Hogarth, J. M. & Hilgert,
M. A. (2001). Consumers’ choice of financial institutions for home-secured
loans. Financial Counseling and Planning, 12(1), 9-26.
Choice Of Financial Institutions For Home-Secured Loans
Using the 1995 and 1998
Survey of Consumer Finances, we provide a profile of households with home-secured
loans through finance and loan companies and explore the extent to which
these loans reflect risk-based characteristics. We find that risk-related
characteristics are major determinants of using a finance and loan company,
but that race, marital status, age, education, region, and having a high-cost
loan also are significant.
Key words: Mortgage loans,
Survey of Consumer Finances
M. Hogarth, Program Manager,Consumer & Community Affairs, Federal Reserve
Board, Washington DC 20551. Phone: 202-785-6024. Fax: 202-728-5850. E-mail:
A. Hilgert, Research Assistant,Consumer & Community Affairs, Federal
Reserve Board, Washington DC 20551. Phone: 202-452-2884. Fax: 202-728-5850.
analysis and conclusions set forth in this paper represent the work of
the authors and do not indicate concurrence of the Federal Reserve Board,
the Federal Reserve Banks, or their staff.