Author's note: Home Owners Loan Corporation II was established by Congress on Aug. 7, 2007. The following is a transcript of the chairman's introductory comments at the first board meeting, held Sept. 12, 2007. "Before we begin our deliberations on how to cope with the wave of foreclosures sweeping the country, a word about our predecessor institution. The first Home Owners Loan Corporation (HOLC I) was established by Congress in 1933 to help families avoid having their homes foreclosed in the worst depression this country had ever seen. HOLC I refinanced loans of borrowers with mortgages in default, or held by distressed institutions. HOLC I largely succeeded in its mission, refinancing about 20 percent of all qualifying home mortgages in the country, liquidating itself in 1951 at a slight profit to the government. This history no doubt was instrumental in the government reviving the model this year to deal with the current crisis in home finance. This crisis is quite differen...
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