What was the purpose of the agency named HOLC?

The Home Owners' Loan Corporation (HOLC) was established in 1933 during the Great Depression to provide relief to struggling homeowners. Its primary purpose was to refinance home mortgages that were in default or at risk of foreclosure, thereby preventing mass evictions and stabilizing neighborhoods. By issuing long-term, low-interest loans, HOLC aimed to make homeownership more accessible and affordable, contributing to the recovery of the housing market and the economy. The agency also played a significant role in the development of modern mortgage practices in the United States.