lynx   »   [go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/p/nbr/nberwo/3548.html
   My bibliography  Save this paper

The Market for Home Mortgage Credit: Recent Changes and Future Prospects

Author

Listed:
  • Patric H. Hendershott
Abstract
Three major changes occurred during the 1980s in the market for home mortgage credit; the securitization of fixed-rate mortgages, the development of a national primary market for adjustable-rate mortgages, and the decimation of the saving and loan industry. These changes and their impacts on various financial industries and homebuyers are the subjects of this paper. I also briefly speculate about likely future changes in this market.

Suggested Citation

  • Patric H. Hendershott, 1990. "The Market for Home Mortgage Credit: Recent Changes and Future Prospects," NBER Working Papers 3548, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:3548
    Note: ME
    as

    Download full text from publisher

    File URL: http://www.nber.org/papers/w3548.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Joe Peek, 1990. "A call to ARMs: adjustable rate mortgages in the 1980s," New England Economic Review, Federal Reserve Bank of Boston, issue Mar, pages 47-61.
    2. David F. Seiders, 1983. "Mortgage Pass‐Through Securities: Progress and Prospects," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 11(2), pages 264-287, June.
    3. Patric H. Hendershott & James D. Shilling, 1991. "The Continued Interest-Rate Vulnerability of Thrifts," NBER Chapters, in: Financial Markets and Financial Crises, pages 259-282, National Bureau of Economic Research, Inc.
    4. Michael O'Keefe & Robert Van Order, 1990. "Mortgage Pricing: Some Provisional Empirical Results," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(3), pages 313-322, September.
    5. Howard L. Roth, 1988. "Volatile mortgage rates - a new fact of life?," Economic Review, Federal Reserve Bank of Kansas City, vol. 73(Mar), pages 16-28.
    6. Patric H. Hendershott & Kevin E. Villani, 1980. "Residential Mortgage Markets and the Cost of Mortgage Funds," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 8(1), pages 50-76, March.
    7. Hendershott, Patric H. & Van Order, Robert, 1989. "Integration of mortgage and capital markets and the accumulation of residential capital," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 189-210, May.
    8. Brueckner, Jan K. & Follain, James R., 1989. "ARMs and the demand for housing," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 163-187, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alejandro Justiniano & Giorgio E. Primiceri, 2008. "The Time-Varying Volatility of Macroeconomic Fluctuations," American Economic Review, American Economic Association, vol. 98(3), pages 604-641, June.
    2. Donald Hester, 1992. "Financial institutions and the collapse of real estate markets," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 36, pages 114-150.
    3. Benchimol, Jonathan & Qureshi, Irfan, 2020. "Time-varying money demand and real balance effects," Economic Modelling, Elsevier, vol. 87(C), pages 197-211.
    4. Bennett, Paul & Peach, Richard & Peristiani, Stavros, 2001. "Structural Change in the Mortgage Market and the Propensity to Refinance," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(4), pages 955-975, November.
    5. Best, Gabriela & Hur, Joonyoung, 2019. "Bad luck, bad policy, and learning? A Markov-switching approach to understanding postwar U.S. macroeconomic dynamics," European Economic Review, Elsevier, vol. 119(C), pages 55-78.
    6. Amelia Pais, 2008. "Securitization and Rate Setting in the UK Mortgage Market," International Review of Finance, International Review of Finance Ltd., vol. 8(1‐2), pages 57-80, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hendershott, Patric H. & Van Order, Robert, 1989. "Integration of mortgage and capital markets and the accumulation of residential capital," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 189-210, May.
