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 An act of Congress is a statute enacted by the United States Congress. Acts may apply only to individual entities (called Public and private bills, private laws), or to the general public (Public and private bills, public laws). For a Bill (law) ...

of the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

passed as part of Franklin Delano Roosevelt's

New Deal The New Deal was a series of wide-reaching economic, social, and political reforms enacted by President Franklin D. Roosevelt in the United States between 1933 and 1938, in response to the Great Depression in the United States, Great Depressi ...

during the

Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and ...

to help those in danger of losing their homes. 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. Sponsored by Senate Majority Leader Joe T. Robinson of Arkansas, it also created the

Home Owners' Loan Corporation The Home Owners' Loan Corporation (HOLC) was a government-sponsored corporation created as part of the New Deal. The corporation was established in 1933 by the Home Owners' Loan Corporation Act under the leadership of President Franklin D. Roo ...

(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.

History

New Deal

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 Political capital (PC) refers to an individual's ability to influence political decisions. Political capital can be understood as a metaphor used in political theory to conceptualize the accumulation of resources and power built through relatio ...

. 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

The original ''Home Owners' Loan Act of 1933'', , , was enacted June 13, 1933. Th
1st Annual Report
of the

Federal Home Loan Bank Board The Federal Home Loan Bank Board (FHLBB) was a U.S. board created by the Federal Home Loan Bank Act in 1932 that governed the Federal Home Loan Banks (FHLB or FHLBanks), also created by the act; the Federal Savings and Loan Insurance Corporatio ...

refers to this act as the ''Home Owners' Loan Corporation Act''. An unnamed act, , further amended this act to guarantee the bonds of the Home Owners' Loan Corporation.

References

External links

Home Owners' Loan Act
as amended
PDFdetails
in the GPObr>Statute Compilations collection

Home Owners' Loan Act of 1933
as enacted on

FRASER Fraser may refer to: Places Antarctica * Fraser Point, South Orkney Islands Australia * Fraser, Australian Capital Territory, a suburb in the Canberra district of Belconnen * Division of Fraser (Australian Capital Territory), a former federal ...

{{US housing by state 1933 in American law New Deal legislation United States federal housing legislation Mortgage legislation

History

New Deal

Congressional

See also

References

External links