Pub Date : 2019-07-12DOI: 10.4324/9780429335167-19
D. Fraser
{"title":"DIDMCA and the Savings and Loan Industry: Evidence from a Survey","authors":"D. Fraser","doi":"10.4324/9780429335167-19","DOIUrl":"https://doi.org/10.4324/9780429335167-19","url":null,"abstract":"","PeriodicalId":447382,"journal":{"name":"Housing and the New Financial Markets","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122953678","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-12DOI: 10.4324/9780429335167-14
David F. Seiders
{"title":"The President’s Commission on Housing: Perspectives on Mortgage Finance","authors":"David F. Seiders","doi":"10.4324/9780429335167-14","DOIUrl":"https://doi.org/10.4324/9780429335167-14","url":null,"abstract":"","PeriodicalId":447382,"journal":{"name":"Housing and the New Financial Markets","volume":"108 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127674425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-12DOI: 10.4324/9780429335167-28
Stanley L. Iezman
{"title":"The Shared Appreciation Mortgage and the Shared Equity Program","authors":"Stanley L. Iezman","doi":"10.4324/9780429335167-28","DOIUrl":"https://doi.org/10.4324/9780429335167-28","url":null,"abstract":"","PeriodicalId":447382,"journal":{"name":"Housing and the New Financial Markets","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122486715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-12DOI: 10.4324/9780429335167-27
G. Sullivan, R. Rogers
{"title":"The Adjustable Mortgage Loan: Benefits to the Consumer and to the Housing Industry","authors":"G. Sullivan, R. Rogers","doi":"10.4324/9780429335167-27","DOIUrl":"https://doi.org/10.4324/9780429335167-27","url":null,"abstract":"","PeriodicalId":447382,"journal":{"name":"Housing and the New Financial Markets","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132348340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Reflections on the Hunt Commission","authors":"A. Phillips, Donald P. Jacobs","doi":"10.4324/9780429335167-7","DOIUrl":"https://doi.org/10.4324/9780429335167-7","url":null,"abstract":"","PeriodicalId":447382,"journal":{"name":"Housing and the New Financial Markets","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129977644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-12DOI: 10.4324/9780429335167-12
Thomas P. Vartanian
{"title":"Regulation and Deregulation of the Savings and Loan Industry","authors":"Thomas P. Vartanian","doi":"10.4324/9780429335167-12","DOIUrl":"https://doi.org/10.4324/9780429335167-12","url":null,"abstract":"","PeriodicalId":447382,"journal":{"name":"Housing and the New Financial Markets","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133975814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-07-12DOI: 10.4324/9780429335167-23
C. Sivesind
The rapid development of a variety of mortgage-backed securities has led to a radical transformation in real estate finance in recent years: By integrating the mortgage market into the traditional capital markets, these securities have broadened the financial base for home mortgages. During 1978, the $40 billion of mortgagebacked securities issued in this national market financed nearly one quarter of all home loan originations. There are two major types of mortgage-backed securities: bonds with scheduled principal repayments that are secured by mortgage collateral and passthroughs which provide ownership interest in the monthly payments from a pool of mortgages. Until recently, the market has been dominated by the bonds issued by the Federal National Mortgage Association (FNMA or "Fannie Mae") and the pass-through securities guaranteed by the Government National Mortgage Association (GNMA or "Ginnie Mae"), both backed by Government-insured mortgages. However, a variety of mortgage-backed securities are now financing conventional mortgage lending as well. Building on the success of pass-through securities issued by the Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac"), pass-throughs backed by conventional loans are now being issued publicly by banks, savings and loan associations, and mortgage companies. Mortgage-related bonds are being used to finance mortgage loan portfolios of thrift institutions and
{"title":"Mortgage-Backed Securities: The Revolution in Real Estate Finance","authors":"C. Sivesind","doi":"10.4324/9780429335167-23","DOIUrl":"https://doi.org/10.4324/9780429335167-23","url":null,"abstract":"The rapid development of a variety of mortgage-backed securities has led to a radical transformation in real estate finance in recent years: By integrating the mortgage market into the traditional capital markets, these securities have broadened the financial base for home mortgages. During 1978, the $40 billion of mortgagebacked securities issued in this national market financed nearly one quarter of all home loan originations. There are two major types of mortgage-backed securities: bonds with scheduled principal repayments that are secured by mortgage collateral and passthroughs which provide ownership interest in the monthly payments from a pool of mortgages. Until recently, the market has been dominated by the bonds issued by the Federal National Mortgage Association (FNMA or \"Fannie Mae\") and the pass-through securities guaranteed by the Government National Mortgage Association (GNMA or \"Ginnie Mae\"), both backed by Government-insured mortgages. However, a variety of mortgage-backed securities are now financing conventional mortgage lending as well. Building on the success of pass-through securities issued by the Federal Home Loan Mortgage Corporation (FHLMC or \"Freddie Mac\"), pass-throughs