The Search for a Balanced Economy: The Origins of Federal Intervention in the Mortgage Market, 1916-1960
Glock’s dissertation, “The Search for a Balanced Economy: The Origins of Federal Intervention in the Mortgage Market, 1916-1960,” investigates how and why the federal government became involved in the mortgage market beginning in the 1910’s. He hopes to show that a desire for “economic balance” between different sectors, such as agriculture and industry, led the government to create a series of implicitly-guaranteed but nominally private financial corporations, such as the Federal Land Banks, the Federal Home Loan Banks, and Fannie Mae, which could subsidize mortgages in supposedly backward areas of the economy. In practice, however, these corporations focused less on balancing economic sectors than on protecting the financial system and ensuring its overall liquidity. He has presented his work at numerous national conferences, where he most recently discussed the long-term interest rate in the theories of John Maynard Keynes and the effect of the Federal Housing Administration on American cities. He recently reviewed Matthew Gordon Lasner’s book, “High Life: Condo Living in the Suburban Century,” for Planning Perspectives.