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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Cambridge University Press in its journal The Journal of Economic History.
Volume (Year): 71 (2011)
Issue (Month): 02 (June)
Contact details of provider:
Postal: The Edinburgh Building, Shaftesbury Road, Cambridge CB2 2RU UK
Fax: +44 (0)1223 325150
Web page: http://journals.cambridge.org/jid_JEHProvider-Email:firstname.lastname@example.org
Other versions of this item:
- 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.
- 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.
- 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
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- N - Economic History
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Fishback, Price V. & Kantor, Shawn & Wallis, John Joseph, 2003.
"Can the New Deal's three Rs be rehabilitated? A program-by-program, county-by-county analysis,"
Explorations in Economic History,
Elsevier, vol. 40(3), pages 278-307, July.
- Price V. Fishback & Shawn Kantor & John Joseph Wallis, 2002. "Can the New Deal's Three R's Be Rehabilitated? A Program-by-Program, County-by-County Analysis," NBER Working Papers 8903, National Bureau of Economic Research, Inc.
- O. Emre Ergungor, 2007. "On the resolution of financial crises: the Swedish experience," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Jun.
- Kenneth A. Snowden, 2010. "The Anatomy of a Residential Mortgage Crisis: A Look Back to the 1930s," NBER Working Papers 16244, National Bureau of Economic Research, Inc.
- Snowden, Kenneth A, 1997. "Building and loan associations in the U.S., 1880-1893: the origins of localization in the residential mortgage market," Research in Economics, Elsevier, vol. 51(3), pages 227-250, September.
- David C. Wheelock, 2008. "The federal response to home mortgage distress: lessons from the Great Depression," Review, Federal Reserve Bank of St. Louis, issue May, pages 133-148.
- Kevin HjortshÃ¸j O'Rourke & Augustin S. Benetrix and Barry Eichengreen, 2011.
"How Housing Slumps End,"
Economics Series Working Papers
577, University of Oxford, Department of Economics.
- Agustin Benetrix & Barry Eichengreen & Kevin H. O'Rourke, 2011. "How Housing Slumps End," The Institute for International Integration Studies Discussion Paper Series iiisdp384, IIIS.
- Jonathan D. Rose, 2013. "The Prolonged Resolution of Troubled Real Estate Lenders During the 1930s," NBER Chapters, in: Housing and Mortgage Markets in Historical Perspective National Bureau of Economic Research, Inc.
- Jonathan D. Rose, 2012. "The prolonged resolution of troubled real estate lenders during the 1930s," Finance and Economics Discussion Series 2012-31, Board of Governors of the Federal Reserve System (U.S.).
- Eugene N. White, 2009.
"Lessons from the Great American Real Estate Boom and Bust of the 1920s,"
NBER Working Papers
15573, National Bureau of Economic Research, Inc.
- Eugene N. White, 2013. "Lessons from the Great American Real Estate Boom and Bust of the 1920s," NBER Chapters, in: Housing and Mortgage Markets in Historical Perspective National Bureau of Economic Research, Inc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Keith Waters).
If references are entirely missing, you can add them using this form.