In a statement released after the act was signed into law, FDR said that, "In signing the 'Home Owners Loan Act of 1933,' I feel that we have taken another important step toward the ending of deflation which was rapidly depriving many millions of farm and home owners from the title and equity to their property."
By the mid-1930's, the HOLC had helped to refinance nearly 20 percent of urban homes in America.
And by 1936, the final year that the HOLC was buying mortgages, it had helped to provide Americans with over one million new mortgages, and had loaned out nearly $750 billion in today's dollars.
That's right; $750 billion in today's dollars. That makes the $2.5 billion from the Citigroup agreement going towards consumer relief seem like nothing.
To this day, the HOLC is credited with relieving the financial burdens of millions of Americans, and helping to right the American economy.
If we're serious about rebuilding the American economy, and helping out the millions of Americans who still struggle to keep a roof over their heads, then we need to be doing a lot more than just forcing one bank to handle $2.5 billion in consumer relief and trusting the bank to distribute it responsibly.
We need to stop caring so much about the well-being of Wall Street, and start caring about the American people and economy.
No American should have to go to bed tonight worrying if they're going to become homeless tomorrow.
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