Robert Shiller's Financial Markets course at Yale turns to real estate finance, tracing the long history of property rights that made mortgage contracts enforceable. He covers commercial real estate financing through Direct Participation Programs and Real Estate Investment Trusts, then contrasts pre-Great Depression short-term balloon mortgages with the long-term amortizing mortgages that replaced them. The lecture traces Fannie Mae and Freddie Mac from their founding in 1938 and 1970 through their federal conservatorship in 2008, explaining how mortgage securitization and government backing reshaped housing finance. Shiller closes with collateralized mortgage obligations and the moral hazard problems built into mortgage origination, connecting these mechanisms directly to the 2007-2008 financial crisis. Delivered as part of Yale's ECON 252 in 2011, the talk moves chronologically across six chapters, from medieval property law to the mortgage market collapse, giving a full institutional history of how real estate came to be financed.