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The Market for Home Mortgage Credit: Recent Changes and Future Prospects

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  • Patric H. Hendershott

Abstract

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.

Suggested Citation

  • Patric H. Hendershott, 1990. "The Market for Home Mortgage Credit: Recent Changes and Future Prospects," NBER Working Papers 3548, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:3548
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    References listed on IDEAS

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    1. Michael O'Keefe & Robert Order, 1990. "Mortgage Pricing: Some Provisional Empirical Results," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(3), pages 313-322.
    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.
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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. Amelia Pais, 2008. "Securitization and Rate Setting in the UK Mortgage Market-super-," International Review of Finance, International Review of Finance Ltd., vol. 8(1-2), pages 57-80.

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