backed by conventional loans are now being issued publicly by banks, savings and loan associations, and mortgage companies. Mortgage-related bonds are being used to finance mortgage loan portfolios of thrift institutions and","PeriodicalId":447382,"journal":{"name":"Housing and the New Financial Markets","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129018724","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Housing Finance: Development and Evolution in Mortgage Markets","authors":"Barbara L. Miles","doi":"10.4324/9780429335167-2","DOIUrl":"https://doi.org/10.4324/9780429335167-2","url":null,"abstract":"","PeriodicalId":447382,"journal":{"name":"Housing and the New Financial Markets","volume":"305 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123207803","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The FINE Study is not unique in failing (so far) to culminate in enacted reforms. Neither the Commission on Money and Credit nor the Commission on Financial Structure and Regulation (the Hunt commission) succeeded in convincing the Con gress of the wisdom of their proposals. The present paper is not concerned with the particular merits of the recommendations of any of these studies. Instead, its premise is that powerful groups and lobbies today areocapable of blocking any serious attempt at reform; if reforms are to be achieved, the concerns of these special interest groups must be addressed directly. Further, with the growing Balkanization of financial intermediation that is everywhere evident, the strengths and diversity of special interest groups are growing and this will reduce the probability of successful reform in the future. The modest objective of this paper is to examine a small number of issues that appeared to attract the attention of selected special interest groups and to identify what seems to concern them. As will become clear, some groups occasionally appear to be arguing for positions that are not especially beneficial to the interests they represent. Academicians and others may be able to improve the chances for reform if the game and the players' positions are more widely appreciated. The first section of the paper sets out an interpretation of how political games are played, drawing from recent attempts at reforming the financial system. The second section identifies topics that concerned different interest groups during the FINE study hearings and briefly attempts to explain positions. This paper ignores the special interests of government agencies for reasons of space.
{"title":"Special Interests: The FINE Situation","authors":"D. Hester","doi":"10.2307/1991538","DOIUrl":"https://doi.org/10.2307/1991538","url":null,"abstract":"The FINE Study is not unique in failing (so far) to culminate in enacted reforms. Neither the Commission on Money and Credit nor the Commission on Financial Structure and Regulation (the Hunt commission) succeeded in convincing the Con gress of the wisdom of their proposals. The present paper is not concerned with the particular merits of the recommendations of any of these studies. Instead, its premise is that powerful groups and lobbies today areocapable of blocking any serious attempt at reform; if reforms are to be achieved, the concerns of these special interest groups must be addressed directly. Further, with the growing Balkanization of financial intermediation that is everywhere evident, the strengths and diversity of special interest groups are growing and this will reduce the probability of successful reform in the future. The modest objective of this paper is to examine a small number of issues that appeared to attract the attention of selected special interest groups and to identify what seems to concern them. As will become clear, some groups occasionally appear to be arguing for positions that are not especially beneficial to the interests they represent. Academicians and others may be able to improve the chances for reform if the game and the players' positions are more widely appreciated. The first section of the paper sets out an interpretation of how political games are played, drawing from recent attempts at reforming the financial system. The second section identifies topics that concerned different interest groups during the FINE study hearings and briefly attempts to explain positions. This paper ignores the special interests of government agencies for reasons of space.","PeriodicalId":447382,"journal":{"name":"Housing and the New Financial Markets","volume":"103 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1977-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123280498","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 1900-01-01DOI: 10.4324/9780429335167-26
G. Kaufman, Eleanor H. Erdevig
Alternative mortgage instruments are mortgage plans designed to accommodate better than traditional mortgages the current needs of residential mortgage borrowers, mortgage lenders, or both. The long-term fixed-rate, fixed-payment mortgage became the prevalent type in the United States in the 1930s and served both borrowers and lenders well as long as price and interest rate movements were relatively small. But recent increases in the level and volatility of market interest rates have made this mortgage contract less desirable to lender and borrower alike. A home is the largest single purchase that most Americans make and the largest single item in their wealth portfolio. Because of the magnitude of the expense—generally some two to three times the purchaser's annual income—a large portion of the purchase price of most homes is borrowed. The owner's