Home Owners' Loan Corporation
- Home Owners' Loan Corporation
The Home Owners' Loan Corporation (HOLC) or Home Owner's Refinancing Act, was a New Deal agency established in 1933 under President Franklin D. Roosevelt. Its purpose was to refinance homes to prevent foreclosure. It was used to extend loans from shorter loans to fully amortized, longer term loans (typically 20-25 years). Through its work it granted long term mortgages to over a million people facing the loss of their homes. The HOLC stopped lending circa 1935, once all the available capital had been spent. HOLC was only applicable to nonfarm homes, worth less than $20,000. HOLC also assisted mortgage lenders by refinancing problematic loans and increasing the institutions liquidity. When the HOLC ended its operations and liquidated assets in 1951, HOLC turned a small profit. [ [http://bellwether.metapress.com/content/h128812346540080/ Crossney and Bartelt 2005 Urban Geography article] ] [ [http://www.mi.vt.edu/data/files/hpd%20vol.16%20issues%203%20and%204/articles/hpd6(3,4)%20crossney.pdf Crossney and Bartelt 2006 Housing Policy Debate] ]
HOLC is oft-cited as the originators of mortgage redlining. Recent research has suggested that the institution itself did not redline or discriminate on the basis of borrowers' race and ethnicity. The racist attitudes and language found in the appraisal sheets and Residential Security Maps created by the HOLC likely reflected private sector bias and racial antipathy (Crossney and Bartelt 2005; Crossney and Bartelt 2006).
ee also
*Redlining
*Fannie Mae
*Freddie Mac
*Foreclosures
*Great Depression
*Mortgages
References
The New Deal program was forever changed due to this corporation.
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Home Owners’ Loan Corporation — (HOLC) Established under the Home Owners’ Loan Act in 1933, HOLC was created by the Federal Home Loan Bank Board set up by Herbert Hoover in 1932 to provide loans to enable homeowners to pay mortgages or secure advances for home repair. By… … Historical Dictionary of the Roosevelt–Truman Era
Home Owners' Loan Corporation — A corporation established by Act of Congress in 1933 to refinance the indebtedness of homeowners threatened by foreclosure; liquidated in 1951 … Ballentine's law dictionary
Home Owners’ Loan Act, 1933 — Passed in June 1933, the Home Owners’ Loan Act enabled the Home Owners’ Loan Corporation to offer government bonds to lenders to cover defaulted mortgages, preventing foreclosure and loss of homes … Historical Dictionary of the Roosevelt–Truman Era
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