History has shown that evolution in the financial markets gives rise to new investment opportunities. In our 2011 paper Increasing the Role of Private Capital in the Mortgage Market we described our vision for private capital to replace government capital in financing mortgage credit. This process of disintermediation has been occurring in the US financial sector for some time across end markets. Today, it is taking place around the world and is poised to accelerate, introducing a new set of investment opportunities.
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