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How Mortgage-Backed Securities Became Bonds: The Emergence, Evolution, and Acceptance of Mortgage-Backed Securities in the United States, 1960–1987

Published online by Cambridge University Press:  01 August 2018

NATALYA VINOKUROVA
NATALYA VINOKUROVA*
Affiliation:
Natalya Vinokurova is an assistant professor of Management at the Wharton School, University of Pennsylvania. Her research focuses on decision making in fragmented systems with a particular interest in the antecedents of the 2008 mortgage crisis. Her recent publications include: “Failure to Learn from Failure: The 2008 Mortgage Crisis as a Déjà Vu of the Mortgage Meltdown of 1994,” in Business History, and “State Terror as a Management Practice,” forthcoming, in Enterprise and Society. Management Department, the Wharton School, University of Pennsylvania, 3620 Locust Walk, Philadelphia, PA 19104. E-mail: natalyav@wharton.upenn.edu.
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Abstract

This article documents the emergence, evolution, and acceptance of mortgage-backed securities (MBS) by bond investors in the United States between 1968 and 1987. Drawing on an analysis of trade publications, securities prospectuses, and business press, I argue that MBS issuers’ eventual success at convincing bond investors to accept their products is especially remarkable given that bond investors had rejected most types of MBS issued between 1970 and 1983. My analysis suggests that the acceptance of MBS as bonds was an outcome of two approaches employed by the MBS issuers: (1) changing the attributes of their products to make them more bond-like, and (2) changing the meaning of the bond category by opening its boundaries to products that incorporated mortgage features. These two approaches to changing investors’ beliefs to promote innovation acceptance may undergird the diffusion processes for other financial innovations. Understanding the process of innovation acceptance may be especially important because market participants have short memories. Forgetting the assumptions made during innovation–acceptance processes can bring unanticipated consequences of innovation adoption, such as financial crises.

Type
Article
Information
Enterprise & Society , Volume 19 , Issue 3 , September 2018 , pp. 610 - 660
Copyright
Copyright © The Author 2018. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved. 

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Footnotes

I thank Adam Brandenburger, John Paul MacDuffie, Ashish Arora, Beth Bechky, Matthew Bidwell, Felipe Csaszar, Per Hansen, Dan Levinthal, Christopher McKenna, Ethan Mollick, Rowena Olegario, Lori Rosenkopf, Wesley Sine, Metin Sengul, Kenneth Snowden, Richard Sylla, Lawrence White, Tyler Wry, participants at the 2015 Wharton Technology and Innovation Conference, the 11th Smith Entrepreneurship Research Conference, and the 2016 Business History Conference for their helpful comments. I also thank Lynn Selhat for editorial assistance and Thomas Splettstoesser for assistance with the figures.

References

Bibliography of Works Cited

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Bloch, Marc. Historian’s Craft. New York: Vintage, 1964.Google Scholar
Brick, John R. Commercial Banking: Text and Readings. Haslett, MI: Systems Publications, 1984.Google Scholar
Davis, Gerald. Managed by the Markets: How Finance Re-Shaped America. Oxford: Oxford University Press, 2011.Google Scholar
Einhorn, David. Fooling Some of the People All of the Time: A Long Short Story. Hoboken, NJ: Wiley, 2008.Google Scholar
Gastineau, Gary L., and Kritzman, Mark P.. The Dictionary of Financial Risk Management. New Hope, PA: Frank J. Fabozzi Associates, 1996.Google Scholar
Glaser, Barney G., and Strauss, Anselm L.. Discovery of Grounded Theory: Strategies for Qualitative Research. Chicago: Aldine, 1967.Google Scholar
