Home Owners Loan Corporation 1933
This federal agencys main task was to refinance home mortgages that were in default or at risk of foreclosure due to the 1929 crash and the collapse of the housing industry. The homeowners refinancing act also known as the home owners loan act of 1933 and the home owners loan corporation act was an act of congress of the united states passed as part of franklin delano roosevelts new deal during the great depression to help those in danger of losing their homes.
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The holc agency was created as part of fdrs new deal programs that encompassed his strategies of relief recovery and reform to combat the problems and effects of the great depression.
Home owners loan corporation 1933. 128 june 13 1933. As part of president roosevelts new deal legislation congress passed the homeowners loan act of 1933 which in turn created the home owners loan corporation holc. The corporation was established in 1933 by the home owners loan corporation act under the leadership of president franklin d.
Home owners loan corporation franklin d roosevelt fdr was the 32nd american president who served in office from march 4 1933 to april 12 1945. These maps document how loan officers appraisers and real estate professionals evaluated mortgage lending risk during the era immediately before the surge of suburbanization in the 1950s. 1953 records of the home owners loan corporation holc 1933 51 history.
Be citcd as the home owners loan act oi 1933 definitions sec. Eighty years ago a federal agency the home owners loan corporation holc created residential security maps of major american cities. Instead the agency purchased and refinanced mortgages in default or foreclosure from financial institutions lenders.
As used in this act a the term board means the federal home loan bank board created under the federal home loan bank act. The home owners loan corporation holc was a government sponsored corporation created as part of the new deal. B the term corporation means the home owners loan corporation created under section 4 of this act.
The holc which was under the supervision of the federal home loan bank board did not actually lend money to home owners. It granted long term mortgage loans to some 1 million homeowners facing loss of their property. Established as an emergency agency under fhlbb supervision by the home owners loan act of 1933 48 stat.
Lawmakers responded by creating the home owners loan corporation holc on june 13 1933. Government agency established in 1933 to help stabilize real estate that had depreciated during the depression and to refinance the urban mortgage debt. Home owners loan corporation holc former us.
Home owners loan act of 1933 also known as an act to provide emergency relief with respect to home mortgage indebtedness to refinance home mortgages to extend relief to the owners of homes occupied by them and who are unable to amortize their debt elsewhere to amend the federal home loan bank act to increase the market for obligations of the united states and for other purposespublic law. Provided low interest long term mortgage loans to homeowners unable to procure financing through normal channels.
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