Police and computers: the use, acceptance and impact of information technology,

Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1973.Vita.Bibliography: leaves 358-364.by Kent Winterton Colton.Ph.D

Financial Reform: A Review of the Past and Prospects for the Future

Over the past decade there have been a wide range of proposals for comprehensive financial reform. In terms of national legislation, these proposals- which are designed to alter the basic asset-liability mismatch of the housing oriented thrift institutions-have often been stymied. However, legislation is once again under serious consideration in Congress; and more importantly, significant change is already underway at the state and local level, fueled by technology, consumer pressure, financial markets and regulatory action. In fact, lead by such innovations as the money market certificate, negotiable order of withdrawal (NOW) accounts, alternative mortgage instruments and an expanded secondary market, it seems that a strong, silent revolution is underway which will substantially alter the activities and composition of thrift institutions. This paper, then, will outline what has happened over the past decade, the reasons for legislative failure during much of this period, and the factors which fuel the evolution and new pressure for change which is underway. It also discusses the prospects and implications for the future, especially as they relate to financial institutions, housing, and the consumer.** Copyright American Real Estate and Urban Economics Association.

The Report of the President's Commission on Housing:

The system of housing finance in the United States is undergoing a period of rapid transition, and many of the nation's housing problems over the last few years have related to the financing of housing. High interest rates stymied housing demand, and inflation and unprecedented movements in interest rates placed serious strains on the system of financial intermediation that successfully provided mortgage credit in the country for more than forty years. This paper discusses some of the recommendations of the President's Commission on Housing which were intended to provide a framework to assist policy makers as the nation moves toward a broader-based, more resilient system to supply funds for housing in the future. Although the paper briefly outlines the Commission's recommendations and reviews the record regarding implementation, the primary focus is on examining the future dimensions of the nation's housing finance system. Copyright American Real Estate and Urban Economics Association.

Borrower Attitudes Toward Alternative Mortgage Instruments

Much of the existing literature on homeownership assumes that financial markets work well enough to allow households to translate permanent income into effective demand. However, transaction costs, imperfections, and uncertainties all constrain the markets' operation so that people are often forced to choose a quantity of housing stock that diverges from their desired consumption level. Instead of being able to borrow against future income for the down payment or to make monthly payments in a pattern that matches future income, young families in their early years may be constrained from purchasing the size house they desire, and older households may remain in homes larger than they need. In light of these market imperfections, housing and tenure decisions depend not only on permanent income and the relative price of housing services, but also on such mortgage parameters as monthly payment patterns, down payment, and rate of equity accumulation.Models of the demand for housing and homeownership described in the existing literature do not include these parameters of mortgage finance. Mortgage terms are important factors in housing consumption and investment decisions. Because the standard mortgage no longer seems appropriate for all households under all economic conditions, the extent to which alternative mortgage instruments meet the requirements and preferences of different segments of the market becomes an important issue. Copyright American Real Estate and Urban Economics Association.