GNMA Mortgage-Backed Securities Dealers’ Association. The Ginnie Mae Manual. Homewood, IL: Dow-Jones Irwin, 1977.Google Scholar
Ho, Karen. Liquidated: An Ethnography of Wall Street. Durham, NC: Duke University Press, 2009.CrossRefGoogle Scholar
Hyman, Louis. Debtor Nation: The History of America in Red Ink. Princeton, NJ: Princeton University Press, 2011.Google Scholar
Lewis, Michael. Liar’s Poker. New York: Penguin, 1990.Google Scholar
Kaufman, Henry K. The Interest Rates, the Markets, and the New Financial World. New York: Times Books, 1986.Google Scholar
Krippner, Greta. Capitalizing on Crisis: The Political Origins of the Rise of Finance. Cambridge, MA: Harvard University Press, 2011.Google Scholar
President’s Committee on Urban Housing. The Report of the President’s Committee on Urban Housing: A Decent Home. Washington, DC: U.S. Government Printing Office, 1968.Google Scholar
, Standard & Poor. Standard & Poor’s Rating Guide to Corporate Bonds, Commercial Paper, Municipal Bonds, International Securities. New York: McGraw Hill, 1979.Google Scholar
Tett, Gillian. Fool’s Gold: The Inside Story of J. P. Morgan and How Wall Street Greed Corrupted Its Bold Dream and Created a Financial Catastrophe. New York: Free Press, 2010.Google Scholar
White, Lawrence J. The S&L Debacle. Oxford: Oxford University Press, 1991.Google Scholar
Zaloom, Catherine. Out of the Pits: Traders and Technology from Chicago to London. Chicago: University of Chicago Press, 2006.Google Scholar
Allen, Franklin, and Santomero, Anthony M.. “The Theory of Financial Intermediation.” Journal of Banking & Finance 21 (1997): 1461–1485.Google Scholar
Askin, David J. “The Rating of Mortgage-Backed Securities.” In The Handbook of Mortgage-Backed Securities, edited by Fabozzi, Frank J., 497–568. Chicago: Probus, 1985.Google Scholar
Black, Deborah G., Garbade Kenneth, D., and Silber, William L.. “The Impact of the GNMA Pass-Through Program on FHA Mortgage Costs.” Journal of Finance 36 (1981): 457–469.CrossRefGoogle Scholar
Carruthers, Bruce G., and Stinchcombe, Arthur L.. “The Social Structure of Liquidity: Flexibility, Markets, and States.” Theory and Society 28 (1999): 353–382.CrossRefGoogle Scholar
Clark, Kim B. “The Interaction of Design Hierarchies and Market Concepts in Technological Evolution.” Research Policy 14 (1985): 235–251.CrossRefGoogle Scholar
Coval, Joshua, Jurek, Jakub, and Stafford, Erik. “The Economics of Structured Finance.” Journal of Economic Perspectives 23 (Winter 2009): 3–26.CrossRefGoogle Scholar
Estrella, Arturo, and Silver, Andrew. “Collateralized Mortgage Obligations: Do They Reduce Cash Flow Uncertainty?” FRBNY Quarterly Review Summer 1984: 58–60.Google Scholar
Fettig, David. “Reflections on Monetary Policy 25 Years after October 1979.” Federal Reserve Bank of St. Louis Review 87 (March/April 2005), no. 2, pt. 2. https://www.minneapolisfed.org/publications/the-region/reflections-on-monetary-policy-25-years-after-october-1979Google Scholar
Fink, Laurence D. “The Role of Pension Funds and Other Investors in Securitized Debt Markets.” In A Primer on Securitization, edited by Kendall, Leon T. and Fishman, Michael J., 117–128. Cambridge, MA: MIT Press, 1996.Google Scholar
Funk, Russell J., and Hirschman, Daniel. “Derivatives and Deregulation: Financial Innovation and the Demise of Glass-Steagall.” Administrative Science Quarterly 59 (2014): 669–704.CrossRefGoogle Scholar
Gennaioli, Nicola, Shleifer, Andrei, and Vishny, Robert. “Neglected Risks, Financial Innovation, and Financial Fragility.” Journal of Financial Economics 104 (2012): 452–468.CrossRefGoogle Scholar
Gotham, Kevin F. “Cascading Crises: The Crisis-Policy Nexus and the Restructuring of the US Housing Finance System.” Critical Sociology (2011): 1–16.Google Scholar
Gotham, Kevin F. “Secondary Circuit of Capital Reconsidered: Globalization and the U.S. Real Estate Sector.” American Journal of Sociology 112 (2006), 231–275.CrossRefGoogle Scholar
