We all remember the movie It’s a Wonderful Life which is often used to explain Bank run. In the movie Bailey Brothers Building and Loan is a building and loan association.
David A. Price and John R. Walter document hstory of these loan associations in this Nice research (came in Jan-2019):
Prior to the advent of modern home mortgage markets in the United States, markets in which mortgage-backed securities and government-sponsored enterprises now play significant roles, prospective homebuyers had to rely on other mechanisms of home finance. For about a century, cooperative organizations known as building and loan associations, a concept imported from Britain, served millions of American savers and homebuyers.
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