Editing Home Owners' Loan Corporation (section)

==Loan repayments and foreclosure policies==
Between 1933 and 1935, the HOLC made slightly more than one million loans.  At that point it stopped making new loans and then focused on the repayments of the loans.  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.  The HOLC eventually foreclosed on 20 percent of the loans that it refinanced.  It tended to wait until the borrower had failed to make payments on the loan for more than a year before it foreclosed on the loan.  When the HOLC foreclosed, it typically refurbished the home.  In many cases it rented out the home until it could be resold.  The HOLC tried to avoid selling too many homes quickly to avoid having negative effects on housing prices. Ultimately, more than 800,000 people repaid their HOLC loans, and many repaid them on time.<ref name="Harriss">
{{cite journal
|last1 = Harriss
|first1 = C. Lowell
|title = History and Policies of the Home Owners' Loan Corporation
|journal = NBER
|publisher = National Bureau of Economic Research
|year = 1951
|edition= 1st
|page = 1
|url = https://www.nber.org/books/harr51-1
|location = New York 
}}</ref><ref name="Fishback, Rose, and Snowden">
{{cite book
|last1 = Fishback
|first1 = Price
|last2 = Rose
|first2 = Jonathan
|last3 = Snowden
|first3 = Kenneth
|title = Well Worth Saving: How the New Deal Safeguarded Home Ownership 
|publisher = University of Chicago Press
|date = October 2013
|edition= 1st
|isbn = 978-0226082448
|location = Chicago 
}}</ref>   
HOLC officially ceased operations in 1951, when its last assets were sold to private lenders.  HOLC was only applicable to nonfarm homes, worth less than $20,000. HOLC also assisted mortgage lenders by refinancing problematic loans and increasing the institutions' liquidity. When its last assets were sold in 1951, HOLC turned a small profit.<ref>[http://bellwether.metapress.com/content/h128812346540080/ Crossney and Bartelt 2005 Urban Geography article] {{webarchive|url=https://archive.today/20120709153741/http://bellwether.metapress.com/content/h128812346540080/ |date=2012-07-09 }}</ref><ref>{{Cite web |url=http://www.mi.vt.edu/data/files/hpd%20vol.16%20issues%203%20and%204/articles/hpd6(3,4)%20crossney.pdf |title=Crossney and Bartelt 2006 Housing Policy Debate |access-date=2008-04-12 |archive-url=https://web.archive.org/web/20080414023817/http://www.mi.vt.edu/data/files/hpd%20vol.16%20issues%203%20and%204/articles/hpd6(3,4)%20crossney.pdf |archive-date=2008-04-14 |url-status=dead }}</ref>