Hargadon, Andrew B., and Yellowlees Douglas, J.. “When Innovations Meet Institutions: Edison and the Design of the Electric Light.” Administrative Science Quarterly 46 (2001): 476–501.CrossRefGoogle Scholar
Haveman, Heather A. “Between a Rock and a Hard Place: Organizational Change and Performance under Conditions of Fundamental Environmental Transformation.” Administrative Science Quarterly 37 (1992): 48–75.CrossRefGoogle Scholar
Jacobides, Michael G. “Industry Change through Vertical Disintegration: How and Why Markets Emerged in Mortgage Banking.” Academy of Management Journal 48 (2005): 465–498.CrossRefGoogle Scholar
Kanner, Stephen Barrett. “Financing Ideas: The Secondary Market for Mortgages.” Real Estate Law Journal 10 (1982): 344–348.Google Scholar
Khaire, Mukti, and Daniel Wadhwani, R.. “Changing Landscapes: The Construction of Meaning and Value in a New Market Category Modern Indian Art.” Academy of Management Journal 53 (2010): 1281–1304.CrossRefGoogle Scholar
Lerner, Josh, and Tufano, Peter. “Consequences of Financial Innovation: A Counterfactual Research Agenda.” Annual Review of Financial Economics 3 (2011): 41–85.CrossRefGoogle Scholar
MacKenzie, Donald. “The Credit Crisis as a Problem in the Sociology of Knowledge.” American Journal of Sociology 116 (2011): 1778–1841.CrossRefGoogle Scholar
Merrill, Thomas W., and Smith, Henry E.. “Optimal Standardization in the Law of Property: The Numerus Clausus Principle.” Yale Law Journal 110 (2000): 1–70.CrossRefGoogle Scholar
Merrill, Thomas W., and Smith, Henry E.. “What Happened to Property in Law and Economics?” Yale Law Journal 111 (2001): 357–398.CrossRefGoogle Scholar
Peters, Helen F. “Termination Distributions of FHA Insured Residential Mortgages.” Ph.D. diss., University of Pennsylvania, 1979.Google Scholar
Quinn, Sarah L. “Government Policy, Housing, and the Origins of Securitization, 1780–1968.” Ph.D. diss., University of California, Berkeley, 2010.Google Scholar
Ranieri, Lewis S. “The Origins of Securitization, Sources of Its Growth, and Its Future Potential.” In A Primer on Securitization, edited by Kendall, Leon T. and Fishman, Michael J., 31–44. Cambridge, MA: MIT Press, 1996.Google Scholar
Sega, Richard. “Mortgage-Backed Securities from the Portfolio Manager’s Perspective.” In The Handbook of Mortgage-Backed Securities, edited by Fabozzi, Frank J., 349–372. Chicago: Probus, 1985.Google Scholar
Seiders, David. “The President’s Commission on Housing: Perspectives on Mortgage Finance.” Housing Finance Review 1 (1982): 323–348.Google Scholar
Sellon, Gordon H. Jr., and VanNahmen, Deana. “The Securitization of Housing Finance.” Federal Reserve Bank of Kansas City Economic Review July/August 1988: 3–20.Google Scholar
Smith, Donald J., and Taggart, Robert A. Jr. “Bond Market Innovations and Financial Intermediation.” Business Horizons November–December 1989: 24–33.CrossRefGoogle Scholar
Snowden, Kenneth A. “The Evolution of Interregional Mortgage Lending Channels, 1870–1940: The Life Insurance–Mortgage Company Connection.” In Coordination and Information: Historical Perspectives on the Organization of Enterprise, edited by Lamoreaux, Naomi R. and Raff, Daniel M. G., 209–247. Chicago: University of Chicago Press, 1996.Google Scholar
Snowden, Kenneth A. “Mortgage Securitization in the United States: Twentieth Century Developments in Historical Perspective.” In Anglo-American Financial Systems: Institutions and Markets in the Twentieth Century, edited by Bordo, Michael D. and Sylla, Richard, 261–298. Burr Ridge, IL: Irwin, 1995.Google Scholar
Snowden, Kenneth A. “The Transition from Building and Loan to Savings and Loan, 1890–1940.” In Finance, Intermediaries, and Economic Development, edited by Engerman, Stanley T., Hoffman, Philip T., Jean-Laurent, Rosenthal, and Sokoloff, Kenneth L., 157–208. Cambridge: Cambridge University Press, 2003.CrossRefGoogle Scholar
Sullivan, Kenneth H., Miller, Llewellyn, and Kiggins, Timothy B.. “Mortgage-Backed Bonds.” In The Handbook of Mortgage-Backed Securities, edited by Fabozzi, Frank J., 149–200. Chicago: Probus, 1985.Google Scholar
