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What is the purpose of Building and Loan Associations?

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Prior to the New Deal reforms of the early 1930s, most home mortgages were for five years, after which time they had to be repaid in one lump-sum payment. Building and loan associations, first organized in Pennsylvania in 1831, developed in response to this situation, which effectively limited home ownership to the wealthy. Workers pooled their savings and then chose, often by lottery, who would be able to finance a home.

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Similar questions: What is the role of Building and Loan Associations? Why do Building and Loan Associations exist? What are Building and Loan Associations' mission? What do Building and Loan Associations do? What is the function of Building and Loan Associations? [ Hide these questions ]

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