Keeping The House
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Florida, foreclosures February 26th, 2008Idea Born Of The Depression Could Rescue Homeowners
During the Great Depression, homeowners across the United States saw their property values plummet, and a wave of foreclosures swept across the nation.
But in 1933, the federal government formed the Home Owners’ Loan Corp., which bought troubled mortgages from banks and granted long-term home loans at more manageable rates to about 1 million people who would have otherwise lost their property. The move stabilized the country’s real estate market.
A similar program took on the foreclosure problems of the late 1980s.
Tags: Florida, foreclosures
