This is part of a set of articles addressing "Mortgage Markets in the Year 2000." The purpose of this paper is to forecast how residential mortgage finance may be delivered in the future. At the heart of the forecast is the view that regulatory policy has played a major role in developing the residential finance industry. All may not share this view. An important alternative view is that the regulatory structure is itself endogenous and constantly adapting to the ebbs and flows of the economic and political forces that affect financial markets.