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The legacy of the home owners’ loan corporation

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  • Kristen Crossney
  • David Bartelt

Abstract

The appraisal practices of the Home Owners’ Loan Corporation (HOLC) and its Residential Security Maps are often cited as major contributors to later redlining and the perpetuation of segregation through unequal access to mortgage credit. This article focuses on whether there was a relationship between the HOLC's neighborhood assessments and mortgage outcomes. Our results indicate that the agency was clearly instrumental in restructuring the home finance system and permitting far greater access to homeowner‐ship, but it is important to consider other factors in examining the HOLC's legacy in the reshaping of the mortgage market and the operation of the financial sector after the Great Depression. Specifically, the issue of increasing segregation in older cities in the late 20th century remains inextricably linked to both the shifting nature of real estate finance after the HOLC era and the demographic, economic, and residential changes affecting U.S. cities.

Suggested Citation

  • Kristen Crossney & David Bartelt, 2005. "The legacy of the home owners’ loan corporation," Housing Policy Debate, Taylor & Francis Journals, vol. 16(3-4), pages 547-574.
    • Handle: RePEc:taf:houspd:v:16:y:2005:i:3-4:p:547-574
    DOI: 10.1080/10511482.2005.9521555
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    Cited by:

    1. Price V. Fishback & Jonathan Rose & Kenneth A. Snowden & Thomas Storrs, 2021. "New Evidence on Redlining by Federal Housing Programs in the 1930s," NBER Working Papers 29244, National Bureau of Economic Research, Inc.
    2. Jonathan D. Rose, 2011. "The Incredible HOLC? Mortgage Relief during the Great Depression," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(6), pages 1073-1107, September.
    3. Joseph Gibbons, 2023. "Examining the long-term influence of New Deal era redlining on contemporary gentrification," Urban Studies, Urban Studies Journal Limited, vol. 60(14), pages 2816-2834, November.
    4. Krimmel, Jacob, 2018. "Persistence of Prejudice: Estimating the Long Term Effects of Redlining," SocArXiv jdmq9, Center for Open Science.

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