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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
Abstract

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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