Collateral Damage: The Impact of Foreclosures on New Home Mortgage Lending in the 1930s
Price Fishback (),
Sebastian Fleitas (),
Jonathan Rose and
Kenneth Snowden ()
No 25246, NBER Working Papers from National Bureau of Economic Research, Inc
Foreclosures led to severe disruptions in home mortgage lending during the recent Great Recession and the Great Depression of the 1930s. It is difficult to measure these impacts in the modern market where origination, funding and servicing are separated within complex lending structures, but during the 1930s local building & loans (B&Ls) combined all three functions. We measure the impact of foreclosures on new mortgage lending using a panel of all B&Ls in 4 states. The foreclosure overhang explains about 30 percent of the drop in new mortgage lending by B&Ls as the housing crisis intensified between 1930 and 1935.
JEL-codes: E32 E44 G23 N12 N22 R31 (search for similar items in EconPapers)
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