Marc Schulman

 


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Home Owners Loan Corporation

Wall Street at the turn of the century

The Home Owners Loan Corporation was established to allow Americans to stay in their homes.

On April 13th 1933, President Roosevelt sent a message to Congress requesting legislation that would protect homeowners from foreclosure. In response, Congress rapidly created the Home Owner’s Loan Corporation. The H.O.L.C. provided Americans with money to refinance their homes at a lower, more affordable rate. The maximum loan the H.O.L.C. could give out was $20,000 (ensuring it could only help small homeowners.) In its three years of existence the H.O.L.C. made over 1 million loans, totally $3.1 Billion dollars in credit.