The Demand for Home Mortgage Assets by Savings and Loan Associations

Stuart M Glosser

The Journal of Real Estate Finance and Economics, 1992, vol. 5, issue 1, 99-110

Abstract: The purpose of this article is to analyze empirically the factors that enabled S&Ls to respond, concerning their demand for home mortgage assets, to the record high interest rates, inverted yield curves, and new competition for deposits by money market mutual funds. These factors include changing regulatory accounting procedures, increased participation in the secondary mortgage market, and increased asset diversification allowed for by Garn-St. Germain. The empirical results are based on a model of the demand for home mortgage assets specified in terms of an optimal marginal portfolio adjustment model. The results show that changing regulatory procedures and the subsequent impact on secondary mortgage markets had the most impact. The increased lending power granted by Garn-St. Germain had little effect on the demand for home mortgage assets by S&Ls. Copyright 1992 by Kluwer Academic Publishers

Date: 1992
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The Journal of Real Estate Finance and Economics is currently edited by Steven R. Grenadier, James B. Kau and C.F. Sirmans

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