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 of the United States passed as part of Franklin Delano Roosevelt's New Deal during the Great Depression to help those in danger of losing their homes.[1] 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.[2][3][4]
Sponsored by Senate Majority Leader Joe Robinson of Arkansas, it also created the Home Owners' Loan Corporation (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.[5][6]
^McGeehan, J.; Gall, M.; Streitwieser, W. (2014). Barron's Regents Exam and Answers: U.S. History and Government. Barron's Educational Series. p. 133. ISBN 9780812033441. Retrieved 2015-06-03.
^"History 1052y Mr". Archived from the original on 2002-04-27. Retrieved 2015-06-03.
^Parrish, M.E. (1994). Anxious Decades: America in Prosperity and Depression, 1920-1941. W.W. Norton. p. 295. ISBN 9780393311341. Retrieved 2015-06-03.
^Calder, L. (2009). Financing the American Dream: A Cultural History of Consumer Credit. Princeton University Press. p. 280. ISBN 9781400822836. Retrieved 2015-06-03.
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The HomeownersRefinancingAct (also known as the Home Owners' Loan Act of 1933 and the Home Owners' Loan Corporation Act) was an Act of Congress of the...
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a subject of much interest at the time and led to the Sherman Antitrust Act in 1890. In 1888 the Springfield [Missouri] Leader used the term in connection...
had been separately passed by Act of Congress, as part of their power of the purse; the National Industrial Recovery Act allowed Roosevelt to allocate...
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including federal savings banks (FSBs), are chartered under the HomeownersRefinancingAct of 1933. Although originally focused on residential mortgage lending...
infrastructure development. Meanwhile the HomeownersRefinancingAct, as well as the Wagner-Steagall Housing Act three years later, provided generous incentives...
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down, via home value appreciation, or both. FHA loans often require refinancing to remove PMI, even after the LTV drops below 80%. The effective interest...
homeowners that do not qualify for new loans to rescue artists for a commission. Rescue artists offer the foreclosed homeowner a "miracle refinancing"...
mortgage). Because a home often is a consumer's most valuable asset, many homeowners use their HELOC for major purchases or projects, such as home improvements...
date on homeowner's insurance and property taxes. This is the same situation for homeowners who own their properties free and clear or homeowners for a...
land use restrictions. This housing bubble resulted in quite a few homeownersrefinancing their homes at lower interest rates, or financing consumer spending...
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until President Franklin D. Roosevelt approved the Banking Act and HomeownersRefinancingAct.: 23 The Baldwin-Nichols Subdivision – Queens Court – became...
earnings levels that had been elevated during 2001–2003 by an unprecedented refinancing boom due to historically low interest rates. Earnings depended on volume...
be committed to lower mortgage rates and reducing the refinancing costs to aid minority homeowners. In April 2023, TD Jakes Group and Wells Fargo have formalized...
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