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Well Worth Saving : How the New Deal Safeguarded Home Ownership

By: Fishback, Price V.
Contributor(s): Rose, Jonathan | Snowden, Kenneth.
Material type: TextTextSeries: eBooks on Demand.NBER-Long-Term Factors in Economic Devel: Publisher: Chicago : University of Chicago Press, 2013Description: 1 online resource (190 p.).ISBN: 9780226082585.Subject(s): Home Owners’ Loan Corporation -- History | Home ownership -- United States -- History -- 20th century | Mortgage loans -- United States -- History -- 20th century | New Deal, 1933-1939Genre/Form: Electronic books.Additional physical formats: Print version:: Well Worth Saving : How the New Deal Safeguarded Home OwnershipDDC classification: 332.7 | 332.7/220973 | 332.7220973 LOC classification: HG3729HG3729 .U5 F57 2013Online resources: Click here to view this ebook.
Contents:
Contents; Preface; Acknowledgments; 1. Introduction; 2. The Patchwork Mortgage Market in the 1920s; 3. The Mortgage Crisis; 4. Pressures for Government Action; 5. The Economic Rationale for the HOLC; 6. An HOLC Primer; 7. The Lenders' Good Deal; 8. The Borrowers' Good Deal; 9. Repairing Mortgage and Housing Markets; 10. The Cost to Taxpayers and Subsidies to the Housing Market; 11. Conclusion; Appendix: Walking through the Analysis of the Impact of the HOLC; Notes; References; Index
Summary: The urgent demand for housing after World War I fueled a boom in residential construction that led to historic peaks in home ownership. Foreclosures at the time were rare, and when they did happen, lenders could quickly recoup their losses by selling into a strong market. But no mortgage system is equipped to deal with credit problems on the scale of the Great Depression. As foreclosures quintupled, it became clear that the mortgage system of the 1920s was not up to the task, and borrowers, lenders, and real estate professionals sought action at the federal level.            <I
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HG3729 | HG3729 .U5 F57 2013 (Browse shelf) http://uttyler.eblib.com/patron/FullRecord.aspx?p=1404708 Available EBL1404708

Contents; Preface; Acknowledgments; 1. Introduction; 2. The Patchwork Mortgage Market in the 1920s; 3. The Mortgage Crisis; 4. Pressures for Government Action; 5. The Economic Rationale for the HOLC; 6. An HOLC Primer; 7. The Lenders' Good Deal; 8. The Borrowers' Good Deal; 9. Repairing Mortgage and Housing Markets; 10. The Cost to Taxpayers and Subsidies to the Housing Market; 11. Conclusion; Appendix: Walking through the Analysis of the Impact of the HOLC; Notes; References; Index

The urgent demand for housing after World War I fueled a boom in residential construction that led to historic peaks in home ownership. Foreclosures at the time were rare, and when they did happen, lenders could quickly recoup their losses by selling into a strong market. But no mortgage system is equipped to deal with credit problems on the scale of the Great Depression. As foreclosures quintupled, it became clear that the mortgage system of the 1920s was not up to the task, and borrowers, lenders, and real estate professionals sought action at the federal level.            <I

Description based upon print version of record.

Reviews provided by Syndetics

CHOICE Review

In most economics departments, articles in top peer-reviewed journals are all that matter. Books count for very little, if anything. This makes sense if the goal is pushing forward the frontier of knowledge. However, if the goal is ensuring that citizens and policy makers understand the implications of research, then the disjointed nature of scholarly articles is inappropriate. This book on the Depression-era Home Owners' Loan Corporation (HOLC) is a prominent example of the benefits of a book-length treatment of a topic. While chapters 7 and 9 contain summaries of previously published academic papers, the remainder of the volume provides rich historical and institutional detail on HOLC that places this work into a broader context than is apparent when reading the original journal articles. The context that Fishback (Univ. of Arizona), Rose (Federal Reserve), and Snowden (Univ. of North Carolina, Greensboro) provide is important for two reasons. First, it is crucial to understanding the important role that HOLC played in response to the Depression-era mortgage crisis. Second, it greatly informs the authors' concluding thoughts on whether a HOLC-type program would have been an appropriate response to the recent housing crisis. Summing Up: Recommended. Students, upper-division undergraduate and up; faculty; researchers; professionals; general readers. J. C. Hall West Virginia University

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