摘要：This article examines the federal response to mortgage distress during the Great Depression: It
documents features of the housing cycle of the 1920s and early 1930s, focusing on the growth of
mortgage debt and the subsequent sharp increase in mortgage defaults and foreclosures during the
Depression. It summarizes the major federal initiatives to reduce foreclosures and reform mortgage
market practices, focusing especially on the activities of the Home Owners¡¯ Loan Corporation
(HOLC), which acquired and refinanced one million delinquent mortgages between 1933 and 1936.
Because the conditions under which the HOLC operated were unusual, the author cautions against
drawing strong policy lessons from the HOLC¡¯s activities. Nonetheless, similarities between the
Great Depression and the recent episode suggest that a review of the historical experience can provide
insights about alternative policies to relieve mortgage distress. (JEL E44, G21, G28, N12, N21)
