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Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets / Charles Courtemanche, Kenneth A. Snowden.
- Format:
- Book
- Author/Creator:
- Courtemanche, Charles.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w16245.
- NBER working paper series no. w16245
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Repairing a Mortgage Crisis
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2010.
- Summary:
- 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.
- Notes:
- Print version record
- July 2010.
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