[UCP Books]: Well Worth Saving: How the New Deal Safeguarded Home Ownership
“Price Fishback, Jonathan Rose, and Kenneth Snowden have assembled compelling new data to reassess the costs and benefits of the Home Owner’s Loan Corporation, developing the broader history of housing support and relating their findings to the recent financial crisis in the United States and current government programs aimed at providing relief. This is a well-executed and thorough work.”
–Kris James Mitchener, Santa Clara University
Well Worth Saving
How the New Deal Safeguarded Home Ownership
Price Fishback, Jonathan Rose, and Kenneth Snowden
|Publication date: October 15, 2013||Cloth $35.00 • £24.00|
|International publication date: October 28, 2013||ISBN-13: 978-0-226-08244-8|
Well Worth Saving tells the story of the disastrous housing market during the Great Depression and the extent to which an immensely popular New Deal relief program, the Home Owners’ Loan Corporation (HOLC), was able to stem foreclosures by buying distressed mortgages from lenders and refinancing them. Drawing on historical records and modern statistical tools, the authors investigate important unanswered questions to provide an unparalleled view of the industry throughout the 1920s and early ’30s. Combining this with the stories of those involved, the book offers a clear understanding of the HOLC within the context of the housing market in which it operated.
More than eighty years after the Great Depression, when politicians have called for similar programs to quell the current crisis, this accessible account holds invaluable lessons for our own time.