scholarly journals Collateral Damage: The Impact of Foreclosures on New Home Mortgage Lending in the 1930s

2020 ◽  
Vol 80 (3) ◽  
pp. 853-885
Author(s):  
Price Fishback ◽  
Sebastian Fleitas ◽  
Jonathan Rose ◽  
Ken Snowden
Keyword(s):  
Real Estate ◽  
Great Depression ◽  
Mortgage Lending ◽  
Credit Crunch ◽  
Collateral Damage ◽  
Balance Sheets ◽  
The Great Depression ◽  
Mortgage Credit ◽  
Home Mortgage ◽  
The Impact

The Great Depression of the 1930s involved a severe disruption in the supply of home mortgage credit. This paper empirically identifies a mechanism lying behind this credit crunch: the impairment of lenders’ balance sheets by illiquid foreclosed real estate. With data on hundreds of building and loans (B&Ls), the leading mortgage lenders in this period, we find that the overhang of foreclosed real estate explains about 30 percent of the drop in new lending between 1930 and 1935.

scholarly journals Collateral Damage: The Impact of Foreclosures on New Home Mortgage Lending in the 1930s

2018 ◽  
Author(s):  
Price Fishback ◽  
Sebastián Fleitas ◽  
Jonathan Rose ◽  
Kenneth Snowden
Keyword(s):  
Mortgage Lending ◽  
Collateral Damage ◽  
Home Mortgage ◽  
The Impact

Conclusion and Legacy

2017 ◽  
Author(s):  
Christopher Robert Reed
Keyword(s):  
Real Estate ◽  
Economic System ◽  
Great Depression ◽  
Communist Party ◽  
Black Politics ◽  
Urban League ◽  
The Great Depression ◽  
Black Metropolis ◽  
The Impact

This chapter discusses the impact of the Great Depression on the dream of the Black Metropolis. Unfortunately, this dream foundered on the rocks of the Great Depression in which its black banking giants failed, as did one of the three community insurance giants and its real estate empire, along with so many smaller businesses. The Depression also affected black politics, and major race advancement and protest organizations. The Chicago Urban League suffered financially, faced the threat of its possible demise, and consequently changed the direction of its program. The Chicago NAACP transformed itself into an organization that could perform effectively in the economic arena under diverse leadership. The Communist Party seemingly thrived as it rallied behind a banner of protest and because of the apparent collapse of the American economic system that it vehemently opposed. It was, nonetheless, relatively ineffective in its attempts to control, first, a stagnant Republican-dominated milieu and then a progressive Democratic one.

Chicago, 1934

2017 ◽  
Author(s):  
Thomas Leslie
Keyword(s):  
Real Estate ◽  
Great Depression ◽  
Real Estate Market ◽  
The Great Depression ◽  
Wacker Drive ◽  
Leisure Facilities ◽  
The Impact

This chapter describes the impact of the Great Depression on the Chicago real estate market. The gravity of the Depression can be understood by what was not built. For instance, Walter Ahlschlager had planned a massive complex of office towers, showrooms, lodging, and leisure facilities known variously as Crane Tower, Chicago tower, and the Apparel Mart. Announced by a group of apparel executives in June 1928, the scheme proposed a seventy-five-story setback tower atop a base that was to span railyards between the extended Randolph Street and Wacker Drive. However, nothing more was heard of the project after the October crash. The idea of a city rising above the Illinois Central yards attracted other schemes but no serious investment until after 1950.

Business Enterprise and the Great Depression in Brazil: A Study of Profits and Losses in Textile Manufacturing

1992 ◽  
Vol 66 (2) ◽  
pp. 335-363 ◽  
Author(s):  
Stephen H. Haber
Keyword(s):  
Great Depression ◽  
Statistical Data ◽  
Previous Literature ◽  
Cotton Textile ◽  
Business Enterprise ◽  
Accounting Data ◽  
Textile Manufacturing ◽  
The Great Depression ◽  
The Individual ◽  
The Impact

This article employs previously unused accounting data and manuscript censuses to determine the impact of the Great Depression on Brazil's most important cotton textile manufacturers. It argues that the Great Depression, when viewed at the level of the individual business enterprise, had far more serious consequences than the previous literature, which relied on aggregate statistical data, suggests. The analysis presented here leads to the conclusion that Brazil's major cotton firms were in serious trouble prior to the 1929 Crash and that they took longer to recover than most other studies of Brazilian industrialization have indicated.

