Word: holcing
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Dates: during 1930-1939
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...HOLC got off to a slow, clumsy start because President Roosevelt appointed a "lame duck" Congressman from South Carolina named William Francis Stevenson as its chairman. Democrat Stevenson apparently was more interested in giving his relatives and friends jobs in the new Government agency than he was in getting started with mortgage relief. Another cause of initial delay was that mortgage holders were reluctant to swap their liens for HOLC bonds because the bonds were guaranteed by the Government only as to interest. Therefore Congress at its last session guaranteed them as to principal as well. Chairman Stevenson was replaced...
HOLChairman Fahey still has $1,200,000,000 to loan but the 400,000 cases now pending will use that up. When the last application has been passed HOLC will have refinanced about one-fifth of the total U.S. home-mortgage debt. So last week, its job well done, HOLC announced that no more applications for loans would be accepted. Mortgages were no longer a Relief problem but a Recovery problem, to be handled by the Federal Housing Administration in its drive to rehabilitate the building industry...
...experiment was an attempt to broaden the market for HOLC bonds, now being issued at the rate of $200,000,000 per month in exchange for defaulted mortgages. Ultimately HOLC will also need at least $300,000,000 in cash. After a big HOLC issue (for cash) flopped last summer, the bankers were summoned, and a great selling drive started to convince small investors that the bonds were, if not as good as gold, at least as good as the Treasury's paper dollar...
...arrangement has the ear-marks of bribery--on the part of the Democratic Party to catch the votes of the needy. The resources of the United States Treasury are sufficient to make the purse of many a voter heavier. And who would expect someone receiving money from the HOLC, CWA, or any other alphabetical combination to vote against a New Dealer. There is something quite doubtful in the ethics of allowing those on Federal relief to vote in Federal elections. Of course Mr. Roosevelt would no more point this out than he would repudiate Curley...
...sometimes does when he has a point to make to the country through its newspapers. President Roosevelt primed a friendly newshawk to ask him about commodity prices at last week's first press conference. He thereupon delivered a 20-min. discourse. Chief points: 1) the Administration, through AAA, HOLC and NRA, is still firmly committed to raising the national price level; 2) the goal will not necessarily be the fabled 1926 index, may aim at pre-War parity between agricultural and industrial prices; 3) wages will have to be upped responsively...