Yeah US has a weird system. The mortgages are packaged up and sold as a bond, so the investor who buys the bond has the interest rate and credit risk. If rates

Yeah US has a weird system. The mortgages are packaged up and sold as a bond, so the investor who buys the bond has the interest rate and credit risk. If rates go up the value of these long term bonds go down. The bank or company that sold the original mortgage is protected. https://en.wikipedia.org/wiki/Mortgage-backed_security https://en.wikipedia.org/wiki/Mortgage-backed_security. It really relies on a lot of government coordination.