After today’s bailout plan, Democrats must explicitly promise to help out distressed homeowners with a modern day HOLC. What was HOLC? I’ll use the neutral part of the Wikipedia description : The Home Owners’ Loan Corporation (HOLC) or Home Owner’s Refinancing Act, was a New Deal agency established in 1933 under President Franklin D. Roosevelt. Its purpose was to refinance homes to prevent foreclosure. It was used to extend loans from shorter loans to fully amortized, longer term loans (typically 20-25 years). Through its work it granted long term mortgages to over a million people facing the loss of their homes. The HOLC stopped lending circa 1935, once all the available capital had been spent. HOLC was only applicable to nonfarm homes, worth less than $20,000. HOLC also assisted mortgage lenders by refinancing problematic loans and increasing the institutions liquidity. When the HOLC ended its operations and liquidated assets in 1951, HOL...
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Post Date: 2008-03-04 15:20:35
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Post Date: 2008-03-04 15:17:07
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And the winner is….From: electionbid2008.com
Post Date: 2008-03-04 15:15:50
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