ISSN:1080-8620    

DOI:10.1111/1540-6229.00202

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

A number of important changes have been made to the mortgage finance system since the Hunt Commission filed its report, and the economic environment has been altered substantially. This paper examines shifts in the relative importance of public and private institutions in the residential mortgage markets during the past decade, within the context of Hunt Commission recommendations. Changes in the cyclical sensitivity of mortgage and housing activity, and the implications of rapid inflation for the growth of these markets, also are considered.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00203

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

The paper surveys the key factors, past and future, affecting Savings and Loan Association liability structure. The economic principles underlying Savings and Loan liability management are illustrated with emphasis on the dynamic aspects of decision‐making and on the lack of perfect competition within the industry. Specific topics include the matching of asset and liability maturities, liquidity management, discrimination among classes of liabilities, and Regulation Q ceilings. The major shifts in the liability structure of Savings and Loan Associations during the 1970s is then reviewed. Key points include the steadily declining share of passbook accounts, the increasing average maturity of liabilities until 1978, and the ramifications of newly introduced deposit categories such as Money Market Certificates. Finally, the likely liability structure of Savings and Loans during the 1980s is discussed in the context of the removal of Regulation Q ceilings. The necessity for Savings and Loans to offer competitive interest rates on all maturity categories, and to offer deposit liabilities with liquidity features comparable to those available from other sources is emphasize

ISSN:1080-8620    

DOI:10.1111/1540-6229.00204

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

Early federal housing finance policy appears to have been largely directed at making mortgages more marketable. The creation of FHA, FNMA and FHLMC were designed to homogenize the mortgage instrument and to develop a secondary market for it. Apparently because of a lack of demand for marketability by investors, extensive trading of mortgages has not developed. Nonetheless, the fantastic growth in mortgage pools (as well as the unanticipated growth in FNMA holdings) has increased competition in the supplying of some intermediation functions (mortgage bankers have greatly expanded originations and servicing), has improved interregional flows of mortgage funds, and has given mortgage borrowers a greater access to capital markets generally. The principal result has been a decline in the mortgage rate relative to other market rates, although the inflation‐triggered explosion in the demand for mortgage funds in recent years appears to be offsetting the impact of the growth in federal credit broadly define

ISSN:1080-8620    

DOI:10.1111/1540-6229.00205

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

This paper sets out a simple model of the neighborhood housing market. With this as a frame of reference it reviews some of the concerns associated with redlining and relates these to evidence presented at the HMDA and CRA Hearings. Does this evidence support the claims that lenders were acting irresponsibly? What if anything can be concluded from such evidence about the alleged role of inadequate and discriminatory lending in causing urban decay? The HMDA was approved so that citizens would have access to data which would enable them to appraise the social responsibility shown by lenders; and the CRA, so that regulatory agencies would have a tool to encourage lenders to do better. How well do the Acts fulfill these intentions?

ISSN:1080-8620    

DOI:10.1111/1540-6229.00206

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

Over the past decade there have been a wide range of proposals for comprehensive financial reform. In terms of national legislation, these proposals— which are designed to alter the basic asset‐liability mismatch of the housing oriented thrift institutions—have often been stymied. However, legislation is once again under serious consideration in Congress; and more importantly, significant change is already underway at the state and local level, fueled by technology, consumer pressure, financial markets and regulatory action. In fact, lead by such innovations as the money market certificate, negotiable order of withdrawal (NOW) accounts, alternative mortgage instruments and an expanded secondary market, it seems that a strong, silent revolution is underway which will substantially alter the activities and composition of thrift institutions. This paper, then, will outline what has happened over the past decade, the reasons for legislative failure during much of this period, and the factors which fuel the evolution and new pressure for change which is underway. It also discusses the prospects and implications for the future, especially as they relate to financial institutions, housing, and the consu

ISSN:1080-8620    

DOI:10.1111/1540-6229.00207

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

摘要:

Strains evident in the housing finance system on the eve of the 80's suggest significant difficulties in meeting the housing demands of the decade ahead. The annual increase in residential mortgages outstanding had climbed to historic levels, relative to GNP, without raising residential construction spending above its ordinary share of GNP. This very weak housing bang for the mortgage buck is traceable, ultimately, to the soaring volume of sales in the used home market, relative to those in the new home market. With significant inflation rates continuing through the 1980's, mortgage lenders will be under great pressure from demands to refinance the existing housing stock, even if the rate of ownership turnover does not persist at the levels of the late 70's. And, as the dollar demands mount, for new and used housing purchases, lenders may find repayment flows from earlier loans continuing to provide a historically small fraction of the funds they need in supplying these demands.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00208

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.00209

出版商:Blackwell Publishing Ltd    

年代:1980

数据来源: WILEY