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 Roosevelt'sNew Deal during the Great Depression to help those in danger of losing their homes.[1] The act, which went into effect on June 13, 1933, provided mortgage assistance to homeowners or would-be homeowners by providing them money or refinancing mortgages.[2][3][4]
Sponsored by Senate Majority Leader Joe Robinson of Arkansas, it also created the Home Owners' Loan Corporation (HOLC), building on Herbert Hoover's Federal Loan Bank Board. The Corporation lent low-interest money to families in danger of losing their homes to foreclosure. By the mid-1930s, the HOLC had refinanced nearly 20% of urban homes in the country.[5][6]
Having won a decisive victory in the United States presidential election of 1932, and with his party having decisively swept Congressional elections across the nation, Roosevelt entered office with unprecedented political capital. Americans of all political persuasions were demanding immediate action, and Roosevelt responded with a remarkable series of new programs in the "first hundred days" of the administration, in which he met with Congress for 100 days. During those 100 days of lawmaking, Congress granted Roosevelt's every request.
Congressionaledit
The original Home Owners' Loan Act of 1933, Pub. L.Tooltip Public Law (United States) 73–43, 48 Stat. 128, was enacted June 13, 1933. The 1st Annual Report of the Federal Home Loan Bank Board refers to this act as the Home Owners' Loan Corporation Act.[7] An unnamed act, Pub. L.Tooltip Public Law (United States) 73–178, 48 Stat. 643, enacted April 27, 1934, further amended this act to guarantee the bonds of the Home Owners' Loan Corporation.
^McGeehan, J.; Gall, M.; Streitwieser, W. (2014). Barron's Regents Exam and Answers: U.S. History and Government. Barron's Educational Series. p. 133. ISBN9780812033441. Retrieved 2015-06-03.
^. Archived from the original on 2002-04-27. Retrieved 2015-06-03.
^Parrish, M.E. (1994). Anxious Decades: America in Prosperity and Depression, 1920-1941. W.W. Norton. p. 295. ISBN9780393311341. Retrieved 2015-06-03.
^Calder, L. (2009). Financing the American Dream: A Cultural History of Consumer Credit. Princeton University Press. p. 280. ISBN9781400822836. Retrieved 2015-06-03.
Home Owners' Loan Act as amended (PDF/details) in the GPO Statute Compilations collection
Home Owners' Loan Act of 1933 as enacted on FRASER
January 01, 1970
homeowners, refinancing, also, known, home, owners, loan, 1933, home, owners, loan, corporation, congress, united, states, passed, part, franklin, delano, roosevelt, deal, during, great, depression, help, those, danger, losing, their, homes, which, went, into,. 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 Roosevelt s New Deal during the Great Depression to help those in danger of losing their homes 1 The act which went into effect on June 13 1933 provided mortgage assistance to homeowners or would be homeowners by providing them money or refinancing mortgages 2 3 4 Franklin D Roosevelt in 1933 Sponsored by Senate Majority Leader Joe Robinson of Arkansas it also created the Home Owners Loan Corporation HOLC building on Herbert Hoover s Federal Loan Bank Board The Corporation lent low interest money to families in danger of losing their homes to foreclosure By the mid 1930s the HOLC had refinanced nearly 20 of urban homes in the country 5 6 Contents 1 History 1 1 New Deal 1 2 Congressional 2 See also 3 References 4 External linksHistory editNew Deal edit Main article New Deal This section needs additional citations for verification Please help improve this article by adding citations to reliable sources in this section Unsourced material may be challenged and removed May 2011 Learn how and when to remove this message Having won a decisive victory in the United States presidential election of 1932 and with his party having decisively swept Congressional elections across the nation Roosevelt entered office with unprecedented political capital Americans of all political persuasions were demanding immediate action and Roosevelt responded with a remarkable series of new programs in the first hundred days of the administration in which he met with Congress for 100 days During those 100 days of lawmaking Congress granted Roosevelt s every request Congressional edit The original Home Owners Loan Act of 1933 Pub L Tooltip Public Law United States 73 43 48 Stat 128 was enacted June 13 1933 The 1st Annual Report of the Federal Home Loan Bank Board refers to this act as the Home Owners Loan Corporation Act 7 An unnamed act Pub L Tooltip Public Law United States 73 178 48 Stat 643 enacted April 27 1934 further amended this act to guarantee the bonds of the Home Owners Loan Corporation See also editHousing and Economic Recovery Act of 2008References edit McGeehan J Gall M Streitwieser W 2014 Barron s Regents Exam and Answers U S History and Government Barron s Educational Series p 133 ISBN 9780812033441 Retrieved 2015 06 03 History 1052y Mr Archived from the original on 2002 04 27 Retrieved 2015 06 03 Roosevelt www3 telus net Retrieved 2015 06 03 History Bookshelf Presidential Accomplishments apusnotes nfshost com Retrieved 2015 06 03 Parrish M E 1994 Anxious Decades America in Prosperity and Depression 1920 1941 W W Norton p 295 ISBN 9780393311341 Retrieved 2015 06 03 Calder L 2009 Financing the American Dream A Cultural History of Consumer Credit Princeton University Press p 280 ISBN 9781400822836 Retrieved 2015 06 03 1st Annual Report of the Federal Home Loan Bank Board Government Printing Office 1934 p 47External links editHome Owners Loan Act as amended PDF details in the GPO Statute Compilations collection Home Owners Loan Act of 1933 as enacted on FRASER Retrieved from https en wikipedia org w index php title Homeowners Refinancing Act amp oldid 1210836398, wikipedia, wiki, book, books, library,
