The Homeowners Refinancing Act (also known as the Home Owners Loan Act of 1933 and Home Owners' Loan Corporation Act is the United States Congress Act authorized as part of Franklin Delano Roosevelt's New Deal during the Great Depression to help those who are at risk of losing their homes. The law, which came into force on June 13, 1933, provides mortgage assistance to homeowners or prospective homeowners by giving them money or refinance the mortgage.
Sponsored by Senate Majority leader Joe Robinson of Arkansas, it also created Home Loan 'Loan Corporation (HOLC), built at Bank Federal Loan Bank Herbert Hoover. Corporations lend low-interest money to families who are at risk of losing their homes for confiscation. By the mid-1930s, HOLC had refinanced nearly 20% of urban homes in the country.
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History
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After winning a decisive victory in the 1932 US presidential election, and with his party convincingly winning Congressional elections across the country, Roosevelt entered the office with unprecedented political capital. Americans of all political beliefs demanded immediate action, and Roosevelt responded with a series of remarkable new programs in the "first hundred days" of administration, where he met with the congress for 100 days. During the 100 days of legislation, Congress granted all Roosevelt's requests.
Congress
Home Owners' Loan Act of 1933 , Pub.L. 73-43, 48Ã, Stat.Ã, 128, entered into force on 13 June 1933. The 1st Annual Report of the Federal Home Loan Bank Board refers to this act as the Household Ownership Act . Unnamed action, Pub.L. 73-178, 48Ã, Stat.Ã, 643, entered into force on 27 April 1934, subsequently amending this act to guarantee bonds from the Home Owner Corporations.
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References
External links
- House Owner Loan Act 1933
- House Ownership Loan Act of 1933
See also
- Housing and Economic Recovery Act of 2008
Source of the article : Wikipedia
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