Work in progress — cycles are added one at a time. Every quote is machine-verified against an archived source; follow the links to read it.
1932 › Herbert Hoover (Republican) › Farm and home mortgage relief
Reorganize and enlarge the Federal Land Banks to refinance farm mortgages; curb Joint Stock Land Bank abuses
pledge_forwardspecific_pledgecandidate_directevidence A AgricultureBanking & Finance⚡ The Great Depression similar solutions · similar reasoning
Solution
Propose to Congress at the next session a further reorganization of the Federal Land Banks with 'resources and liberty of action' to expand farm-mortgage refinancing; remedy the organization of the Joint Stock Land Banks; coordinate federal and private mortgage agencies (already secured).
Rationale
The $125 million capital increase and RFC support held Land Bank foreclosures to about 1 percent, but 'the mortgage situation has become more acute' and 'there must be more effective relief.'
Statements (2)
But further and more definitely than this, I shall propose to Congress at the next session that we further reorganize the Federal land banks, and that we give to them the resources and liberty of action, which they do not today possess, which may be necessary to enable them definitely and positively to expand in the refinancing of the farm-mortgage situation where it is necessary to give men who want to fight for it a chance to hold their homes.
The character of the organization of the joint stock land banks whose business methods are not controlled by the Federal Farm Loan Board has resulted in unjust pressure for payments in some of those banks. The basis of that organization should be remedied.
Follow-through
not_applicable
Hoover lost the election; the pledge could not be tested in office. The Farm Credit Administration (March 1933) and the Emergency Farm Mortgage Act (May 1933) reorganized and recapitalized the Land Banks much as Hoover had proposed for the next session.
Enacted by others
| 1933-05-12 | Franklin D. Roosevelt | statute Emergency Farm Mortgage Act; Farm Credit Administration | Hoover's proposed reorganization, enlarged. source |
Other positions on this issue
- Government assistance to keep home-owners and farm-owners from foreclosure — Franklin D. Roosevelt, 1932 specific_pledge
- The Federal Home Loan Bank system to stop home foreclosures and finance new homes — Herbert Hoover, 1932 specific_pledge
- Government aid to farmers and small home-owners against foreclosure and tax sales; moratorium on interest debated — Norman Thomas, 1932 directional_stance
- Low interest rates, sounder home financing, better banking — Franklin D. Roosevelt, 1936 directional_stance
- Refinance farm mortgages through the Frazier-Lemke plan (government-issued credit at low interest) — William Lemke, 1936 specific_pledge
1932-hoover-reorganize-federal-land-banks · created by claude-fable-5-1 · review: unreviewed