In 1960 the government enacted the Real Estate Investment Trust Act to allow the creation of the real estate investment trust ( REIT ) to encourage real estate investment .
In 1977 Bank of America issued the first private label pass - through .
In 1960 the government enacted the Real Estate Investment Trust Act to allow the creation of the real estate investment trust ( REIT ) to encourage real estate investment , and in 1977 Bank of America issued the first private label pass - through .