Thrifts are stocking up feverishly on mortgage derivatives, while big credit unions have an even larger share of their assets devoted to derivatives than savings and loans do, two new reports show.

The Office of Thrift Supervision said the share of mortgage derivatives the asset portfolios of savings institutions has more than tripled, to $34.6 billion or 4.4% of assets in 1992 from $11.1 billion, or 1.4% of assets, in 1989. In contrast, holdings of permanent mortgage loans rose 5.9% to $362.1 billion (46.6% of all assets) and holdings of mortgage pool securities grew 11.2% to $118.5 billion (14.9% share).

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