The Cost of Home Mortgage Credit during the 1980s
AbstractThis paper examines the extent to which failing or failed S&Ls systematically mispriced the cost of home mortgage credit during the 1980s. Several researchers have argued that the moral hazard problem associated with deposit insurance caused bankrupt S&Ls during the 1980s to take on high risk, high return projects and engage in aggressive underwriting practices. The authors' empirical results suggest that residential home mortgage borrowers paid a significantly lower rate at failing or failed S&Ls during the 1980s than they paid at solvent S&Ls. Copyright 1995 by Ohio State University Press.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 27 (1995)
Issue (Month): 3 (August)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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