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Should Congress bring back the Home Owners Loan Corporation(HOLC)?

Should Congress bring back the Home Owners Loan Corporation(HOLC)?

Back in the 1930s, with Unemployment Rate above 25% and banks foreclosing on families in record numbers, the Roosevelt Administration proposed a great plan to fix the foreclosure crisis, in what was dubbed the biggest Housing Bust in US History.  At the time mortgages were 5-year maturity, with a Balloon Payments at the end of the term.  This really hurt homeowners who were becoming unemployed, as banks would foreclose on their homes.  In 1933, Congress established the Home Owner Loan Corporation (HOLC) which basically financed the homes of families in distress.  What a great idea that was…it worked. 

Has congress forgotten about this very successful initiative?  Instead of prolonging this crisis, why not establish a 21st Century HOLC?  Maybe establish longer mortgage maturities?  We need bold solutions for this crisis.

See it on my Outside Blog at www.LloydMcKenzie.com

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C. Lloyd McKenzie, MBA

Associate Broker

Berkshire Hathaway HomeServices

New Mexico Properties/Allstar, REALTORS

6739 Academy Rd. NE SU 200

Albuquerque, New Mexico 87109

(505)888-1700  Office

Phone: (505)750-8552
Email: Info@LloydMcKenzie.com

Areas Served: Albuquerque Metro/ Algodones/ Bernalillo/ Cedar Crest/ Corrales/ Edgewood/ Los Lunas/ Los Ranchos de Albuquerque/ Placitas/ Rio Rancho/ Sandia Park/ Tijeras

Comment balloon 4 commentsC. Lloyd McKenzie • January 01 2012 11:03PM
Should Congress bring back the Home Owners Loan Corporation(HOLC)?
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