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It was used to extend loans from shorter loans to fully amortized, longer terms (usually 20-25 years). Through its work it granted long term mortgages to over a million people facing the loss of their homes.

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Some people such as the rich would be critical of this because it is helping people who some people would say don't deserve it.

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It was worth it because it saved people from foreclosure and gave them a better opportunity for the future.

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The Home Owners Loan Corporation was not successful because even though it helped people for a little bit, in the long run people still lost their homes.

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Its purpose was to refinance home mortgages currently in default to prevent foreclosure

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Founded By: Franklin D. Roosevelt in 1933