The Dead Pledge: The Origins of the Mortgage Market and Federal Bailouts, 1913-1939

The American government today supports a financial system based on mortgage lending, and it often bails out the financial institutions making these mortgages. The Dead Pledge reveals the surprising origins of American mortgages and American bailouts in policies dating back to the early twentieth century.

Judge Glock shows that the federal government began subsidizing mortgages in order to help lagging sectors of the economy, such as farming and construction. In order to encourage mortgage le...