Covered Farm Mortgage Bonds in the Late Nineteenth Century U.S
AbstractCovered mortgage bonds have been used successfully in Europe for two centuries, but failed in the U.S. when introduced as farm mortgage debentures in the 1880s. Using firm-level data and a sample of loans made by one Kansas mortgage company, I find that debenture programs grew out of established loan brokerage operations and were used to fund mortgages that were difficult to broker because of size, term or risk characteristics. Debentures broadened access to the interregional mortgage market and facilitated an expansion of western farm mortgage debt before the innovation failed in the mortgage crisis of the 1890s.
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 InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16242.
Date of creation: Jul 2010
Date of revision:
Note: AP CF DAE
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Find related papers by JEL classification:
- G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
- G29 - Financial Economics - - Financial Institutions and Services - - - Other
- N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
- N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
- N2 - Economic History - - Financial Markets and Institutions
- N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
- N5 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries
- N51 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - U.S.; Canada: Pre-1913
- R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- 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.
- Yiting Li & Guillaume Rocheteau & Pierre-Olivier Weill, 2011.
"Liquidity and the Threat of Fraudulent Assets,"
NBER Working Papers
17500, National Bureau of Economic Research, Inc.
- Rose, Jonathan & Snowden, Kenneth, 2012. "The New Deal and the Origins of the Modern American Real Estate Loan Contract in the Building and Loan Industry," Working Papers 12-6, University of North Carolina at Greensboro, Department of Economics.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.