Covered farm mortgage bonds in the late nineteenth century U.S.
By: Kenneth A. Snowden
Contributors: National Bureau of Economic Research
Series: NBER working paper series -- working paper 16242; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16242.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] /
Description: "Covered mortgage bonds have been used successfully in Europe for two centuries, but failed in the U.S.  when introduced as farm mortgage debentures in the 1880s.  Using firm-level data and a sample of loans made by one Kansas mortgage company, I find that debenture programs grew out of established loan brokerage operations and were used to fund mortgages that were difficult to broker because of size, term or risk characteristics.  Debentures broadened access to the interregional mortgage market and facilitated an expansion of western farm mortgage debt before the innovation failed in the mortgage crisis of the 1890s"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 9/21/2010.

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