Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets
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.
|Date of creation:||08 Jul 2010|
|Contact details of provider:|| Postal: UNC Greensboro, Department of Economics, PO Box 26170, Bryan Building 462, Greensboro, NC 27402|
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- 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,
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- 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.
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- 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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