Housing/Mortgages

Housing/Mortgages

The federal government has been involved in housing since the formation of a Congressional commission in 1892 to investigate slum conditions in the nation’s cities.   During WWI and WWII the federal government constructed and managed housing for defense workers and military personnel.  Since the National Housing Act was signed into law by FDR in 1934 the federal government has helped middle and working class families acquire home loans through regulation of savings and loan industry, subsidized loans and other mechanisms. These policies have transformed and dramatically expanded the opportunity for homeownership and helped to create the middle class in the U.S.

Cry Wolf Quotes

Mr. Chairman, the country does not want to give away its birthright to capital, and this sets up capital and a political organization at the top of it. It is the marriage of capital and politics, and you cannot escape it to save your life.

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Harry E. Karr, Real Estate Board of Baltimore, Testimony, Committee on Banking and Currency. Senate.
05/16/1934 | Full Details | Law(s): National Housing Act

I am speaking first because I am a home owner, and every member of my family has been a home owner, and my home is not a failure. I say that if this bill goes through that my home will be a failure, and every other home built in America on materials that have been used for 1,500 years, and I say that the United States should not be an experimental agency for those who wish to have them exploit scientific houses. I say further that the American home can be protected by Congress, and Congress only, and if this Government is to survive as a democracy, for God’s sake, kill this bill.

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Statement of Don A. Loftus, President Homes Permanesque, Cleveland, OH, Testimony, House Committee on Banking and Currency.
05/18/1934 | Full Details | Law(s): National Housing Act

If you let us alone and not throw on us all of the burden that is involved in this bill, we can work out our problem. The collective action of home owners of America, dealing with decent and reputable and fair-minded business men, will work out our common problems.

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Miss Marie L. Obenauer, Joint Chairman, Board of Governors of Home Owners’ Protective Enterprise, Testimony. Committee on Banking and Currency. Senate.
05/18/1934 | Full Details | Law(s): National Housing Act

Gentlemen, most of the home owners want to keep their credit. We are not asking that we escape our responsibilities; we just want to find a way to pay, and we do not want you to make it harder for us.

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Miss Marie L. Obenauer, Joint Chairman, Board of Governors of Home Owners’ Protective Enterprise, Testimony. Committee on Banking and Currency. Senate.
05/18/1934 | Full Details | Law(s): National Housing Act

Evidence

Backgrounders & Briefs

Good Rules: Ten Stories Of Successful Regulation

Demos looks at ten laws and rules that we take for granted.

Community Reinvestment Act Policy Brief

By Philip Ashton, UIC

The Community Reinvestment Act (CRA) has been critical to the expansion of responsible credit for low- and moderate-income borrowers since its passage in 1977.

Resources

The Center for Responsible Lending promotes and advocates legislation to defend lower income Americans from abusive or predatory lending practices.