Name: Finance and Economics Discussion Series: The Prolonged Resolution of Troubled Real Estate Lenders During the 1930s (en Inglés)
Price: 35.09 USD
Availability: InStock
Author: Rose, Jonathan D. ; United States Federal Reserve Board
ISBN: 9781288698134

portada Finance and Economics Discussion Series: The Prolonged Resolution of Troubled Real Estate Lenders During the 1930s (en Inglés)

Formato

Libro Físico

Autor

Jonathan D. Rose

United States Federal Reserve Board

Editorial

Bibliogov

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

24.6 x 18.9 x 0.3 cm

Peso

0.11 kg.

ISBN13

9781288698134

Categorías

Política y gobierno

Finance and Economics Discussion Series: The Prolonged Resolution of Troubled Real Estate Lenders During the 1930s (en Inglés)

Jonathan D. Rose (Autor) · United States Federal Reserve Board (Autor) · Bibliogov · Tapa Blanda

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Reseña del libro "Finance and Economics Discussion Series: The Prolonged Resolution of Troubled Real Estate Lenders During the 1930s (en Inglés)"

This paper studies how building and loan associations (B&Ls) slowly unwound their obligations following a set of financial shocks during the Great Depression, with a special focus on a group of particularly troubled B&Ls in Newark, NJ. Investors in B&Ls disagreed over whether to realize losses on foreclosed real estate holdings, and those investors favoring liquidation were unable to force action after legal developments nullified statutory withdrawal privileges. In the medium run, a market-based resolution mechanism developed in the form of a secondary market for B&L liabilities. Liability holders barred from withdrawal incurred large losses while liquidating their investments on this market. At the same time, B&Ls used the market to avoid realizing some losses by exchanging foreclosed real estate for their second-hand share liabilities. More formal resolution ultimately took place from 1938 to 1943, first consisting heavily of closures, and then of reorganizations. Reorganizations were spurred by a large scale federal intervention arranging for the creation of bad banks, liquidity injections, and liability insurance.