. That company then collects the payments and earns money on the interest.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In a clearing house for mortgages,
Where loans are bought and sold like porridges,
Banks and companies come to trade,
And mortgages change hands like a game of charades.
It's a secondary market, don't you know,
Where mortgages are bought and sold like dough.
The bank sells the loan to someone else,
And they collect the payments and make some wealth.