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Changing the Rules: State Mortgage Foreclosure Moratoria During the Great Depression (ICPSR 24542)
Many U.S. states imposed temporary moratoria on farm and nonfarm residential mortgage foreclosures during the Great Depression. This article describes the conditions that led some states to impose these moratoria and other mortgage relief during the Depression and discusses the economic effects. Moratoria were more common in states with large farm populations (as a percentage of total state population) and high farm mortgage foreclosure rates, although nonfarm mortgage distress appears to help explain why a few states with relatively low farm foreclosure rates also imposed moratoria. The moratoria reduced farm foreclosure rates in the short run, but they also appear to have reduced the supply of loans and made credit more expensive for subsequent borrowers. The evidence from the Great Depression demonstrates how government actions to reduce foreclosures can impose costs that should be weighed against potential benefits.
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Wheelock, David C. Changing the Rules: State Mortgage Foreclosure Moratoria During the Great Depression. ICPSR24542-v1. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2009-01-09. http://doi.org/10.3886/ICPSR24542.v1
Persistent URL: https://doi.org/10.3886/ICPSR24542.v1
This study was funded by:
- Federal Reserve Bank of St. Louis. Research Division
Scope of Study
Subject Terms: Federal Home Loan Mortgage Association, Federal National Mortgage Association, foreclosures, Great Depression (1929), home ownership, income, loans, moratoria, mortgage, mortgage companies, mortgage payments, property values, refinancing
Geographic Coverage: United States
A zipped package contains a Stata v.10 programming syntax file (text format) and a Microsoft Excel file, which contains the data and tables used in the article.
These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigators if further information is desired.
Original ICPSR Release: 2009-01-09
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