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

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

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

This act would affect building conditions in my State. While in many districts the population is quite dense, the districts are widely scattered. The irrigation districts are densely populated, but then there will be wide areas where there is practically no population at all. When you limit the radius to 50 miles you are putting out of business a good many of our building and loan associations because they cannot operate in an area supported by the business they will have in the small areas covered in this bill.

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Hon. Compton I. White, Idaho Congressman , Testimony, Committee on Banking and Currency. House.
05/18/1934 | Full Details | Law(s): National Housing Act

…we object to the bill on the ground that there is no limitation of interest to be charged to home owners by agencies that enjoy the benefit of the act at the expense of all taxpayers, including the victimized home owners.

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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

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.