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among all types of lending institutions, it is estimated that the largest commercial bank in the area ranked approximately 14th or 15th. A xough estimate indicates that the commercial banks account for approxi- m�ately 5 per cent of the outstanding dollar volume �f residential mortgages here. Banks are generally interested in short-term invest- ments, so long-term mortgages have not been very attractive. They • have, however, apparently gone into the home improvement business to a somewhat greater extent than the savings and loan associations or mortgage �ompanies. Although there is only one mutual savings bank in this Area, it is significant because of its size and evidently has characteristics of both savings and loan associations and commercial banks. Because of this bank's volume of residential mortgages, it can be assumecl that they are very active and look up�n residential mort�ages as a majar and continu- ing source of investment and, therefare, behave and functi.on in a fashion s imilar to s aving s and loan as s oc iations . Other lending institutions include insurance companies, pension funds, and individuals. As previously stated, most insurance companies invest in this Area through mortgage companies; an exception is the Prudential Insurance Company which has its regional office here. Thus, it is difficult to determine what proportion of the total mortgages are financed by insurance funds today. According to the latest available data (1950 Census of Housing) in5urance compan�es accounted for approximately 13 per cent of the total autstanding numbe� of mortgages in the state and 18. 5 p�r cent of the outstanding mortgage debt. Tn 1y59 they accounted for approximately 6 per cent of the rnortgage recordings in the state. ? Insurance companies view residential mortgages as only one of a number of investment possibilities. Consequently, they are in and out of the mark�t depending upon their particular situation and national economic factors. Insurance companies tend to be primarily interested in the "�remium mortgages" and are usually m.ore stringent in their require- ments. Preferen�e is shown for mortgages on either rhe mor� expensive houses or those with good locations and amenities. Since most insurance firms and other large investors desire to have a certain portiori o� their portfolios in residential mortgages, they provide substantial mortgage funds over a 14ng period although at any given time their contribution �may not be too great. Federal agen�ies, although not a�tually lending institutions, can be considered part of the l�nding field. FHA and VA, through their mort- gage insurance and guarantee programs, encourage lending institutions to invest i.n residential mortgages which, they otherwise inay have avoided. These agencies exhibit a general philosophy that affects the lending institutions in their policies and general approach to prop�rty, evaluation, mo�tgage risk, etc. It is probable that many of the person- nel in the federal �.gencies have had experience in the private sector and ?Ibid. 19