Sāmoa’s Gethsemane (1930)

Tautai ◽  
2017 ◽  
Author(s):  
Patricia O'Brien
Keyword(s):  
New Zealand ◽  
Great Depression ◽  
Annual Report ◽  
Moral Character ◽  
League Of Nations ◽  
The Great Depression ◽  
Business Operations ◽  
The Impact

This chapter explores the immediate aftermath of the Black Saturday Massacre through the experiences of Ta’isi. Though New Zealand forces tried to stop the Mau through exiling Ta’isi and then the killing Tupua Tamasese (which may have been intended or not) the Mau continued to disrupt New Zealand’s rule. The Women’s Mau, in which Rosabel played a prominent role, also came to the fore in 1930. Administrator Allen enraged these women, Ta’isi and Sāmoans generally, when he wrote in the annual report to the League of Nations that these women were of ‘light moral character’. The crisis of the Great Depression began to impact Sāmoa and for Ta’isi personally; his enforced absence from Sāmoa began to bite into his business operations. This chapter explores the New Zealand’s part in continuing attempts to publically damage Ta’isi’s status amongst Sāmoans. It also explores the impact on Ta’isi and the Mau with the death of Sir Māui Pōmare, who had been Samoa’s staunchest supporter.

Redefining the Heartland

2011 ◽  
Author(s):  
Robert Wuthnow
Keyword(s):  
Nineteenth Century ◽  
Great Depression ◽  
Republican Party ◽  
Church And State ◽  
Political Influence ◽  
Religious Movements ◽  
The Great Depression ◽  
Electoral Cycle ◽  
National Economic ◽  
The Impact

This chapter examines how Kansas experienced a long slide from being the “kernel of the country” to becoming a mere outpost far from the centers of national economic and political influence—a shift that was rooted in economic and demographic changes, but was primarily a matter of cultural redefinition. On those rare occasions in the nineteenth century when the Kansas Republican Party lost power, it regrouped and made a comeback in the next electoral cycle. The chapter first considers how the influence of Republicans and Methodists peaked in 1924, a banner year for the Kansas economy, before discussing the consolidation and further expansion of Kansas churches. It then describes the separation of church and state, along with the rise of fundamentalism and the impact of the Great Depression on Kansas churches. It also explores the repeal of Prohibition in 1933 and the emergence of smaller political and religious movements in Kansas.

The Primal Force of the Great Depression

2017 ◽  
Author(s):  
John Kenneth Galbraith
Keyword(s):  
Economic Policy ◽  
Classical Tradition ◽  
Great Depression ◽  
The Other ◽  
Vulnerable Groups ◽  
Stock Market Crash ◽  
The Great Depression ◽  
Classical Economic ◽  
The Impact ◽  
The Brain

This chapter examines the impact of the Great Depression on classical economic ideas. When the Great Depression struck after the stock market crash of October 1929, economists in the classical tradition such as Joseph Schumpeter and Lionel Robbins chose to do nothing. They argued that the depression must be allowed to run its course. The chapter first considers U.S. economic policy under Franklin D. Roosevelt, focusing on how he addressed three visible features of the depression: deflation in prices, unemployment, and the hardship depression suffered by especially vulnerable groups. It also discusses the views of two scholars who belonged to the group known as the Roosevelt Brains Trust (later the Brain Trust), Rexford Guy Tugwell and Adolf A. Berle Jr. Finally, it explores how depression and price deflation led to two efforts to raise prices, one through the National Recovery Act and the other through agriculture.

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