Question

What was the Home Owner’s Loan Corporation responsible for in the late 1930’s?

Answer 1

Answer:

The Home Owners' Loan Corporation (HOLC) was a government-sponsored corporation created as part of the New Deal. The corporation was established in 1933 by the Home Owners' Loan Corporation Act under the leadership of President Franklin D. Roosevelt. Its purpose was to refinance home mortgages currently in default to prevent foreclosure, as well as to expand home buying opportunities. The HOLC boosted racial residential segregation, and contributed to the racial wealth gap in the United States.

Explanation:

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