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"BUSINESS LOANS"
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Debtor nation
Before the twentieth century, personal debt resided on the fringes of the American economy, the province of small-time criminals and struggling merchants. By the end of the century, however, the most profitable corporations and banks in the country lent money to millions of American debtors. How did this happen? The first book to follow the history of personal debt in modern America,Debtor Nationtraces the evolution of debt over the course of the twentieth century, following its transformation from fringe to mainstream--thanks to federal policy, financial innovation, and retail competition.
How did banks begin making personal loans to consumers during the Great Depression? Why did the government invent mortgage-backed securities? Why was all consumer credit, not just mortgages, tax deductible until 1986? Who invented the credit card? Examining the intersection of government and business in everyday life, Louis Hyman takes the reader behind the scenes of the institutions that made modern lending possible: the halls of Congress, the boardrooms of multinationals, and the back rooms of loan sharks. America's newfound indebtedness resulted not from a culture in decline, but from changes in the larger structure of American capitalism that were created, in part, by the choices of the powerful--choices that made lending money to facilitate consumption more profitable than lending to invest in expanded production.
From the origins of car financing to the creation of subprime lending,Debtor Nationpresents a nuanced history of consumer credit practices in the United States and shows how little loans became big business.
eBook
Small Business vulnerability to floods and the effects of disaster loans
In this paper, we examine the impacts of floods on businesses and the efficacy of small business administration (SBA) disaster loans on mitigating disaster aftereffects. We find lack of business adaptation to extreme events in the short term, indicating their extreme vulnerability to flood disasters. Our results further indicate that subsidized disaster loans are important for businesses, with statistically significant effects estimated for businesses employing fewer than 50 people. At the margin, for every additional dollar spent on disaster loans per establishment in a county, four small businesses survive. Gloomy projections about increasing frequency and severity of disasters imply there will be significant loss in local economic activities because of increased vulnerability of small businesses to these incidents. Moreover, these effects will have implications nationwide, given the vital role small businesses play in creating jobs.
Journal Article
The mortgage wars : inside Fannie Mae, big-money politics, and the collapse of the American dream
\"The former Fannie Mae CFO's inside look at the war between the financial giants and government regulators A provocative true-life thriller about the all-out fight for dominance of the mortgage industry--and how it nearly destroyed the global financial systemMany books have been written about the 2008 financial crisis, but they miss the biggest story of the meltdown: the battle between giant financial companies to dominate the $11 trillion mortgage market that almost destroyed the global financial system. For more than twenty years, until 2004, Timothy Howard was a senior executive at the best known of those companies, Fannie Mae, and he was in the middle of that fight.In The Franchise, Howard explains how seemingly unrelated developments in banking regulation, housing policy, Wall Street financial innovation, and political lobbying all combined to wreak havoc on the American housing market and the world economy.Timothy Howard was Vice Chairman and Chief Financial Officer of Fannie Mae until 2004. Prior to this, he was senior financial economist at Wells Fargo Bank in San Francisco\"-- Provided by publisher.
Book
Lending technologies, lending specialization, and minority access to small-business loans
We investigate minority access to smallbusiness loans using a probit model of loan application denial that recognizes two loan types (line-of-credit loans and non-line-of-credit loans) made by two lender types (commercial banks and nonbank financial institutions). We estimate our model on data from the 1998 Survey of Small Business Finances. We find evidence consistent with minority equal access to bank credit lines and nonbank non-line-of-credit loans in highly competitive loan markets; in less competitive markets we find evidence consistent with unequal access to these loans. We also find evidence consistent with unequal minority access to bank nonline-of-credit loans, regardless of loan market competitiveness. Our findings differ from previous research which treats small-business loans as a homogenous product and finds evidence consistent with unequal minority access to small-business loans generally. We argue that the existence of multiple small-business lending technologies and loan specialization by lenders account for our findings and demonstrate the need to treat small-business loans as a heterogeneous product when investigating equal access to small-business credit.
Journal Article
From foreclosure to fair lending : advocacy, organizing, occupy, and the pursuit of equitable access to credit
\"Nineteen well-known fair housing and fair lending advocates and organizers examine the implications of the new wave of fair housing activism generated by Occupy Wall Street protests and the many successes achieved in fair housing and fair lending over the years. The book reveals the limitations of advocacy efforts and the challenges that remain. Best directions for future action are brought to light by staff of fair housing organizations, fair housing attorneys, a banker, community and labor organizers, and scholars who have researched social justice organizing and advocacy movements. The book is written for general interest and academic audiences. Contributors address the foreclosure crisis, access to credit in a changing marketplace, and the immoral hazards of big banks. They examine opportunities in collective bargaining available to homeowners and how low-income and minority households were denied access to historically low home prices and interest rates. Authors question the effectiveness of litigation to uphold the Fair Housing Act's promise of nondiscriminatory home loans and ask how the Consumer Financial Protection Bureau is assuring fair lending. They also look at where immigrants stand, housing as a human right, and methods for building a movement. Chester Hartman is an urban planner, academic, author of more than twenty books, and director of research for the Poverty & Race Research Action Council. Gregory Squires is a professor of sociology, public policy, and public administration at George Washington University and advisor to the John Marshall Law School Fair Housing Legal Support Center.\"-- Provided by publisher.
Book
Does the Classic Microfinance Model Discourage Entrepreneurship Among the Poor? Experimental Evidence from India
Do the repayment requirements of the classic microfinance contract inhibit investment in high-return but illiquid business opportunities among the poor? Using a field experiment, we compare the classic contract which requires that repayment begin immediately after loan disbursement to a contract that includes a two-month grace period. The provision of a grace period increased short-run business investment and long-run profits but also default rates. The results, thus, indicate that debt contracts that require early repayment discourage illiquid risky investment and thereby limit the potential impact of microfinance on microenterprise growth and household poverty.
Journal Article
Finance and Growth at the Firm Level: Evidence from SBA Loans
We analyze linked databases on all SBA loans and lenders and on all U.S. employers to estimate the effects of financial access on employment growth. Estimation exploits the long panels and variation in local availability of SBA-intensive lenders. The results imply an increase of 3-3.5 jobs for each million dollars of loans, suggesting real effects of credit constraints. Estimated impacts are stronger for younger and larger firms and when local credit conditions are weak, but we find no clear evidence of cyclical variation. We estimate taxpayer costs per job created in the range of $21,000-$25,000.
Journal Article