Word: holcing
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
When Home Owners Loan Corp. was organized in June 1933 with $3,000,000,000 to lend, many a citizen asked himself: Would the U. S. Government ever foreclose an HOLC mortgage and take over a U. S. home? By last week the Government had quietly foreclosed 99 mortgages, had quietly marched in and taken possession of 99 homes. Only ten foreclosures were caused by the owners' willful failure to pay. The rest resulted from abandonment or death. Highest number of foreclosures (32) was in the Cincinnati district (Ohio and West Virginia), lowest (1) in the New York district...
...date HOLC has taken mortgages on some 800,000 homes. Last week HOLChairman John H. Fahey reported that 30% were a few weeks behind in payment, 16% were 90 days behind. Fortnight ago he declared that out of 400,000 loans studied, only eleven were likely to show a loss to the Government. Cried Ohio's Representative Sweeney: "If the Government loses on only eleven out of 400,000 loans, then Mr. Fahey is a wizard...
Already a Chevalier of the Legion of Honor, Commander of the Order of the Crown of Italy, Officer of the Order of the Golden Sheaf of China, Chairman Fahey holds down the uneasy title of world's biggest mortgagee with notable efficiency. HOLC has dismissed 236 lawyers for incompetence. Chairman Fahey's ideal of a business interview is reported to be 4½ min. for business, 30 sec. for greetings and farewells. People lucky enough to get inside his crowded office in the Post Office Building find a distinguished old gentleman with a snowy Vandyke beard, twinkling eyes...
...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...