Vinokurova, Natalya. “The 2008 Mortgage Crisis as a Failure of Analogical Reasoning.” Ph.D. diss., New York University, Graduate School of Business Administration, 2012.Google Scholar
Zunino, Diego, Grodal, Stine, and Suarez, Fernando. “Familiarity, Creativity and the Adoption of Category Labels in Technology Industries.” Working paper, Boston University, 2017.Google Scholar
American BankerGoogle Scholar
BankingGoogle Scholar
Barron’sGoogle Scholar
BottomlineGoogle Scholar
Business WeekGoogle Scholar
Chief ExecutiveGoogle Scholar
Financial WorldGoogle Scholar
FortuneGoogle Scholar
Institutional InvestorGoogle Scholar
Mortgage BankerGoogle Scholar
New York TimesGoogle Scholar
Mortgage BankingGoogle Scholar
Pension WorldGoogle Scholar
Pensions and InvestmentsGoogle Scholar
Real Estate ReviewGoogle Scholar
Savings Bank JournalGoogle Scholar
Savings & Loan NewsGoogle Scholar
Savings InstitutionsGoogle Scholar
Wall Street JournalGoogle Scholar
Washington PostGoogle Scholar
Federal Home Loan Mortgage Corporation. Offering Circular: $1,000,000,000 Collateralized Mortgage Obligations, Series 1983-A, 1983.Google Scholar
Federal Home Loan Mortgage Corporation. Report of the Federal Home Loan Mortgage Corporation, 1983. http://hdl.handle.net/2027/coo.31924061865782Google Scholar
Federal Home Loan Mortgage Corporation. The Secondary Market in Residential Mortgages, 1984. https://www.huduser.gov/Publications/pdf/HUD-11648.pdfGoogle Scholar
Abolafia, Michael. Making Markets: Opportunism and Restraint on Wall Street. Cambridge, MA: Harvard University Press, 2001.Google Scholar
Bloch, Marc. Historian’s Craft. New York: Vintage, 1964.Google Scholar
Brick, John R. Commercial Banking: Text and Readings. Haslett, MI: Systems Publications, 1984.Google Scholar
Davis, Gerald. Managed by the Markets: How Finance Re-Shaped America. Oxford: Oxford University Press, 2011.Google Scholar
Einhorn, David. Fooling Some of the People All of the Time: A Long Short Story. Hoboken, NJ: Wiley, 2008.Google Scholar
Gastineau, Gary L., and Kritzman, Mark P.. The Dictionary of Financial Risk Management. New Hope, PA: Frank J. Fabozzi Associates, 1996.Google Scholar
Glaser, Barney G., and Strauss, Anselm L.. Discovery of Grounded Theory: Strategies for Qualitative Research. Chicago: Aldine, 1967.Google Scholar
GNMA Mortgage-Backed Securities Dealers’ Association. The Ginnie Mae Manual. Homewood, IL: Dow-Jones Irwin, 1977.Google Scholar
Ho, Karen. Liquidated: An Ethnography of Wall Street. Durham, NC: Duke University Press, 2009.CrossRefGoogle Scholar
Hyman, Louis. Debtor Nation: The History of America in Red Ink. Princeton, NJ: Princeton University Press, 2011.Google Scholar
Lewis, Michael. Liar’s Poker. New York: Penguin, 1990.Google Scholar
Kaufman, Henry K. The Interest Rates, the Markets, and the New Financial World. New York: Times Books, 1986.Google Scholar
Krippner, Greta. Capitalizing on Crisis: The Political Origins of the Rise of Finance. Cambridge, MA: Harvard University Press, 2011.Google Scholar
President’s Committee on Urban Housing. The Report of the President’s Committee on Urban Housing: A Decent Home. Washington, DC: U.S. Government Printing Office, 1968.Google Scholar
, Standard & Poor. Standard & Poor’s Rating Guide to Corporate Bonds, Commercial Paper, Municipal Bonds, International Securities. New York: McGraw Hill, 1979.Google Scholar
Tett, Gillian. Fool’s Gold: The Inside Story of J. P. Morgan and How Wall Street Greed Corrupted Its Bold Dream and Created a Financial Catastrophe. New York: Free Press, 2010.Google Scholar
White, Lawrence J. The S&L Debacle. Oxford: Oxford University Press, 1991.Google Scholar
Zaloom, Catherine. Out of the Pits: Traders and Technology from Chicago to London. Chicago: University of Chicago Press, 2006.Google Scholar
Allen, Franklin, and Santomero, Anthony M.. “The Theory of Financial Intermediation.” Journal of Banking & Finance 21 (1997): 1461–1485.Google Scholar
