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Marketing and Financing Home Ownership: Mortgage Lending and ...

Source: www.h-net.org
Topic: Mortgage Marketing

Sort Desciption: marketing: installment credit. The various New Deal programs adapted the. building and loan association model of making long-term amortized first. mortgage ...

Content Inside: Marketing and Financing Home Ownership: Mortgage Lending and Public Policy in the United States 1918-1989 Marc A. Weiss Columbia University Since the early part of this century there have been extensive efforts by business government and the media to promote urban and suburban home ownership as a superior way of life to tenancy. President Hoover captured this attitude in an important national speech in 1931: "they never sing songs about a pile of rent receipts" 15 p. 2. Ironically one of the main goals of this broad coalition was to make owning more like renting in one crucial respect: the flow of cash expenditures. If people could purchase a house with a small initial outlay and modest monthly payments then the economic barriers to home ownership would disappear for the majority of moderate income families. Installment selling was the key to success and the essential instrument was the long-term high-leverage amortized first mortgage loan. Dramatic institutional changes in mortgage lending public policy and the real estate industry brought about an increase in the percentage of non-farm owner occupied housing in America from 37% in 1900 to 64% today. A nationwide "Own Your Own Home" campaign was launched in 1918 by the U.S. Department of Labor and a wide network of industry groups particularly the National Association of Real Estate Boards and the National Federation of Construction Industries the latter including both contractors and building materials and equipment manufacturers and distributors. The campaign was launched during the post-World War I urban housing shortage and wave of labor strikes and social unrest. The government's objective was to defeat radical protest and restore political stability by encouraging urban workers to become home owners. The industry's objective was to stimulate new investment construction and sales in the private residential property market. In addition both industry and government leaders vie ...

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