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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 President Franklin D. Roosevelt.〔(First Annual Report of the Federal Home Loan Bank Board )〕 Its purpose was to refinance home mortgages currently in default to prevent foreclosure.
==Operations==
The HOLC issued bonds and then used the bonds to purchase mortgage loans from lenders. The loans purchased were for homeowners who were having problems making the payments on their mortgage loans "through no fault of their own." The HOLC then refinanced the loans for the borrowers. Many of the lenders gained from selling the loans because the HOLC bought the loans by offering a value of bonds equal to the amount of principal owed by the borrower plus unpaid interest on the loan plus taxes that the lender paid on the property. This value of the loan was then the amount of the loan that was refinanced for the borrower. The borrower gained because he or she was offered a loan with a longer time frame at a lower interest rate. It was rare to reduce the amount of principal owed.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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