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

William A. Christiansen () and Clarence C. Elebash
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William A. Christiansen: College of Business The Florida State University Tallahassee, Florida 32306, http://www.cob.fsu.edu/
Clarence C. Elebash: College of Business University of West Florida Pensacola, Florida 32514, http://www.cbred.uwf.edu/cob/

Journal of Real Estate Research, 1987, vol. 2, issue 1, 83-92

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.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1987
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