This chapter concludes the book by summarizing four main findings regarding how the HOLC affected borrowers, lenders, housing markets, and taxpayers. The HOLC gave lenders a good deal by buying loans at or close to the full debts owed. The HOLC aided borrowers by offering low interest rates, longer repayment periods, and by not foreclosing quickly when borrowers fell behind on HOLC payments. The program helped prevent some additional declines in home values and home ownership rates. The loss to the taxpayer from the HOLC was about 2 percent of the value of the loans, while the government guarantee of HOLC bonds provided additional subsidies of 10 to 20 percent of the value of the loans. The HOLC policies are compared with recent housing policies in the Great Recession
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