Homeowners Refinancing Act

[2][3][4] Sponsored by Senate Majority Leader Joe T. Robinson of Arkansas, it also created the Home Owners' Loan Corporation (HOLC), building on Herbert Hoover's Federal Loan Bank Board.

The Corporation lent low-interest money to families in danger of losing their homes to foreclosure.

[5][6] Having won a decisive victory in the United States presidential election of 1932, and with his party having decisively swept Congressional elections across the nation, Roosevelt entered office with unprecedented political capital.

Americans of all political persuasions were demanding immediate action, and Roosevelt responded with a remarkable series of new programs in the "first hundred days" of the administration, in which he met with Congress for 100 days.

643, enacted April 27, 1934, further amended this act to guarantee the bonds of the Home Owners' Loan Corporation.