Proper noun
HOLC
(US) Initialism of Home Owners' Loan Corporation.
The government could have bought up distressed loans and modified them to prevent foreclosures, something accomplished during the Great Depression through the Home Owner’s Loan Corporation (HOLC). Source: Internet
The typical borrower whose loan was refinanced by the HOLC was more than 2 years behind on payments of the loan and more than 2 years behind on making tax payments on the property. Source: Internet
HOLC was only applicable to nonfarm homes, worth less than $20,000. Source: Internet
Loan Repayments and Foreclosure Policies Between 1933 and 1935 the HOLC made slightly more than one million loans. Source: Internet
The HOLC eventually foreclosed on 20 percent of the loans that it refinanced. Source: Internet
The HOLC loans were typically amortized, so that there were equal payments each month on the loan. Source: Internet