One of the first New Deal agencies was Home Owners' Loan Corp., formed to furnish urban mortgage relief by issuing its bonds in exchange for distress mortgages. Under John H. Fahey, a New England publisher, banker and shipbuilder, HOLC has lifted almost one-fifth of the U. S. home-mortgage burden, has brought relief to 862,000 small homeowners. Last November, with $2,000,000,000 of its $3,000,000,000 capitalization already dispersed and 400,000 cases pending to use up the rest, HOLC suspended all applications for loans. By March, 30% of HOLC's debtors were "a few weeks" behind...
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