The Federal Response to Home Mortgage Distress: Lessons from the Great Depression (ICPSR 22682)

Published: Jun 9, 2008

Principal Investigator(s):
David C. Wheelock, Federal Reserve Bank of St. Louis

https://doi.org/10.3886/ICPSR22682.v1

Version V1

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 Depression. It summarizes the major federal initiatives to reduce foreclosures and reform mortgage market practices, focusing especially on the activities of the Home Owners' Loan Corporation (HOLC), which acquired and refinanced one million delinquent mortgages between 1933 and 1936. Because the conditions under which the HOLC operated were unusual, the author cautions against drawing strong policy lessons from the HOLC's activities. Nonetheless, similarities between the Great Depression and the recent episode suggest that a review of the historical experience can provide insights about alternative policies to relieve mortgage distress.

Wheelock, David C. The Federal Response to Home Mortgage Distress: Lessons from the Great Depression. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2008-06-09. https://doi.org/10.3886/ICPSR22682.v1

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Federal Reserve Bank of St. Louis. Research Division

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2008-06-09

2008-06-09

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