Is mortgage lending by savings associations special
研究取消储蓄协会特许是否会减少对非传统抵押贷款借款人的贷款，通过理论模型和实证检验发现储蓄协会与商业银行在资产配置上无显著差异，因此取消特许不会损害此类贷款。
In this paper, we investigate whether elimination of the savings association charter might reduce lending to nontraditional mortgage borrowers. We present a theoretical model of lender portfolio choice, in which nontraditional lenders have some market power and traditional lenders are price-takers in the mortgage market. The comparative statics indicate differences between nontraditional and traditional lenders in terms of their asset allocation responses to changes in borrower income and house prices. Empirical tests indicate the absence of such differences between savings associations and commercial banks, suggesting that elimination of the savings association charter would not impair lending to nontraditional mortgage borrowers.