Word: holcing
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Most government excursions into the field of private enterprise have cost taxpayers money. So when the Home Owners Loan Corp. was created, Congressional sibyls prophesied that the Government would lose at least $1 billion. Last week HOLC's spry old board chairman, John Henry Fahey, produced figures to show how wrong they had been. When HOLC is finally liquidated in 1948, he said it will show a net profit of some...
Starting in 1933, when mortgages were being foreclosed at the rate of 1,000 a day, HOLC made more than 1,000,000 loans, totaling some $3,500,000,000. In the next three years (its lending period) it refinanced one-fifth of the nonfarm, owner-occupied, mortgaged homes in the nation. Thanks to the war boom, more than three fourths of the loans have now been paid off. By the end of 1945, only 483,000 borrowers were still on the books, while another 348,000 borrowers had paid their loans in full without waiting for them to mature...
...emergency agencies, with impressive titles and alphabetical nicknames, sprang up, and more were to come : PWA, NRA, HOLC, SEC. CCC meant unemployed boys from grey Brooklyn streets in the green Pacific Northwest woods; PWA meant big concrete dams rising on the Tennessee and the Columbia. WPA meant leaf-raking and boondoggling - and succor for the hungry. A big song hit of 1932 was Brother, Can You Spare a Dime? In 1933, people whistled Who's Afraid of the Big Bad Wolf? "Kerensky...
FLASH. Late last night in an embroiled caucus the men of Company 1 decided that Roosevelt had been in long enough. They did recognize that he has given to the country a great many things, such as: SEC, HOLC, RFC, OPA, WPB and V-12; the last, his greatest contribution. But when the Naval Uniform shop can't get our whites here on time for graduation, and their grays split every time we bend over, we must have new leadership. Now is the time for all good men to come to the aid of the party...
...Remedies. The remedies which Old Dr. New Deal used, the President said, were for internal troubles: saving bank deposits by the FDIC, saving homes from foreclosure by the HOLC, saving farms from foreclosure by the FCA, protecting investors by the SEC. Sarcastically the President said he supposed that there were some people who wanted to repeal all these remedies...