DISCUSSION.

The article presents commentary on the issue's featured reports on mortgage lending and the investment portfolio management of financial institutions. The reports cited include "Some Relationships Between Assets and Liabilities of Thrift Institutions," by Sherman J. Maisel, "Private Secondary Market Facilities," by Oliver Jones, and "Institutional Aspects of Interregional Mortgage Investment," by Halbert C. Smith. Market conditions cited within the reports are expounded upon, describing trends suggesting lower mortgage fund levels. Implications of such market conditions on the theories presented are described.