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The paper aims to explain the purposes served by the secondary mortgage markets, describe the existing or planned institutional framework in the Caribbean and consider possible features of a market in Barbados. The first and still most complete of secondary mortgage markets is that in the US. The first section therefore discusses, through in a truncated form, the development of the market there and the variety of the instruments it has evolved. While such instruments are unlikely to be introduced in Barbados or the Eastern Caribbean for some time, they do indicate the range of securities that can be generated by a responsive market. There is one established secondary mortgage market institution in the Caribbean; the Trinidad and Tobago Home Mortgage Bank and the member states of the Eastern Caribbean Central Bank are about to launch a similar institution. The structure and operation of these are described. (Note: Incomplete; 2nd draft; for discussion only.