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NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Frank Newman

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January 2010Securitization in the 1920's
with William N. Goetzmann: w15650
This paper quantifies the scale and scope of the commercial real estate mortgage bond market in the period surrounding the 1920s in an attempt to better understand the role of retail mortgage debt in early urban development. In particular, this paper quantifies the size of the market, identifies risk factors affecting the coupon yield spread over Treasuries and utilizes a unique data set to construct a commercial mortgage price index over the period 1926-1935. A substantial retail appetite for real estate securities during this period may have significantly contributed to a real construction boom, but overly optimistic speculation in these securities may have led to overbuilding. The rapid deterioration of these securities and a near complete drop in issuance show, ex post, that inves...

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

 
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