Askin, David J. “The Rating of Mortgage-Backed Securities.” In The Handbook of Mortgage-Backed Securities, edited by Fabozzi, Frank J., 497–568. Chicago: Probus, 1985.Google Scholar
Black, Deborah G., Garbade Kenneth, D., and Silber, William L.. “The Impact of the GNMA Pass-Through Program on FHA Mortgage Costs.” Journal of Finance 36 (1981): 457–469.CrossRefGoogle Scholar
Carruthers, Bruce G., and Stinchcombe, Arthur L.. “The Social Structure of Liquidity: Flexibility, Markets, and States.” Theory and Society 28 (1999): 353–382.CrossRefGoogle Scholar
Clark, Kim B. “The Interaction of Design Hierarchies and Market Concepts in Technological Evolution.” Research Policy 14 (1985): 235–251.CrossRefGoogle Scholar
Coval, Joshua, Jurek, Jakub, and Stafford, Erik. “The Economics of Structured Finance.” Journal of Economic Perspectives 23 (Winter 2009): 3–26.CrossRefGoogle Scholar
Estrella, Arturo, and Silver, Andrew. “Collateralized Mortgage Obligations: Do They Reduce Cash Flow Uncertainty?” FRBNY Quarterly Review Summer 1984: 58–60.Google Scholar
Fettig, David. “Reflections on Monetary Policy 25 Years after October 1979.” Federal Reserve Bank of St. Louis Review 87 (March/April 2005), no. 2, pt. 2. https://www.minneapolisfed.org/publications/the-region/reflections-on-monetary-policy-25-years-after-october-1979Google Scholar
Fink, Laurence D. “The Role of Pension Funds and Other Investors in Securitized Debt Markets.” In A Primer on Securitization, edited by Kendall, Leon T. and Fishman, Michael J., 117–128. Cambridge, MA: MIT Press, 1996.Google Scholar
Funk, Russell J., and Hirschman, Daniel. “Derivatives and Deregulation: Financial Innovation and the Demise of Glass-Steagall.” Administrative Science Quarterly 59 (2014): 669–704.CrossRefGoogle Scholar
Gennaioli, Nicola, Shleifer, Andrei, and Vishny, Robert. “Neglected Risks, Financial Innovation, and Financial Fragility.” Journal of Financial Economics 104 (2012): 452–468.CrossRefGoogle Scholar
Gotham, Kevin F. “Cascading Crises: The Crisis-Policy Nexus and the Restructuring of the US Housing Finance System.” Critical Sociology (2011): 1–16.Google Scholar
Gotham, Kevin F. “Secondary Circuit of Capital Reconsidered: Globalization and the U.S. Real Estate Sector.” American Journal of Sociology 112 (2006), 231–275.CrossRefGoogle Scholar
Hargadon, Andrew B., and Yellowlees Douglas, J.. “When Innovations Meet Institutions: Edison and the Design of the Electric Light.” Administrative Science Quarterly 46 (2001): 476–501.CrossRefGoogle Scholar
Haveman, Heather A. “Between a Rock and a Hard Place: Organizational Change and Performance under Conditions of Fundamental Environmental Transformation.” Administrative Science Quarterly 37 (1992): 48–75.CrossRefGoogle Scholar
Jacobides, Michael G. “Industry Change through Vertical Disintegration: How and Why Markets Emerged in Mortgage Banking.” Academy of Management Journal 48 (2005): 465–498.CrossRefGoogle Scholar
Kanner, Stephen Barrett. “Financing Ideas: The Secondary Market for Mortgages.” Real Estate Law Journal 10 (1982): 344–348.Google Scholar
Khaire, Mukti, and Daniel Wadhwani, R.. “Changing Landscapes: The Construction of Meaning and Value in a New Market Category Modern Indian Art.” Academy of Management Journal 53 (2010): 1281–1304.CrossRefGoogle Scholar
Lerner, Josh, and Tufano, Peter. “Consequences of Financial Innovation: A Counterfactual Research Agenda.” Annual Review of Financial Economics 3 (2011): 41–85.CrossRefGoogle Scholar
MacKenzie, Donald. “The Credit Crisis as a Problem in the Sociology of Knowledge.” American Journal of Sociology 116 (2011): 1778–1841.CrossRefGoogle Scholar
Merrill, Thomas W., and Smith, Henry E.. “Optimal Standardization in the Law of Property: The Numerus Clausus Principle.” Yale Law Journal 110 (2000): 1–70.CrossRefGoogle Scholar
Merrill, Thomas W., and Smith, Henry E.. “What Happened to Property in Law and Economics?” Yale Law Journal 111 (2001): 357–398.CrossRefGoogle Scholar
