Repairing a Mortgage Crisis: HOLC Lending and Its Impact on Local Housing Markets
AbstractThe Home Ownersâ Loan Corporation purchased more than a million delinquent mortgages from private lenders between 1933 and 1936 and refinanced the loans for the borrowers. Its primary goal was to break the cycle of foreclosure, forced property sales and decreases in home values that was affecting local housing markets throughout the nation. We find that HOLC loans were targeted at local (county-level) housing markets that had experienced severe distress and that the intervention increased 1940 median home values and homeownership rates, but not new home building.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal The Journal of Economic History.
Volume (Year): 71 (2011)
Issue (Month): 02 (June)
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Other versions of this item:
- Charles Courtemanche & Kenneth A. Snowden, 2010. "Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets," NBER Working Papers 16245, National Bureau of Economic Research, Inc.
- Courtemanche, Charles & Snowden, Ken, 2010. "Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets," Working Papers 10-1, University of North Carolina at Greensboro, Department of Economics.
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- G01 - Financial Economics - - General - - - Financial Crises
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- N - Economic History
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