Home Owners' Loan Corporation

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Home Owners' Loan Corporation

(HOLC), former U.S. government agency established in 1933 to help stabilize real estate that had depreciated during the depression and to refinance the urban mortgage debt. It granted long-term mortgage loans to some 1 million homeowners facing loss of their property. The HOLC ceased its lending activities in June, 1936, by the terms of the Home Owners' Loan Act.

Bibliography

See C. L. Harriss, History and Policies of the Home Owners' Loan Corporation (1951); P. Fishback, J. Rose, and K. Snowden, Well Worth Saving: How the New Deal Safeguarded Home Ownership (2013).

References in periodicals archive ?
One was the Home Owners Loan Corporation (HOLC), created this week (June 13) in 1933, during the Great Depression, which totally revamped home mortgage financing.
Several of Franklin Delano Roosevelt's New Deal measures had a great impact on the mortgage banking industry: The Federal Rome loan Act of 1932, for instance, brought the government into the mortgage business by enabling it to purchase failed mortgages through the Home Owners Loan Corporation.
Foreclosure Assistance Many have argued for foreclosure assistance modeled on the New Deal-era Home Owners Loan Corporation (HOLC), which refinanced short-term mortgages into long-term, lowinterest, amortizing mortgages.