The Homeowners Loan Act provided for loans to homeowners so they could pay their mortgages. This prevented people from going homeless and prevented banks from going under.
Tuesday, June 13 — The American dream of owning — and keeping — a home got a lifeline on this date in 1933 with passage of the Homeowners Loan Act. The act provided emergency relief in the depths of the Great Depression, helping homeowners ward off foreclosure. The act also created a system of federal savings associations to facilitate home construction, consumer savings, and affordable mortgage lending. At the time, less than half of the country’s homes were owner-occupied.
Today, owners live in nearly 56 percent of America’s 136 million housing units. Another 31.7 percent are rented. Current homeownership stands at 63.7 percent, down from a peak in 2004 of 69.2 percent.
You can find more facts about America’s people, places and economy, from the American Community Survey here.
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