Abstract
Examined is the economic theory that restrictive usury ceilings reduce the supply of residential mortgage funds and tighten terms of the mortgage instrument. Studied are the mortgage policies adopted by New York and New Jersey FSLIC‐insured S&Ls during periods when there were restrictive usury ceilings and when these usury ceilings were removed. The results clearly confirm the theory that effective elimination of usury ceilings increases the supply of mortgage funds and also liberalizes the terms of the mortgage instrument.
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