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Home Owners' Loan Corporation

The Home Owners' Loan Corporation was a government-sponsored corporation created as part of the New Deal. The corporation was established in 1933 by the Home Owners' Loan Corporation Act under the leadership of President Franklin D. Roosevelt, its purpose was to refinance home mortgages in default to prevent foreclosure. The HOLC issued bonds and used the bonds to purchase mortgage loans from lenders; the loans purchased were for homeowners who were having problems making the payments on their mortgage loans "through no fault of their own". The HOLC refinanced the loans for the borrowers. Many of the lenders gained from selling the loans because the HOLC bought the loans by offering a value of bonds equal to the amount of principal owed by the borrower plus unpaid interest on the loan plus taxes that the lender paid on the property; this value of the loan was the amount of the loan, refinanced for the borrower. The borrower gained because they were offered a loan with a longer time frame at a lower interest rate.

It was rare to reduce the amount of principal owed. The typical HOLC loan before 1939 was an amortized 15-year loan, compared with the 3–6 year mortgages offered by commercial banks and the 10–12 year loans offered by Building and Loans in the 1920s; the interest rate on the original HOLC loans was 5 percent at a time when most mortgage loans were being offered at an interest rate of 6 to 8 percent. In 1939 the corporation lowered the interest rate to 4 1/2 percent for a large group of borrowers; the HOLC loans were amortizing, so that there were equal payments each month on the loan. This contrasts with interest-only loans in the 1920s in which the borrower would make payments equal to the interest on the loan each month until the end of the loan and repay the principal at the end of the loan; until the early 1930s borrowers paid the principal owed by taking out a new loan. When the economy fell apart in the 1930s it became difficult to borrow and many borrowers could not repay the principal owed at the end of the loan.

It contrasts with loans at Building and Loans in the 1920s, which lasted 10 to 12 years. The B&L loans were direct reduction loans in which some payment of the principal owed was made each month; the direct reduction loan has become the most common type of American mortgage. Between 1933 and 1935, the HOLC made more than one million loans. At that point it stopped making new loans and 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 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 refurbished the home. In many cases it rented out the home; the HOLC tried to avoid selling too many homes to avoid having negative effects on housing prices. More than 800,000 people repaid their HOLC loans, many repaid them early enough.

HOLC 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 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. HOLC is cited as the originator of mortgage redlining. HOLC maps generated during the 1930s to assess credit-worthiness were color-coded by race, with majority African-American areas marked in red and designated as "hazardous." The racist attitudes and language found in HOLC appraisal sheets and Residential Security Maps created by the HOLC gave federal support to racist real-estate practices that helped segregate America throughout the 20th century. The effects of redlining, as described by HOLC maps, endures to the present time. A study released in 2018 found that 74 percent of neighborhoods that HOLC graded as high-risk or "hazardous" are low-to-moderate income neighborhoods today, while 64 percent of the neighborhoods graded "hazardous" are minority neighborhoods today.

“It’s as if some of these places have been trapped in the past, locking neighborhoods into concentrated poverty,” said Jason Richardson, director of research at the NCRC, a consumer advocacy group. Another study, published in 2017, found that areas deemed high-risk by HOLC maps saw an increase in racial segregation over the next 30–35 years, as well as a long-run decline in home ownership, house values, credit scores. HOLC was established as an emergency agency under Federal Home Loan Bank Board supervision by the Home Owners' Loan Act of 1933, June 13, 1933, it was transferred with FHLBB and its components to the Federal Loan Agency by Reorganization Plan No. I of 1939, effective July 1, 1939, it was assigned with other components of abolished FHLBB to the Federal Home Loan Bank Administration, National Housing Agency, by EO 9070, February 24, 1942. Its board of directors was abolished by Reorganization Plan No. 3 of 1947, effective July 27, 1947, HOLC was assigned, for purposes of liquidation, to the Home Loan Bank Board within the Housing and Home Finance Agency.

It was terminated by order of Home Loan Bank Board Secretary, effective February 3, 1954, pursuant to an act of June 30, 1953. Federal Home Loan Banks * Brennana, John F. "The Impact of Depression-era Homeowners' Loan Corporation Lending in Greater Cleveland, Ohio," Urban Geography

Hatice Bahar Özgüvenç

Hatice Bahar Özgüvenç is a Turkish women's football forward playing in the First League for Ataşehir Belediyespor with jersey number 11. She was a member of the Turkish national team. Özgüvenç serves as teacher for physical education in a primary school in Muratlı town of Tekirdağ Province. Hatice Bahar Özgüvenç obtained her license for Feriköyspor on 23 October 1997, she has been playing in the Turkish Women's First League since 1999, for Ataşehir Belediyespor since the 2013–14 season. At the end of the 1999–2000 season, she enjoyed league championship with her club Delta Mabilyaspor. On 20 November 2006 she scored the only goal for Turkey in the UEFA Euro 2009 qualifyingGroup A1 match against Croatia. In the UEFA Support International Tournament group qualifying matches in November 2007, she netted a goal against the Bulgarian, two goals against the Azeri women's team.Özgüvenç took part in a special friendly football game of mixed gender held on 17 May 2011 in the BJK İnönü Stadium, Istanbul, played on the "World Hypertension Day" in order to increase the awareness of hypertension.

As of 4 June 2017. As of 10 January 2016. Turkish Women's First Football League Delta Mabilyaspor Winners: 1999–2000Ataşehir Belediyespor Runners-up: 2013–14, 2014–15, 2015–16 Third places: 2016–17