Installment debt is 
the critical area... 
The growing mountain of mortgage debt... 
700 
600 
500 
400 
300 
200 
100 
0 
A 
Data: Federal Reserve Bulletin, various federal housing agencies 
...and the changing residential mortgage market 
Share of outstanding home mortgage held 
Percent 
12/31/68 6/30/74 change 
Federal agencies 5.3% .... 9.9% .... +87% 
+ 16 
+ 12 
-21 
-33 
-53 
Data: Various federal agencies 
Commercial banks 
..15.4 . 
. . .17.8 
Savings & loan associations . . 
..43.9 . 
. . .49.1 
Mutual savings banks 
..13.9 . 
. . .11.0 
Individuals 
.9.9 . 
... 6.6 
Life insurance companies . . . . 
..11.5 . 
. .. 5.4 
1945 1950 1955 1960 1965 1970 6\30 
1974 
Billions of dollars 
Data: Mortgage Bankers Assn.