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 private laws), or to the general public ( public laws). For a bill to become an act, the text must pass through both house ...

of the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

passed as part of Franklin Delano Roosevelt's

New Deal The New Deal was a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1939. Major federal programs agencies included the Civilian Con ...

during the

Great Depression The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

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 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. Ro ...

(HOLC), building on Herbert Hoover's

Federal Loan Bank Board Federal or foederal (archaic) may refer to: Politics General * Federal monarchy, a federation of monarchies * Federation, or ''Federal state'' (federal system), a type of government characterized by both a central (federal) government and states ...

. 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 is the term used for an individual's ability to influence political decisions. This capital is built from what the opposition thinks of the politician, so radical politicians will lose capital. Political capital can be understoo ...

. 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 board created in 1932 that governed the Federal Home Loan Banks (FHLB or FHLBanks) also created by the act, the Federal Savings and Loan Insurance Corporation (FSLIC) and nationally-chartered thrifts ...

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 1933Home Owners' Loan Act of 1933
{{US housing by state 1933 in law New Deal legislation United States federal housing legislation Mortgage legislation

History

New Deal

Congressional

See also

References

External links