| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18388 |
| 来源ID | Working Paper 18388 |
| The New Deal and the Origins of the Modern American Real Estate Loan Contract | |
| Jonathan Rose; Kenneth A. Snowden | |
| 发表日期 | 2012-09-13 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | The introduction of the direct reduction (fully-amortized) loan contract to the U.S. residential mortgage market is an important instance of financial innovation. We describe the adoption of this contract within the building and loan (B&L) industry beginning in the 1880s and culminating in the 1930s. A long chain of complementary innovations at B&Ls gradually reduced the costs of adoption, leading to moderate use by the 1920s. The poor performance of traditional contracts during the crisis of the 1930s then radically altered the adoption calculus. At this point a new system of federal savings and loan charters incorporated many of the innovations that had been adopted within the small segment of the B&L industry that had introduced direct reduction lending by the 1920s. The B&L transition in mortgage contracts occurred primarily in the conventional loan market because B&Ls, unlike other lenders, generally avoided the use of the new FHA insurance program. |
| 主题 | Financial Economics ; Financial Institutions ; History ; Financial History ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w18388 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576065 |
| 推荐引用方式 GB/T 7714 | Jonathan Rose,Kenneth A. Snowden. The New Deal and the Origins of the Modern American Real Estate Loan Contract. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18388.pdf（334KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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