Clinton: Resurrect the HOLC, and Buy Up Bad Mortgages

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Read Hillary Clinton on HOLC: [H]ere’s what I believe we should do. First, in light of historic bank failures, even with the largest federal intervention in the history of the mortgage market, we need a government entity, a modern-day Homeowners Loan Corporation, referred to as HOLC — H-O-L-C — or we need to build on the Resolution Trust Corporation created to help deal with the Savings and.

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In order to sell affordable cash advance loans to homeowners, the HOLC would buy old mortgages from banks with government bonds that.

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Because the loans were non-amortizing, no equity was built up in the. Instead of a short-term, interest-only loan, the HOLC loans would be.

If those markets perked up, other beleaguered credit markets probably would, too .. It did so by buying old mortgages from banks – most of which were. Fourth, as the original HOLC found, not all bad mortgages can be.

The Emergency Economic Stabilization Act of 2008, often called the "bank bailout of 2008," was.. A key part of the proposal is the federal government's plan to buy up to $700 billion of illiquid. In a Wall Street Journal opinion piece, Senator Hillary Clinton advocated addressing the rate of mortgage defaults and.

By: Laura Glasser April 4, 2008 Comments Off on New Deal for bad mortgages Sure, the subprime crisis has pushed already sliding real estate prices lower and has led to a run-up in foreclosures.