Magazine content is available exclusively for TIME subscribers.GOVERNMENT: Profitable HOLC
Most government excursions into the field of private enterprise have cost taxpayers money. So when the Home Owners Loan Corp. was created, Congressional sibyls prophesied that the Government would lose at least $1 billion. Last week HOLC's spry old board chairman, John Henry Fahey, produced figures to show how wrong they had been. When HOLC is finally liquidated in 1948, he said it will show a net profit of some $11,000,000.
Starting in 1933, when mortgages were being foreclosed at the rate of 1,000 a day, HOLC made more than 1,000,000 loans, totaling...
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