19 magg 1933 anni - Federal Housing act of 1934

Descrizione:

FHA: An agency established by the Federal Housing Act of 1934 that refinanced home mortgages for mortgage holders facing possible foreclosure.

Many Americans also faced the devastating prospect of losing their homes. The economic expansion of the 1920s had created the largest housing bubble in American history to that point, a scenario in which home prices rose rapidly, fueled by widespread borrowing. In the early 1930s, real estate values collapsed, banks closed, and the jobless could not afford mortgage payments. More than half a million Americans lost their homes between 1930 and 1932. In response, Congress created the Home Owners Loan Corporation (HOLC) to refinance home mortgages. In just two years, the HOLC helped more than a million Americans keep their homes. The Federal Housing Act of 1934 would extend this program under a new agency, the Federal Housing Administration (FHA). Together, the HOLC, the FHA, and the subsequent Housing Act of 1937 laid the foundation for the broad expansion of home ownership in the decades after World War II

An exhausted Congress recessed in June 1933, having passed major laws on banking reform, agricultural and industrial recovery, public works, and unemployment relief in just a few months. The new federal agencies were far from perfect and had their critics on both the radical left and the conservative right. The vigorous actions taken by Roosevelt and Congress did stabilize faltering institutions and provide a sense of hope, but their New Deal could not entirely break the depression’s grip.

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