Business & Finance: 99 Takings

When Home Owners Loan Corp. was organized in June 1933 with $3,000,000,000 to lend, many a citizen asked himself: Would the U. S. Government ever foreclose an HOLC mortgage and take over a U. S. home? By last week the Government had quietly foreclosed 99 mortgages, had quietly marched in and taken possession of 99 homes. Only ten foreclosures were caused by the owners' willful failure to pay. The rest resulted from abandonment or death. Highest number of foreclosures (32) was in the Cincinnati district (Ohio and West Virginia), lowest (1) in the New York district (New York, New Jersey and...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!