13 June

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13 June 1933

1933: Creation of the Home Owners Loan Corporation (HOLC) in USA

The Home Owners' Loan Corporation (HOLC) was established by law to provide lower interest (5 percent) loans to prevent foreclosures, and the first to be made at a fixed rate.

At the time of its creation, 41 percent of home mortgages in the United States had been in default. The HOLC accepted applications until 1936, and effectively refinanced 992,531 homes.

After the last of the 15-year loans was collected back, the HOLC ceased operations in 1951.

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