counter-cyclical fluctuation of bank mortgage lending (2)

After considerable credit restraint in 1966,however,bank mortgage lending was only $4.7 billion in 1967,or about $1 billion less than in the previous year.
In 1968,after a lessening of credit restraint after midyear,there was a sharp increase in bank mortgage lending. Commercial banks loaned $6.6billion in mortgage funds that year,which was $2billion more than in the previous year.In 1969,which was a year of even more severe credit restraint than in 1966,the serious adverse effects on bank mortgage lending were experienced both that year and in the following year. Bank mortgage lending in 1969 was $1.7 billion less than in 1968,and such mortgage lending declined another $2.4 billion in 1970.
In the 1973-1974 period of credit restraint,when interest rates reached new high peaks not attained in either 1966 or 1969,bank mortgage lending help up relatively well. Bank mortgage lending by commercial banks actually rose by $13 billion in 1973 over the 1972 pace,but it fell by $5.3 billion in 1974 and declined another $9 billion in 1975 from the earlier date. Bank mortgage lending,however,rose by $2.6 billion in 1976.