Ke Alakai o Hawaii, Volume IX, Number 23, 17 September 1936 — Home Owners' Loan Corporation Bonds Paid Off In Cash [ARTICLE]

Home Owners' Loan Corporation Bonds Paid Off In Cash

The first bor«ds of the Home Owners Loan Corporation. amounting to $49,736,000 and issued two years ago to oMain funds for operating expenses. were paid off in cash at maturity on Au£ust 15. This marks another major step io liquidation operations of Ihe"HOLC on whieh 5t has been engaged ex. clusively since lending ceased in Junt». Ineluding $67,644,925 of various issues of bonds alreadv retired, as of August 15 the corporation had redeemed a total of $117,380,825 of its oulstanding obligations. Total repayments on loans to home owners to June 80, 1936, amounieei to $121,046,813. Due to hnproved eircum§tances of ;nany borrcnverK, the volume of monthly payreents of principal and !fiterest have increased sharply In ree e n t months. "The Federal Home Owners Loan Corporation was a philanthropie policy whleli in the long run wUI cost the gxwernment very llttle if anyt](i!U' Rut it wili yield a treiru irtum in the preservatiōn of an independent home-ou Hin- (••"1.-en ship. Thls |>art of tlie President's progrfan has indeed been a iife-saver " Newsmghm dnd.)