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

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