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A Note On the Attitude of Pension Fund Investment Managers toward Mortgage-Backed Securities

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Abstract

Mortgage-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.

Suggested Citation

  • William A. Christiansen & Clarence C. Elebash, 1987. "A Note On the Attitude of Pension Fund Investment Managers toward Mortgage-Backed Securities," Journal of Real Estate Research, American Real Estate Society, vol. 2(1), pages 83-92.
  • Handle: RePEc:jre:issued:v:2:n:1:1987:p:83-92
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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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