Housing & Great Depression

“Between 1926 and 1933 the number of annual mortgage failures quadrupled, and by the latter date home mortgages were being foreclosed at the rate of one thousand per day. In New York City alone, 186,000 families were served eviction notices during eight months ending in June 1932.” (P236)  Home Owners Loan Corporation (HOLC) was created by the New Deal policymakers. It was designed to bail out financial disasters for homeowers.  It offered direct low interest, long-term loans to homeowners who were in danger of default. HOLC helped to secure private homes in U.S. However, its racist attitudes and bias, were often cited as mortgage in “redlined”.