# Secondary Market

Secondary Market is treated as an interconnected process and meaning field. The chapter moves from grounded mechanisms to incentives, risks, history, relationships, mapshifts, and human consequences.

## Core traversal

- [Secondary Market](../nodes/institutions/secondary-market.md) — Secondary Market recycles lender capital and standardizes loans for investors beyond the local transaction
- [Fannie Mae](../nodes/institutions/fannie-mae.md) — Fannie Mae recycles lender capital and standardizes loans for investors beyond the local transaction
- [Freddie Mac](../nodes/institutions/freddie-mac.md) — Freddie Mac recycles lender capital and standardizes loans for investors beyond the local transaction
- [Ginnie Mae](../nodes/institutions/ginnie-mae.md) — Ginnie Mae recycles lender capital and standardizes loans for investors beyond the local transaction
- [Federal Housing Administration](../nodes/institutions/federal-housing-administration.md) — Federal Housing Administration recycles lender capital and standardizes loans for investors beyond the local transaction
- [Department of Veterans Affairs](../nodes/institutions/department-of-veterans-affairs.md) — Department of Veterans Affairs recycles lender capital and standardizes loans for investors beyond the local transaction
- [USDA Rural Development](../nodes/institutions/usda-rural-development.md) — USDA Rural Development recycles lender capital and standardizes loans for investors beyond the local transaction
- [Federal Housing Finance Agency](../nodes/institutions/federal-housing-finance-agency.md) — Federal Housing Finance Agency recycles lender capital and standardizes loans for investors beyond the local transaction
- [Loan Sale](../nodes/institutions/loan-sale.md) — Loan Sale recycles lender capital and standardizes loans for investors beyond the local transaction
- [Cash Window](../nodes/institutions/cash-window.md) — Cash Window recycles lender capital and standardizes loans for investors beyond the local transaction
- [Swap Transaction](../nodes/institutions/swap-transaction.md) — Swap Transaction recycles lender capital and standardizes loans for investors beyond the local transaction
- [Aggregator](../nodes/institutions/aggregator.md) — Aggregator recycles lender capital and standardizes loans for investors beyond the local transaction
- [Seller-Servicer](../nodes/institutions/seller-servicer.md) — Seller-Servicer recycles lender capital and standardizes loans for investors beyond the local transaction

## How to read this chapter

Follow claims and cash flows separately. Ask who holds authority, who supplies information, who receives benefit, who carries risk, and what changes when time or scale changes. Keep sourced fact, industry practice, synthesis, interpretation, and symbolic expression distinguishable.

## Mapshifting prompts

1. Change the unit of analysis from property to right, loan, cash flow, role, record, neighborhood, or institution.
2. Change the clock from closing day to thirty years, one market cycle, one building life, or several generations.
3. Change stakeholder and ask which previously invisible cost becomes central.
4. Return to the human map before choosing a move.

## Sentinel handoff

Legal, regulatory, fair-lending, historical, financial, cultural, and jurisdiction-specific annotations remain separate from Engine Output. They inform contextual use without flattening the graph.
