A Note On the Attitude of Pension Fund Investment Managers toward Mortgage-Backed Securities
AbstractMortgage-backed securities (MBS) have been successful in attracting a broad variety of financial institutions to invest in the mortgage market. By attracting a variety of new types of investors to the mortgage market and by integrating the mortgage market into the more highly developed corporate capital markets, the issuance of mortgage-backed securities resulted in both enlarging and stabilizing the flow of mortgage funds. However, pension funds,the largest source of new long-term capital in the United States, invest less than 5% of their assets in mortgage-backed securities. This study reports on a survey of investment manager attitudes toward mortgage-backed securities. The results show that managers, as a whole, are not enthusiastic about increasing mortgage holdings because of the lack of call protection and other complexities associated with the mortgage-backed securities.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 2 (1987)
Issue (Month): 1 ()
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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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