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

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

…we are convinced that first and most fundamental, the bill sets up machinery which leads straight for Federal regimentation of American home-buying, home building, home finance, and home repair.

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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.
05/16/1934 | Full Details | Law(s): National Housing Act

I am not speaking officially for any organization of women but my experience with these groups covering a period of 25 years gives me a very fair idea of the reactions of the women of the Nation to any plan that even suggests regimentation or standardization of their homes. This is also the thought of president of the General Federation of Women’s Clubs who said in a public address of the 11th of this month: ‘We want no standardization of homes, we want individualism, and we sound that note of warning to the Government in our cooperation with them.’

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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.
05/16/1934 | Full Details | Law(s): National Housing Act

I do not see that it is the function of Congress to tell me whether I shall take a straight loan or whether I shall take an amortized loan. It does not make any difference to me whether you tell it to me in blunt terms through officials here in Washington, or whether you so rig the financial market that I must steer the course that you lay out for me. I do not think that we ought to expect such legislation from legislators who represent a party that stands for initiative, for the rights of the States, and the rights of the community. I do not think we are going to get it from them.

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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.