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
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
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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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Persistent link: https://EconPapers.repec.org/RePEc:ris:uncgec:2010_001
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