Should we revive a Depression-era bailout organization?By
Unless you’re one of our older readers, you probably don’t remember the Home Owners’ Loan Corp., which was set up during the Depression to rescue people from foreclosure. It refinanced something like one in five mortgages on urban private residences in the mid-1930s. Homeowners got a stretched-out loan that they could afford. The original lenders got partial—not full—repayment. It stopped making loans in 1936 and was dissolved in 1951 at a small profit to the government (not sure how that supposed profit was calculated).
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