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Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets

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  • Courtemanche, Charles

    () (University of North Carolina at Greensboro, Department of Economics)

  • Snowden, Ken

    (University of North Carolina at Greensboro, Department of Economics)

Abstract

The Home Owners’ 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 Info

Paper provided by University of North Carolina at Greensboro, Department of Economics in its series Working Papers with number 10-1.

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Length: 37 pages
Date of creation: 08 Jul 2010
Date of revision:
Handle: RePEc:ris:uncgec:2010_001

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Postal: Box 26165, Greensboro, NC 27402-6165
Phone: (336) 334-5463
Fax: (336) 334-4089
Web page: http://www.uncg.edu/bae/econ/
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Keywords: HOLC; Home Owners Loan Corporation;

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References

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  1. 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.
  2. 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.
  3. 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.
  4. O. Emre Ergungor, 2007. "On the resolution of financial crises: the Swedish experience," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Jun.
  5. 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.
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Cited by:
  1. Eugene N. White, 2012. "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.
  2. Agustín S. Bénétrix & Barry Eichengreen & Kevin H. O'Rourke, 2012. "How housing slumps end," Economic Policy, CEPR & CES & MSH, vol. 27(72), pages 647-692, October.
  3. 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.).
  4. Jonathan D. Rose, 2012. "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.

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