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The market for home mortgage credit: recent changes and future prospects


  • Patric H. Hendershott
  • Herbert M. Kaufman (ary)


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.
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Suggested Citation

  • Patric H. Hendershott & Herbert M. Kaufman (ary), 1992. "The market for home mortgage credit: recent changes and future prospects," Proceedings, Federal Reserve Bank of St. Louis, pages 99-127.
  • Handle: RePEc:fip:fedlpr:y:1992:p:99-127

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    References listed on IDEAS

    1. 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.
    2. 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.
    3. 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.
    4. 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.
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    Cited by:

    1. 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.
    2. 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.
    3. Benchimol, Jonathan & Qureshi, Irfan, 2019. "Time-Varying Money Demand and Real Balance Effects," Globalization Institute Working Papers 364, Federal Reserve Bank of Dallas.
    4. 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.

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    Mortgages; Asset-backed financing;


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