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Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets
Courtemanche, Charles; Snowden, Kenneth A. - National Bureau of Economic Research (NBER) - 2010
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...
Persistent link: https://www.econbiz.de/10008548780
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The Influence of the Home Owners' Loan Corporation on Housing Markets During the 1930s
Fishback, Price Vanmeter; Flores-Lagunes, Alfonso; … - National Bureau of Economic Research (NBER) - 2010
Problems with mortgage financing are widely considered to be a major cause of the recent financial meltdown. Several …
Persistent link: https://www.econbiz.de/10008634695
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Covered Farm Mortgage Bonds in the Late Nineteenth Century U.S.
Snowden, Kenneth A. - National Bureau of Economic Research (NBER) - 2010
Covered mortgage bonds have been used successfully in Europe for two centuries, but failed in the U.S. when introduced … as farm mortgage debentures in the 1880s. Using firm-level data and a sample of loans made by one Kansas mortgage company … mortgage market and facilitated an expansion of western farm mortgage debt before the innovation failed in the mortgage crisis …
Persistent link: https://www.econbiz.de/10008548779
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Speculators and Middlemen: The Strategy and Performance of Investors in the Housing Market
Bayer, Patrick; Geissler, Christopher; Mangum, Kyle; … - National Bureau of Economic Research (NBER) - 2011
Housing market transactions are a matter of public record and thus provide a rare opportunity to analyze the behavior, performance, and strategies of individual investors. Using data for all housing transactions in the Los Angeles area from 1988-2009, this paper provides empirical evidence on...
Persistent link: https://www.econbiz.de/10008836384
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The Anatomy of a Residential Mortgage Crisis: A Look Back to the 1930s
Snowden, Kenneth A. - National Bureau of Economic Research (NBER) - 2010
Looking back to the 1930s provides the opportunity to examine one severe mortgage crisis as we live through another …. This paper examines the development of the residential mortgage market during the 1920s, the institutional disruptions that … development of the residential mortgage market and led to a postwar system in which portfolio lenders dominated both local and …
Persistent link: https://www.econbiz.de/10008548788
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Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market
Agarwal, Sumit; Ben-David, Itzhak; Yao, Vincent - National Bureau of Economic Research (NBER) - 2013
Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged...
Persistent link: https://www.econbiz.de/10010703331
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Deposit Insurance Database
Demirguc-Kunt, Asli; Kane, Edward J.; Laeven, Luc - National Bureau of Economic Research (NBER) - 2014
This paper provides a comprehensive, global database of deposit insurance arrangements as of 2013. We extend our earlier dataset by including recent adopters of deposit insurance and information on the use of government guarantees on banks' assets and liabilities, including during the recent...
Persistent link: https://www.econbiz.de/10010969341
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Housing Collateral, Credit Constraints and Entrepreneurship - Evidence from a Mortgage Reform
Jensen, Thais Lærkholm; Leth-Petersen, Søren; Nanda, … - National Bureau of Economic Research (NBER) - 2014
We study how a mortgage reform that exogenously increased access to credit had an impact on entrepreneurship, using …
Persistent link: https://www.econbiz.de/10010969457
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Evaluating Policies to Prevent another Crisis: An Economist's View
Willen, Paul S. - National Bureau of Economic Research (NBER) - 2014
I consider four policies created to address the financial crisis: (1) the ability-to-repay requirement in mortgage …
Persistent link: https://www.econbiz.de/10010950717
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The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s
Calomiris, Charles W.; Weidenmier, Marc; Mason, Joseph R.; … - National Bureau of Economic Research (NBER) - 2012
This paper examines the effects of the Reconstruction Finance Corporation's (RFC) loan and preferred stock programs on bank failure rates in Michigan during the period 1932-1934, which includes the important Michigan banking crisis of early 1933 and its aftermath. Using a new database on...
Persistent link: https://www.econbiz.de/10010950800