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An Analysis of the Impact of Usury Ceilings on Conventional Mortgage Loans

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  • Michael M. Tansey
  • Patricia Hoon Tansey

Abstract

Legislatures institute usury ceilings for a variety of reasons. The ceilings are designed to (1) curb excessive profits, (2) lower interest rates and inflation, (3) stimulate housing and growth, (4) subsidize certain consumer groups, and (5) protect the unwary and uninformed. However, in each case, the usury celings set up perverse effects which may defeat these goals. Particularly since the legislatures do not provide for administrative remedies, rationing, or adjustable ceilings, they cannot control these effects. Any reinstitution of ceilings must avoid these problems if the goals of the program are not to be defeated. However, the most effective policy would be to avoid the usury ceilings altogether.

Suggested Citation

  • Michael M. Tansey & Patricia Hoon Tansey, 1981. "An Analysis of the Impact of Usury Ceilings on Conventional Mortgage Loans," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 9(3), pages 265-282, September.
    • Handle: RePEc:bla:reesec:v:9:y:1981:i:3:p:265-282
    DOI: 10.1111/1540-6229.00244
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    References listed on IDEAS

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    1. Darby, Michael R., 1976. "Price and wage controls: The first two years," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 2(1), pages 235-263, January.
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