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

Charles Courtemanche and Kenneth Snowden ()

No 10-1, UNCG Economics Working Papers from 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.

Keywords: HOLC; Home Owners Loan Corporation (search for similar items in EconPapers)
JEL-codes: N00 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2010-07-08
New Economics Papers: this item is included in nep-ure
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Citations: View citations in EconPapers (6)

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Related works:
Journal Article: Repairing a Mortgage Crisis: HOLC Lending and Its Impact on Local Housing Markets (2011)
Working Paper: Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets (2010)
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