Real estate foreclosure crisis inspires desperate measures

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.

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