HOLC

=**HOLC stands for Home Owner's Loan Corporation under The New Deal**= The Home Owners Loan Act was an effect of the great depression. It has affected Mortgages of today. //Above: HOLC assessment sheet.// Even though HOLC bettered American's lives, it took a lot of work and time to get things done properly. Above: //HOLC resume//
 * **The HOLC was stablished in 1933 under Franklin D. Roosevelt to help distress families.**
 * **The purpose of the HOLC was to refinance home mortgages currently to prevent foreclosure**
 * **Refinance: Provided cheap loans for disstressed families.**
 * **Foreclosure: strikes home, reducing the wave of foreclosures would mitigate the closely related financial crises in home mortgages, and we have seen this film before.**
 * **Home Mortgages: Nearly one of every five mortages in america became owned by the HOLC**
 * **This was accomplished by selling bonds to lender in exchange for the home mortgages**
 * **It was used to extend shorter loans to longer term loans**
 * **Typically they were extended to 20 to 25 years**
 * **In the long run it helped over 1 million people from losing their homes**
 * **The HOLC was only applicable to nonfarm homes, worth less than $20,000**
 * **The picture below was the fromer federal headquarters of the HOLC & Franklin D. Roosevelt**