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Mortgage Lending by National Banks

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  • Keehn, Richard H.
  • Smiley, Gene

Abstract

That restrictions on real-estate-mortgage lending by banks chartered under the National Banking Act of 1864 seriously restricted availability of long-term financing before 1913, has long been accepted. Professors Keehn and Smiley explain some ways in which resourceful national banks could circumvent this restriction. They find that lending within the letter but outside the spirit of the Act of 1864 was greater than published figures on direct lending indicate.

Suggested Citation

  • Keehn, Richard H. & Smiley, Gene, 1977. "Mortgage Lending by National Banks," Business History Review, Cambridge University Press, vol. 51(4), pages 474-491, December.
    • Handle: RePEc:cup:buhirw:v:51:y:1977:i:04:p:474-491_03
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    Cited by:

    1. Scott L. Fulford, 2015. "How Important Are Banks for Development? National Banks in the United States, 1870-1900," The Review of Economics and Statistics, MIT Press, vol. 97(5), pages 921-938, December.
    2. Raghuram G. Rajan & Rodney Ramcharan, 2011. "Land and Credit: A Study of the Political Economy of Banking in the United States in the Early 20th Century," Journal of Finance, American Finance Association, vol. 66(6), pages 1895-1931, December.
    3. Rajan, Raghuram & Ramcharan, Rodney, 2016. "Local financial capacity and asset values: Evidence from bank failures," Journal of Financial Economics, Elsevier, vol. 120(2), pages 229-251.
    4. Raghuram G. Rajan & Rodney Ramcharan, 2008. "Landed Interests and Financial Underdevelopment in the United States," NBER Working Papers 14347, National Bureau of Economic Research, Inc.

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