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Survey of Postwar Changes in Mortgage Debt Structure and in Mortgage Flows

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Disciplines
  • Economics

Abstract

Survey of Postwar Changes in Mortgage Debt Structure and in Mortgage Flows This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: The Postwar Residential Mortgage Market Volume Author/Editor: Saul B. Klaman Volume Publisher: Princeton University Press Volume ISBN: 0-870-14106-6 Volume URL: http://www.nber.org/books/klam61-1 Publication Date: 1961 Chapter Title: Survey of Postwar Changes in Mortgage Debt Structure and in Mortgage Flows Chapter Author: Saul B. Klaman Chapter URL: http://www.nber.org/chapters/c2339 Chapter pages in book: (p. 25 - 48) CHAPTER 2 Survey of Postwar Changes in Mortgage Debt Structure and in Mortgage Flows THE financing of construction and. real estate in the decade following World War lI—in heavy demand during the period and at rising costs and prices during most of it—resulted in a rapid growth in mortgage debt and significant changes in the structure and characteristics of mort- gage markets. Underlying the quadrupling of mortgage debt in those ten years were marked changes in the importance of mortgage lending insti- tutions, in types of properties securing mortgage indebtedness, in types and terms of mortgage underwriting, and in types of borrowers. A summary comparison of those changes is undertaken in this chapter. Appraisal of basic factors influencing structural changes in the market, and of annual and quarterly net mortgage flows is left in the main for later chapters. Because the period of the present study begins at the end of a great war and in the midst of the consequent economic and financial dis- locations, postwar growth and change in mortgage debt can be seen in perspective only in the context of its long-term changing position in the nation's economy. The following brief discussion sketches the changes in mortgage debt in relation to other economic and financial magnitudes back to the turn of the century, with special consideration given to the decade following

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