Leadership is one of the most widely covered topics of our day. This is especially true in the world of community development, where our leaders successfully pull resources and people together to help shape the future for underserved neighborhoods.

This article examines the federal response to mortgage distress during the Great Depression: It documents features of the housing cycle of the 1920s and early 1930s, focusing on the growth of mortgage debt and the subsequent sharp increase in mortgage defaults and foreclosures during the...