downpayment, which represents the initial equity, is generally only 10 to 30 percent of the purchase price. As a result, the cost, terms, and availability of mortgage credit are an important part of the home purchase decision. In recent years the cost of obtaining mortgage credit has increased sharply. For example, in 1971 the average interest rate on a 30-year single-family fixed-coupon, fixedpayment mortgage with a loan-to-value ratio of 90 percent was about 7 3/4 percent. In 1975 the rate on this mortgage had climbed to 9 percent, and in 1980 it reached 12 1/2 percent. On a 90 percent fixed-rate, fixed-payment mortgage on a median price home of $24,800 in 1971, this represented monthly payments of $160. The payments on a new mortgage on a home of the same price would have increased to $182 in 1975 and $238 in 1980. But the median price of existing homes also increased, from $24,800 in 1971 to $62,200 in 1980. Thus, a rate of 121/2 percent on a 90 percent fixed-rate, fixed-payment mortgage of $55,980 translates into monthly payments of $597. Monthly payments have increased considerably faster than household income. In 1971 the annual sum of monthly payments was equal to 19 percent of the median family income of $10,285. In 1980 this percentage had almost doubled to 34 percent of an estimated median family income of $21,652. 1 Some households found this percentage too high to pay and, as a result, decided not to purchase a house. Because most homebuyers are already housed and will sell their homes when buying another, the higher mortgage rates reduce the turnover of existing homes and thus labor mobility, but have relatively little effect on the overall stock of housing. The demand for newly constructed housing is more severely impacted, but it accounts for only a small proportion of total housing. In the 1970s the average 1.7 million new units constructed annually accounted for only about 2.2 percent of the total housing stock of some 79 million units. The heaviest burden of the increase in mortgage payments falls on first-time home buyers, who did not share in the rapid appreciation in home prices a
{"title":"Improving Housing Finance in an Inflationary Environment: Alternative Residential Mortgage Instruments","authors":"G. Kaufman, Eleanor H. Erdevig","doi":"10.4324/9780429335167-26","DOIUrl":"https://doi.org/10.4324/9780429335167-26","url":null,"abstract":"Alternative mortgage instruments are mortgage plans designed to accommodate better than traditional mortgages the current needs of residential mortgage borrowers, mortgage lenders, or both. The long-term fixed-rate, fixed-payment mortgage became the prevalent type in the United States in the 1930s and served both borrowers and lenders well as long as price and interest rate movements were relatively small. But recent increases in the level and volatility of market interest rates have made this mortgage contract less desirable to lender and borrower alike. A home is the largest single purchase that most Americans make and the largest single item in their wealth portfolio. Because of the magnitude of the expense—generally some two to three times the purchaser's annual income—a large portion of the purchase price of most homes is borrowed. The owner's downpayment, which represents the initial equity, is generally only 10 to 30 percent of the purchase price. As a result, the cost, terms, and availability of mortgage credit are an important part of the home purchase decision. In recent years the cost of obtaining mortgage credit has increased sharply. For example, in 1971 the average interest rate on a 30-year single-family fixed-coupon, fixedpayment mortgage with a loan-to-value ratio of 90 percent was about 7 3/4 percent. In 1975 the rate on this mortgage had climbed to 9 percent, and in 1980 it reached 12 1/2 percent. On a 90 percent fixed-rate, fixed-payment mortgage on a median price home of $24,800 in 1971, this represented monthly payments of $160. The payments on a new mortgage on a home of the same price would have increased to $182 in 1975 and $238 in 1980. But the median price of existing homes also increased, from $24,800 in 1971 to $62,200 in 1980. Thus, a rate of 121/2 percent on a 90 percent fixed-rate, fixed-payment mortgage of $55,980 translates into monthly payments of $597. Monthly payments have increased considerably faster than household income. In 1971 the annual sum of monthly payments was equal to 19 percent of the median family income of $10,285. In 1980 this percentage had almost doubled to 34 percent of an estimated median family income of $21,652. 1 Some households found this percentage too high to pay and, as a result, decided not to purchase a house. Because most homebuyers are already housed and will sell their homes when buying another, the higher mortgage rates reduce the turnover of existing homes and thus labor mobility, but have relatively little effect on the overall stock of housing. The demand for newly constructed housing is more severely impacted, but it accounts for only a small proportion of total housing. In the 1970s the average 1.7 million new units constructed annually accounted for only about 2.2 percent of the total housing stock of some 79 million units. The heaviest burden of the increase in mortgage payments falls on first-time home buyers, who did not share in the rapid appreciation in home prices a","PeriodicalId":447382,"journal":{"name":"Housing and the New Financial Markets","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128717842","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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