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Introduction
The patchwork mortgage market in the 1920s
The mortgage crisis
Pressures for government action
The economic rationale for the HOLC
An HOLC primer
The lenders' good deal
The borrowers' good deal
Repairing mortgage and housing markets
The cost to taxpayers and subsidies to the housing market
Conclusion
Appendix:
Walking through the analysis of the impact of the HOLC.

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