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Well Worth Saving: How the New Deal Safeguarded Home Ownership

Price V. Fishback, Jonathan Rose, and Kenneth Snowden

Published in print:
2013
Published Online:
May 2014
ISBN:
9780226082448
eISBN:
9780226082585
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226082585.001.0001
Subject:
Economics and Finance, Economic History

This book is an economic history of the Home Owners’ Loan Corporation (HOLC). The HOLC was government corporation created under the New Deal to refinance home mortgage loans in danger of foreclosure, ... More


Spain: National Correspondents: Dr Juan Ferré Prof Ángel Mª Ballesteros

in Rescue of Business in Europe: A European Law Institute Instrument

Published in print:
2020
Published Online:
March 2021
ISBN:
9780198826521
eISBN:
9780191932274
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198826521.003.0039
Subject:
Law, EU Law

In our opinion, the three possible proceedings established by Spanish law (namely 5bis Notice, the Judicial Homologation Process and Out-of-Court Agreement) facilitate the resolution of the ... More


The White Knight

Hans-Werner Sinn

in The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs

Published in print:
2014
Published Online:
October 2014
ISBN:
9780198702139
eISBN:
9780191771828
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198702139.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

When the US financial crisis spilled over to Europe after 2007, investors shied away from the southern euro countries, declining to continue financing their current account deficits and even ... More


Introduction

Price Fishback, Jonathan Rose, and Kenneth Snowden

in Well Worth Saving: How the New Deal Safeguarded Home Ownership

Published in print:
2013
Published Online:
May 2014
ISBN:
9780226082448
eISBN:
9780226082585
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226082585.003.0001
Subject:
Economics and Finance, Economic History

This chapter introduces the HOLC by exploring how it provided relief to one borrower, Joshua C. from Coeur D’Alene, Idaho, who faced foreclosure in 1934 due to a lower market value for his house, ... More


An HOLC Primer

Price Fishback, Jonathan Rose, and Kenneth Snowden

in Well Worth Saving: How the New Deal Safeguarded Home Ownership

Published in print:
2013
Published Online:
May 2014
ISBN:
9780226082448
eISBN:
9780226082585
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226082585.003.0006
Subject:
Economics and Finance, Economic History

This chapter describes the basic operations of the HOLC and gives a chronology of its activities. The HOLC bought distressed loans from lenders and refinanced those loans for borrowers from 1933 to ... More


The Borrowers’ Good Deal

Price Fishback, Jonathan Rose, and Kenneth Snowden

in Well Worth Saving: How the New Deal Safeguarded Home Ownership

Published in print:
2013
Published Online:
May 2014
ISBN:
9780226082448
eISBN:
9780226082585
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226082585.003.0008
Subject:
Economics and Finance, Economic History

This HOLC delivered relief to borrowers by lengthening loan durations, lowering interest rates, and by requiring no principal payments for the first three years. However, HOLC modifications did not ... More


Conclusion

Price Fishback, Jonathan Rose, and Kenneth Snowden

in Well Worth Saving: How the New Deal Safeguarded Home Ownership

Published in print:
2013
Published Online:
May 2014
ISBN:
9780226082448
eISBN:
9780226082585
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226082585.003.0011
Subject:
Economics and Finance, Economic History

This chapter concludes the book by summarizing four main findings regarding how the HOLC affected borrowers, lenders, housing markets, and taxpayers. The HOLC gave lenders a good deal by buying loans ... More


Treasury Debt Management during the Great Contraction

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0018
Subject:
Economics and Finance, Econometrics

This chapter traces the evolution of Treasury debt management actions between 1930 and early 1933. It first examines the outlook for debt management in the second half of 1930. It then describes how ... More


Treasury Debt Management during the New Deal

Kenneth D. Garbade

in Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression

Published in print:
2012
Published Online:
August 2013
ISBN:
9780262016377
eISBN:
9780262298674
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016377.003.0019
Subject:
Economics and Finance, Econometrics

This chapter examines Treasury debt management during the New Deal, from the spring of 1933 to mid-1939. Treasury Secretary Morgenthau accomplished two debt management objectives that were most ... More


Prepayment Risk Neutrality: The Concept of prOAS

Andrew Davidson and Alexander Levin

in Mortgage Valuation Models: Embedded Options, Risk, and Uncertainty

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199998166
eISBN:
9780199363698
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199998166.003.0012
Subject:
Economics and Finance, Financial Economics

This chapter offers a theory that explains the origin of OAS. Observing that OAS levels differ across agency MBS types, the chapter concludes that prepayment model risk plays a fundamental role in ... More


Agency Pool Prepayment Models

Andrew Davidson and Alexander Levin

in Mortgage Valuation Models: Embedded Options, Risk, and Uncertainty

Published in print:
2014
Published Online:
August 2014
ISBN:
9780199998166
eISBN:
9780199363698
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199998166.003.0008
Subject:
Economics and Finance, Financial Economics

The goal of prepayment modeling is to estimate the probability of loan termination using information about the loan, the borrower, the collateral, and the economic conditions. This chapter focuses ... More


Monetary Policy Instruments

Juan Antonio Morales and Paul Reding

in Monetary Policy in Low Financial Development Countries

Published in print:
2021
Published Online:
August 2021
ISBN:
9780198854715
eISBN:
9780191888915
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198854715.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter presents and discusses the instruments of monetary policy that are used by LFDCs’ central banks. The trend towards market-based monetary policies has been followed by LFDCs’ central ... More


Redemption Through Austerity?

Jean Pisani-Ferry

in The Euro Crisis and Its Aftermath

Published in print:
2014
Published Online:
May 2014
ISBN:
9780199993338
eISBN:
9780199346400
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199993338.003.0014
Subject:
Economics and Finance, Financial Economics

Shortly after Mario Draghi took office as president of the European Central Bank (ECB), he called for what he named a “fiscal compact”, a further step towards improving fiscal discipline in the euro ... More


Valuing and Analyzing Mortgage-Backed and Asset-Backed Securities

Matthew Dyer

in Debt Markets and Investments

Published in print:
2019
Published Online:
June 2020
ISBN:
9780190877439
eISBN:
9780190877460
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190877439.003.0026
Subject:
Economics and Finance, Financial Economics

This chapter discusses how to value and analyze asset-backed securities (ABSs) with an emphasis on mortgage-backed securities (MBSs). Valuation differs fundamentally from traditional fixed-income ... More


Spain: National Correspondents: Dr Juan Ferré and Prof Ángel Mª Ballesteros

in Rescue of Business in Europe: A European Law Institute Instrument

Published in print:
2020
Published Online:
March 2021
ISBN:
9780198826521
eISBN:
9780191932274
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198826521.003.0038
Subject:
Law, EU Law

There are a set of rules set forth in the Insolvency Act (‘Ley 22/2003, of 9 July, Concursal’ or ‘LC’) which purpose is to avoid that debtors file for formal insolvency proceedings. These rules aim ... More


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