Securitization, Loan Sales, and the Credit Slowdown - FEDERAL RESERVE BANK of NEW YORK

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Quarterly Review

Securitization, Loan Sales, and the Credit Slowdown

Spring 1993Volume 18, Number 2

Authors: Richard Cantor and Rebecca Demsetz

Household and business lending has slowed sharply in recent years, but the anemic growth in loans booked at depository institutions, mortgage companies, and finance companies may overstate the decline in credit originated by these institutions. This article reports measures of credit growth that include "off-balance-sheet lending"—loans that were originated by intermediaries but are absent from their balance sheets because of direct loan sales or the issuance of asset-backed securities. The authors also compare the relative volume of off-balance-sheet lending by types of intermediaries.

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12 pages / 1,012 kb

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