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.

1936 › Franklin D. Roosevelt (Democratic) › Farm and home mortgage relief

Low interest rates, sounder home financing, better banking

pledge_forwarddirectional_stancecandidate_directevidence A Banking & FinanceRelief, Welfare & Social Insurance similar solutions · similar reasoning

Solution

Continue the cheap-money policy, FHA/HOLC home financing and the reformed banking system.

Rationale

Cheaper credit lightened debt for farmers, homeowners and local governments; 'it is easier to get credit. It is easier to repay.'

Statements (2)

1936-10-14 · Chicago · generalcandidate_direct ✓ verified

For example, we have provided a sounder and cheaper money market and a sound banking and securities system.

Source: Address at Chicago, Ill. (1936-10-14)

1936-10-31 · Madison Square Garden, New York · generalcandidate_direct ✓ verified

for low interest rates, for sounder home financing, for better banking, for the regulation of security issues

Source: Address at Madison Square Garden, New York City (1936-10-31)

Follow-through

keptcontested among sources

Interest rates stayed at record lows; FHA insurance was expanded in 1938; but Roosevelt vetoed a two-year extension of subsidized 3.5 percent Federal Land Bank rates in June 1938 as too costly -- a limit on 'low interest rates' for farmers.

Mechanisms

Date	Type	Name	Effect	Consistent?	Source
1938-06-15	veto	Veto of the farm-loan interest-rate extension charted on: Bank suspensions (all incorporated commercial banks) · Gross domestic product (nominal, annual) · Unemployment rate (BLS, 1948–) · Unemployment rate (NBER series, 1929–1942)	Refused to extend emergency rate cuts; Congress overrode.	no	Veto of Farm Loan Interest Rates Bill.
1938-12-13	executive_order	FHA insurance authorization raised charted on: Bank suspensions (all incorporated commercial banks) · Gross domestic product (nominal, annual) · Unemployment rate (BLS, 1948–) · Unemployment rate (NBER series, 1929–1942)	Mortgage insurance expanded.	yes	Letter on the Federal Housing Administration

Assessments

kept Franklin D. Roosevelt — Letter on the Federal Housing Administration

Home financing was cheaper and more available in 1940 than in 1936.

partial Franklin D. Roosevelt — Veto of Farm Loan Interest Rates Bill.

The farm-rate veto shows the promise did not extend to subsidized rates at Treasury cost.

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
Reorganize and enlarge the Federal Land Banks to refinance farm mortgages; curb Joint Stock Land Bank abuses — 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
Refinance farm mortgages through the Frazier-Lemke plan (government-issued credit at low interest) — William Lemke, 1936 specific_pledge

1936-fdr-low-interest-rates-sounder-home-financing · created by claude-fable-5-1 · review: unreviewed