Savings institutions hold a lot more mortgages in portfolio than other home lenders, thanks largely to their focus on adjustables. That's paying off now, but some experts see a squeeze coming.

To have and have not: Actually, the question for thrift institutions is to bold or hold not. Holding mortgages in portfolio instead of selling them to the secondary market is a deliberate strategy that has been made far more palatable in recent years by the rise of adjustable-rate mortgages (ARMs) and their ability to slash interest rate risk.

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