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The Anatomy of a Residential Mortgage Crisis : A Look Back to the 1930s

Author: Kenneth A Snowden
Publisher: Cambridge, Mass. National Bureau of Economic Research 2010.
Series: Working paper series (National Bureau of Economic Research), no. w16244.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
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 occurred in the 1930s and the policy response of federal and state governments. The crisis reshaped the structure and development of the residential mortgage market and led to a  Read more...
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Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Kenneth A Snowden
OCLC Number: 1027349499
Notes: July 2010.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w16244.
Responsibility: Kenneth A. Snowden.

Abstract:

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 occurred in the 1930s and the policy response of federal and state governments. The crisis reshaped the structure and development of the residential mortgage market and led to a postwar system in which portfolio lenders dominated both local and interregional markets. Some pre-1930 innovations—mortgage insurance and high-leverage, affordable loans—were written into federal programs and became part of the new system. But early experiments and proposals for securitization did not survive the 1930s and the implementation of this innovation was delayed for forty years.

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