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The Foreclosure Of Thiier Homes During The Great Depression

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During , The Great Depression alot things took a turn for the worse encomically but something that took American families by storm was the foreclosure of thier homes.Home owners worldwide where paying down payments averaging around 35 percent for loans lasting up to only five to ten years interest or up to 8 percent. By the end of the period of thier loan mortage holders had to hope they could either refinance or buy the property. In 1928 thier was well over 5,000 mortgages issed in America. During this chain many banks went under, taking homeowners down with them. This sparked the New Deal to come into play.Newly elected President Franklin D. Roosvelt would oversea the overturn of the turmoil that lead millions to go bankrupty and loose thier homes. Roosvelt was faced with the siutaion , the New Deal had a choice. Either to pump money into stocks or gain money from umemployed and people who needed public housing.Well on the other hand, go by Ex. President Herbert Hoover who created the Federal funding for lenders in the private housing market. Frankin Roosvelt …show more content…

In 1933, congress approved this act. In signing the “Home Owners Loan Act of , President Roosevelt declared, ” 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.”( Franklin D. Roosevelt ). It authorized $200 million for authority to issue $2 billion in tax-exempt bonds. The HOLA changed the system the way mortages where issued. Every loan was handled one by one , to ensure that no foreclosures would happen in the future. Not only did this act help it also got people back into the work force. Also many people got issue claims approved and pensions from work as well. It opened doors for people affected on a widespread to rent property again and also sign up for public

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