Word: holc
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Dates: during 1950-1959
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...Home Owners' Loan Corporation went out of business last week. Started in 1933, when mortgages on U.S. homes were being foreclosed at the rate of 1,000 a day, HOLC refinanced 1,017,821 mortgages, managed to save 80% of the homes for the original owners. The corporation has not made a loan since 1936, has spent 15 years tending its mortgages, made money in the process. Last week, HOLC made a farewell gift to the U.S. Treasury: its $13,800,000 cash surplus...
...Associated Press and editor (1903-10) of the Boston Traveler, New Hampshire-born John Fahey was a co-founder of the U.S. Chamber of Commerce, between 1933 and 1936 lent $3,093,451,321 to 1,017,821 householders (one-fifth of the period's mortgage loans), ended HOLC up in the black...