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Federal Reserve Bank of Richmond
Richmond Fed Economic Brief
It's a Wonderful Loan: A Short History of Building and Loan Associations
David A. Price
John R. Walter

Prior to the advent of modern home mortgage markets in the United States, markets in which mortgage-backed securities and government-sponsored enterprises now play significant roles, prospective homebuyers had to rely on other mechanisms of home finance. For about a century, cooperative organizations known as building and loan associations, a concept imported from Britain, served millions of American savers and homebuyers.

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David A. Price & John R. Walter, "It's a Wonderful Loan: A Short History of Building and Loan Associations" , Federal Reserve Bank of Richmond, Richmond Fed Economic Brief, issue January, pages 1-6, 2019.
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Keywords: home mortgage; building and loan
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