    2. Patric H. Hendershott, 1991. "An Altered U.S. Housing Finance System: Implications for Housing," NBER Working Papers 3770, National Bureau of Economic Research, Inc.
    3. Amelia Pais, 2008. "Securitization and Rate Setting in the UK Mortgage Market," International Review of Finance, International Review of Finance Ltd., vol. 8(1‐2), pages 57-80, March.
    4. Patric H. Hendershott, 1994. "Housing Finance in the United States," NBER Chapters, in: Housing Markets in the United States and Japan, pages 65-86, National Bureau of Economic Research, Inc.
    5. Ambrose, Brent W. & Buttimer, Richard Jr., 2005. "GSE impact on rural mortgage markets," Regional Science and Urban Economics, Elsevier, vol. 35(4), pages 417-443, July.
    6. Frank Gyamfi-Yeboah & Alan Ziobrowski, 2010. "The Integration of Mortgage and Capital Markets in Emerging Economies—Evidence from South Africa," The Journal of Real Estate Finance and Economics, Springer, vol. 41(3), pages 339-353, October.
    7. C. Sirmans & Stanley Smith & G. Sirmans, 2015. "Determinants of Mortgage Interest Rates: Treasuries versus Swaps," The Journal of Real Estate Finance and Economics, Springer, vol. 50(1), pages 34-51, January.
    8. Lim, Terence & Lo, Andrew W. & Merton, Robert C. & Scholes, Myron S., 2006. "The Derivatives Sourcebook," Foundations and Trends(R) in Finance, now publishers, vol. 1(5–6), pages 365-572, April.
    9. Philomena M. Bacon & Peter G. Moffatt, 2012. "Mortgage Choice as a Natural Field Experiment on Choice under Risk," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(7), pages 1401-1426, October.
    10. Alla Koblyakova & Michael White, 2017. "Supply driven mortgage choice," Urban Studies, Urban Studies Journal Limited, vol. 54(5), pages 1194-1210, April.
    11. Follain, James R. & Ling, David C., 1991. "The Federal Tax Subsidy to Housing and the Reduced Value of the Mortgage Interest Deduction," National Tax Journal, National Tax Association, vol. 44(2), pages 147-68, June.
    12. Donald R. Epley & Kartono Liano, 1999. "The Residential Mortgage Supply Function of Commercial Banks," Urban Studies, Urban Studies Journal Limited, vol. 36(11), pages 1959-1971, October.
    13. Arbatskaya, Maria & Baye, Michael R., 2004. "Are prices 'sticky' online? Market structure effects and asymmetric responses to cost shocks in online mortgage markets," International Journal of Industrial Organization, Elsevier, vol. 22(10), pages 1443-1462, December.
    14. Wang, Bingbing, 2022. "Housing market volatility under COVID-19: Diverging response of demand in luxury and low-end housing markets," Land Use Policy, Elsevier, vol. 119(C).
    15. Andrew J Fieldhouse & Karel Mertens & Morten O Ravn, 2018. "The Macroeconomic Effects of Government Asset Purchases: Evidence from Postwar U.S. Housing Credit Policy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 133(3), pages 1503-1560.
    16. Hiemstra, Stephen W. & Koenig, Steven R. & Freshwater, David, 1988. "Prospects for a Secondary Market for Farm Mortgages," Agricultural Economic Reports 308066, United States Department of Agriculture, Economic Research Service.
    17. Follain, James R. & Ling, David C., 1991. "The Federal Tax Subsidy to Housing and the Reduced Value of the Mortgage Interest Deduction," National Tax Journal, National Tax Association;National Tax Journal, vol. 44(2), pages 147-168, June.
    18. Patric H. Hendershott & Chang-tseh Hsieh, 1980. "Inflation And The Growth In Home Mortgage Debt, 1964–78," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 3(2), pages 189-202, June.
    19. Edward J. Kane, 1984. "Change and Progress in Contemporary Mortgage Markets," NBER Working Papers 1478, National Bureau of Economic Research, Inc.
    20. Rudolph, Patricia M. & Griffith, John, 1997. "Integration of the Mortgage Market into the National Capital Markets: 1963-1993," Journal of Housing Economics, Elsevier, vol. 6(2), pages 164-183, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:3548. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/nberrus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.
    Лучший частный хостинг