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It's a Wonderful Loan: A Short History of Building and Loan Associations

Author

Listed:
  • David A. Price
  • John R. Walter

Abstract

Prior to the advent of modern home mortgage markets in the United States, markets in which mortgage-backed securities and government-sponsored enterprises now play significant roles, prospective homebuyers had to rely on other mechanisms of home finance. For about a century, cooperative organizations known as building and loan associations, a concept imported from Britain, served millions of American savers and homebuyers.

Suggested Citation

  • David A. Price & John R. Walter, 2019. "It's a Wonderful Loan: A Short History of Building and Loan Associations," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue January.
    • Handle: RePEc:fip:fedreb:00072
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    File URL: https://www.richmondfed.org/-/media/richmondfedorg/publications/research/economic_brief/2019/pdf/eb_19-01.pdf
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    Citations

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    Cited by:

    1. Todd Messer, 2022. "Financial Failure and Depositor Quality: Evidence from Building and Loan Associations in California," International Finance Discussion Papers 1354, Board of Governors of the Federal Reserve System (U.S.).

    More about this item

    Keywords

    home mortgage; building and loan;

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