Unexpected increases in the cost of mortgage funds have imposed substantial losses on mortgage lenders. The losses are compounded by the decline in mortgage repayments as homeowners hang on to their low-rate mortgages. The enforcement of due-on-sale clauses is one option lenders have had to...

This paper employs linear feedback measures to examine the relationship between housing starts and the availability of mortgage credit. Estimates are obtained using monthly data with samples ending with May 1978 and beginning with June 1978. The results indicate that mortgage credit availability...

"Over the period 1961-1991, the Bank of Japan (BOJ) attempted to directly control the volume of commercial bank credit by providing lending targets for selected banks. This policy of "window guidance" (WG) applied to only a subset of lending institutions. The guided banks involved were under no...