Author: James E. McNulty
Publisher:
ISBN:
Category : Interest
Languages : en
Pages : 78
Book Description
This paper reviews the research on the impact of state usury ceilings. Existing econometric studies (with some exceptions) rely primarily on cross-sectional analysis, and in addition they appear to suggest that usury ceilings are restrictive only when the ceiling is below average market rates. However, other evidence of a fairly wide distribution of rates within urban mortgage markets suggests that, as interest rates are rising, a given ceiling would begin to be restrictive even before the average rate prevailing in the market reaches the ceiling rate. This hypothesis was upheld in tests using data for savings and loan associations in Georgia. Because there were approximately 17 states with 10 percent usury ceilings in mid-1978, when average market rates were in the 9 1/2% - 9 3/4% range, the restrictiveness of usury ceilings may be significantly greater than is generally considered to be the case. Furthermore, the evidence developed here suggests that the movement toward floating usury ceilings in many states in recent years may not be a welcome development, since such ceilings would tend to discourage higher risk loans, even when the general availability of mortgage credit is good.
A Reexamination of the Problem of State Usury Ceilings
Author: James E. McNulty
Publisher:
ISBN:
Category : Interest
Languages : en
Pages : 78
Book Description
This paper reviews the research on the impact of state usury ceilings. Existing econometric studies (with some exceptions) rely primarily on cross-sectional analysis, and in addition they appear to suggest that usury ceilings are restrictive only when the ceiling is below average market rates. However, other evidence of a fairly wide distribution of rates within urban mortgage markets suggests that, as interest rates are rising, a given ceiling would begin to be restrictive even before the average rate prevailing in the market reaches the ceiling rate. This hypothesis was upheld in tests using data for savings and loan associations in Georgia. Because there were approximately 17 states with 10 percent usury ceilings in mid-1978, when average market rates were in the 9 1/2% - 9 3/4% range, the restrictiveness of usury ceilings may be significantly greater than is generally considered to be the case. Furthermore, the evidence developed here suggests that the movement toward floating usury ceilings in many states in recent years may not be a welcome development, since such ceilings would tend to discourage higher risk loans, even when the general availability of mortgage credit is good.
Publisher:
ISBN:
Category : Interest
Languages : en
Pages : 78
Book Description
This paper reviews the research on the impact of state usury ceilings. Existing econometric studies (with some exceptions) rely primarily on cross-sectional analysis, and in addition they appear to suggest that usury ceilings are restrictive only when the ceiling is below average market rates. However, other evidence of a fairly wide distribution of rates within urban mortgage markets suggests that, as interest rates are rising, a given ceiling would begin to be restrictive even before the average rate prevailing in the market reaches the ceiling rate. This hypothesis was upheld in tests using data for savings and loan associations in Georgia. Because there were approximately 17 states with 10 percent usury ceilings in mid-1978, when average market rates were in the 9 1/2% - 9 3/4% range, the restrictiveness of usury ceilings may be significantly greater than is generally considered to be the case. Furthermore, the evidence developed here suggests that the movement toward floating usury ceilings in many states in recent years may not be a welcome development, since such ceilings would tend to discourage higher risk loans, even when the general availability of mortgage credit is good.
Interest Rate Amendments Regarding State Usury Ceilings on Certain Loans, and Applicability of State Usury Ceilings to Certain Obligations Issued by Banks and Affiliates
Legislative History of the Interest Rate Amendments Regarding State Usury Ceilings on Certain Loans, and Applicability of State Usury Ceilings to Certain Obligations Issued by Banks and Affiliates P.L.
State Usury Ceilings
Author: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Financial Institutions Supervision, Regulation and Insurance
Publisher:
ISBN:
Category : Government publications
Languages : en
Pages : 276
Book Description
Publisher:
ISBN:
Category : Government publications
Languages : en
Pages : 276
Book Description
State Usury Ceilings and Their Impact on Small Businesses
Author: United States. Congress. House. Committee on Small Business. Subcommittee on General Oversight and Minority Enterprise
Publisher:
ISBN:
Category : Consumer credit
Languages : en
Pages : 312
Book Description
Publisher:
ISBN:
Category : Consumer credit
Languages : en
Pages : 312
Book Description
Federal Preemption of State Usury Ceilings
Author: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Affairs and Coinage
Publisher:
ISBN:
Category : Usury
Languages : en
Pages : 532
Book Description
Publisher:
ISBN:
Category : Usury
Languages : en
Pages : 532
Book Description
State Usury Ceilings
Author: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Financial Institutions Supervision, Regulation and Insurance
Publisher:
ISBN:
Category : Government publications
Languages : en
Pages : 276
Book Description
Publisher:
ISBN:
Category : Government publications
Languages : en
Pages : 276
Book Description
State Usury Ceilings and Their Impact on Small Businesses
Author: United States. Congress. House. Committee on Small Business. Subcommittee on General Oversight and Minority Enterprise
Publisher:
ISBN:
Category : Consumer credit
Languages : en
Pages : 300
Book Description
Publisher:
ISBN:
Category : Consumer credit
Languages : en
Pages : 300
Book Description
Federal Preemption of State Usury Ceilings
Author: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Consumer Affairs and Coinage
Publisher:
ISBN:
Category : Usury laws
Languages : en
Pages : 764
Book Description
Publisher:
ISBN:
Category : Usury laws
Languages : en
Pages : 764
Book Description
A Reexamination of the Problem of State Usury Ceilings
Author: James E. McNulty
Publisher:
ISBN:
Category : Mortgage loans
Languages : en
Pages : 68
Book Description
Publisher:
ISBN:
Category : Mortgage loans
Languages : en
Pages : 68
Book Description