Peters, Helen F. “Termination Distributions of FHA Insured Residential Mortgages.” Ph.D. diss., University of Pennsylvania, 1979.Google Scholar
Quinn, Sarah L. “Government Policy, Housing, and the Origins of Securitization, 1780–1968.” Ph.D. diss., University of California, Berkeley, 2010.Google Scholar
Ranieri, Lewis S. “The Origins of Securitization, Sources of Its Growth, and Its Future Potential.” In A Primer on Securitization, edited by Kendall, Leon T. and Fishman, Michael J., 31–44. Cambridge, MA: MIT Press, 1996.Google Scholar
Sega, Richard. “Mortgage-Backed Securities from the Portfolio Manager’s Perspective.” In The Handbook of Mortgage-Backed Securities, edited by Fabozzi, Frank J., 349–372. Chicago: Probus, 1985.Google Scholar
Seiders, David. “The President’s Commission on Housing: Perspectives on Mortgage Finance.” Housing Finance Review 1 (1982): 323–348.Google Scholar
Sellon, Gordon H. Jr., and VanNahmen, Deana. “The Securitization of Housing Finance.” Federal Reserve Bank of Kansas City Economic Review July/August 1988: 3–20.Google Scholar
Smith, Donald J., and Taggart, Robert A. Jr. “Bond Market Innovations and Financial Intermediation.” Business Horizons November–December 1989: 24–33.CrossRefGoogle Scholar
Snowden, Kenneth A. “The Evolution of Interregional Mortgage Lending Channels, 1870–1940: The Life Insurance–Mortgage Company Connection.” In Coordination and Information: Historical Perspectives on the Organization of Enterprise, edited by Lamoreaux, Naomi R. and Raff, Daniel M. G., 209–247. Chicago: University of Chicago Press, 1996.Google Scholar
Snowden, Kenneth A. “Mortgage Securitization in the United States: Twentieth Century Developments in Historical Perspective.” In Anglo-American Financial Systems: Institutions and Markets in the Twentieth Century, edited by Bordo, Michael D. and Sylla, Richard, 261–298. Burr Ridge, IL: Irwin, 1995.Google Scholar
Snowden, Kenneth A. “The Transition from Building and Loan to Savings and Loan, 1890–1940.” In Finance, Intermediaries, and Economic Development, edited by Engerman, Stanley T., Hoffman, Philip T., Jean-Laurent, Rosenthal, and Sokoloff, Kenneth L., 157–208. Cambridge: Cambridge University Press, 2003.CrossRefGoogle Scholar
Sullivan, Kenneth H., Miller, Llewellyn, and Kiggins, Timothy B.. “Mortgage-Backed Bonds.” In The Handbook of Mortgage-Backed Securities, edited by Fabozzi, Frank J., 149–200. Chicago: Probus, 1985.Google Scholar
Vinokurova, Natalya. “The 2008 Mortgage Crisis as a Failure of Analogical Reasoning.” Ph.D. diss., New York University, Graduate School of Business Administration, 2012.Google Scholar
Zunino, Diego, Grodal, Stine, and Suarez, Fernando. “Familiarity, Creativity and the Adoption of Category Labels in Technology Industries.” Working paper, Boston University, 2017.Google Scholar
American BankerGoogle Scholar
BankingGoogle Scholar
Barron’sGoogle Scholar
BottomlineGoogle Scholar
Business WeekGoogle Scholar
Chief ExecutiveGoogle Scholar
Financial WorldGoogle Scholar
FortuneGoogle Scholar
Institutional InvestorGoogle Scholar
Mortgage BankerGoogle Scholar
New York TimesGoogle Scholar
Mortgage BankingGoogle Scholar
Pension WorldGoogle Scholar
Pensions and InvestmentsGoogle Scholar
Real Estate ReviewGoogle Scholar
Savings Bank JournalGoogle Scholar
Savings & Loan NewsGoogle Scholar
Savings InstitutionsGoogle Scholar
Wall Street JournalGoogle Scholar
Washington PostGoogle Scholar
Federal Home Loan Mortgage Corporation. Offering Circular: $1,000,000,000 Collateralized Mortgage Obligations, Series 1983-A, 1983.Google Scholar
Federal Home Loan Mortgage Corporation. Report of the Federal Home Loan Mortgage Corporation, 1983. http://hdl.handle.net/2027/coo.31924061865782Google Scholar
Federal Home Loan Mortgage Corporation. The Secondary Market in Residential Mortgages, 1984. https://www.huduser.gov/Publications/pdf/HUD-11648.pdfGoogle Scholar
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