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The Urban Mortgage Market Served by Life Insurance Companies, 1920-46

  • Economics


This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Urban Mortgage Lending by Life Insurance Companies Volume Author/Editor: Raymond J. Saulnier Volume Publisher: NBER Volume ISBN: 0-870-14139-2 Volume URL: Publication Date: 1950 Chapter Title: The Urban Mortgage Market Served by Life Insurance Companies, 1920-46 Chapter Author: R. J. Saulnier Chapter URL: Chapter pages in book: (p. 37 - 57) CHAPTER 4 The Urban Mortgage Market Served by Life Insurance Companies, 1920-46 THE urban mortgage market served by life insurance companiesfrom 1920 to 1946 may be described in terms of the character- istics of a sample of urban mortgage loans that were drawn for use in the analysis of mortgage loss experience. The description is necessarily in terms of those loan characteristics on which data are available in the records of lenders over the entire period—that is, geographical distribution of loans, types of property financed, and salient features of the loan contracts. Data on the social and economic identity of the mortgagors would be of interest for such a description, but these are generally lacking in records of loans made prior to the early thirties. The sample covers twenty-four large insurance companies which, in the aggregate, held about 65 percent of the total amount of urban mortgage loans of life insurance companies as of December 31, 1944.1 Each company drew records from its active and inactive files cover- ing every 100th loan made since January 1, 1920, and pertinent information on each sample loan was transcribed onto a "loan ex- perience card." 2 No data were requested that would identify the mortgagor or the property securing the loan, and the analysis com- bined the loans of all cooperating companies into one group. The sample provided 8,931 loans, with an original face amount of $92,141,000. The results for mortgag

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