It will be interesting to see how absorption of the new product plays out given the presence of an institutionalized shadow market who/which was not a factor in the past. Although there was shadow market, it was not formally organized, as it is today, to compete for market share. The key to their positioning is that almost all renters still profess the desire to "own" a home, and there is no doubt that that will be phase-2 of their strategy (owner financing to create note pools of mortgage-backed securities).
