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Bank holding company affiliation and contracyclical lending by mortgage bankers |
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| Authors: | Jim Burke Stephen A. Rhoades |
| Affiliation: | Federal Reserve Board, Washington, D.C. USA |
| Abstract: | Bank holding companies have made significant inroads into the mortgage banking industry, primarily by acquisition. Federal Reserve Board approval of acquisitions is contingent upon the expectation of net public benefits. This study analyzes one of the benefits that BHCs claim will arise from acquisition of mortgage bankers—the flow of funds into housing will become more cyclically stable. Test results on a 33-firm sample of independent and BHC-affiliated mortgage bankers for 1973–1975 provide little support for this claimed public benefit. |
| Keywords: | Address reprint requests to Stephen A. Rhoades Financial Structure Section Division of Research and Statistics Federal Reserve System Washington D.C. 20551 USA |
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