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Encouraging as these developments are, we should not lose sight of the need to make the mortgage market less vulnerable to the storms by which it has been buffeted periodically in the past. On a sunny autumn day, the prudent commuter gets out his snow tires.
Chances are he will need Chase bank personal financial statement form 10355 some time during the winter, and it is best to get them on before the snow falls.
It is comforting to know that this committee is mindful of the need to help others prepare for winter weather. Past experience indicates that at certain stages of the business cycle, forces develop that diminish the availability of funds for home loans.
Mortgage credit for housing is typically in short supply when the demand for credit from other sectors rises rapidly. In a briskly expanding economy, business demands for credit from banks and the public market normally increase to finance additions to plant, equipment, and inventories.
Interest rates then tend to rise, and the supply of credit available for other borrowers is squeezed.
The shortage of credit may be intensified if the aggregate demand for goods and services threatens to exceed the Nation's productive capacity. For in that event monetary policies designed to restrain demand and to curb inflation will further restrict the available supply of credit to borrowers.
The difficulties experienced by the housing industry stem in significant measure from the fact that homebuyers depend heavily for credit on institutions that are in a poor position to compete for funds when market rates of interest rise sharply. Their deposit inflows then shrink, and so does their ability to sustain the flow of mortgage credit.
Legislative and regulatory limits on mortgage interest rates also constrict the flow of funds to housing in periods of general credit restraint. Other classes of borrowers, particularly business firms, are less affected by general credit restraint.
Established business enterprises not only enjoy preferred status as customers of commercial banks; they often also have access to alternative sources of credit in money and capital markets. While it may not be possible or even desirable to eliminate cyclical fluctuations in the supply of credit for housing, the feast-to-famine swings that we have experienced in the past have clearly been excessive.
In its report to the Congress submitted last March, the Board made several recommendations for smoothing out these cyclical variations in the supply of housing credit and hence in housing construction.
I will summarize the reasoning behind these recommendations briefly. First, the Board believes that the main thrust of new initiatives should strike directly at the sources of fluctuation in housing credit.
Accordingly, the Board recommends removal of a number of legislative and regulatory constraints that at times discourage investment in mortgages.
Interest-rate ceilings on FHA and VA loans, intended as protection for homebuyers, have meant in practice that this form of financing periodically dries up, or becomes available only if the seller is willing to pay several 4 'points" as a loan fee.
Recognizing this fact, the Congress has allowed greater flexibility in these ceilings by authorizing their adjustment by administrative action. Even so, the ceiling rates often lag behind market developments.
If Congress abolished the ceilings, or tied them directly to market interest rates, it would encourage the States to take similar action with regard to usury laws, which have also served to block the flow of funds into mortgages.
Other changes in Federal legislation would be helpful. The Federal Reserve Act should be amended to permit the Federal Reserve Banks to lend to member banks on the basis of sound mortgage collateral at the regular discount rate.
The statutory restrictions on real estate loans by national banks should be eliminated so that mortgage lending by these banks may be governed mainly by considerations of safety and soundness, tested by examinations, as other types of loans are. When that is done, the Comptroller of the Currency should however be authorized to establish safeguards through such regulations as may seem necessary from time to time.
Steps should also be taken to strengthen the ability of depositary institutions to attract and hold consumer savings when yields are rising on market securities.
The thrift institutions that specialize in mortgage lending are particularly vulnerable at such times because of the disparity between their assets, which consist of long-term loans with fixed yields, and their liabilities, which are short-term.
When market rates rise, savings tend to be diverted from thrift institutions into market securities because the institutions are unable to raise their rates to meet the competition. And when deposit inflows shrink, the supply of mortgage credit also declines.
The sharp swings in deposit inflows and in loan activity at these institutions could be moderated somewhat by lengthening the average maturity of their deposits.
Some progress has been made, and is being made, in this direction but more could be done, perhaps by adjusting deposit rate ceilings to allow greater incentives for savers to invest for longer periods. Some benefits would also accrue from shortening the average life of the earning assets of thrift institutions, although any sizable move in this direction should come only after careful consideration of the potential impact on the supply of mortgage credit in the long run.
Some benefits can probably be gained by encouraging the specialized mortgage lenders to put a modest portion of their earning assets into consumer loans.
Then their earnings would respond better to changes in market interest rates, and they would be in a somewhat better position to adjust the rates they pay on deposits so as to maintain savings inflows.
Another step well worth considering would be to enable all depositary institutions to offer mortgages with variable interest rates and attendant safeguards, side by side with the traditional fixed-rate mortgage. Louis compete more effectively for deposits.
Steadier deposit inflows, in turn, would mean greater stability in the availability of mortgage credit during business cycles. And this greater stability could be achieved without affecting adversely the long-run supply of mortgage funds.
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