fdr

Home Owners' Loan Corporation

• Date: 1933
• Refinancing for nonfarm home mortgages in default
  • To prevent foreclosure
• Borrower offered loan over longer period with lower interest rate
• HOLC purchased mortgage loans from lenders and refinanced for the borrowers
  • Was favorable for lenders because entire remaining purchase price was bought, plus taxes
• Tags: fdr federal-housing-policy new-deal