Home Owners Loan Corporation

* This act was passed in 1933

*The goal of this organization was to refinance homes that were about to be foreclosed.

*The government would lower the price of the mortgages for families, but the amount of time it would take to pay the home off would increase.

*By 1936, the HOLC had provided over a million mortgages and had lent out around $350 billion dollars, which is $750 billion dollars today.

*Many people made a profit from selling loans because the HOLC bought the loans by offering bonds equal to the amount of money owed by the borrower plus unpaid interest on the loan plus taxes that the lender paid on the property.