Hard Times in Illinois, 1930–1940
A Selection of Documents from the Illinois State Archives
DOCUMENT 12LETTER CONCERNING A PENDING FORECLOSURE IN CHAMPAIGN
September 7, 1932
The Federal Home Loan Bank Act was another Hoover administration initiative designed to stem the economic decline. It was enacted on July 22, 1932. Provisions established home loan banks across the country with a total capitalization of $125,000,000. These banks made favorable loans to building and loan associations, savings banks, insurance companies, and other credit lending institutions so that those institutions would have the cash they required and home foreclosures could be forestalled.
In responding to this inquiry Governor Emmerson wrote that his office had nothing to do with the Federal Home Loan Bank Act. He was not aware of the existence of a regional office in Illinois to administer the terms of the legislation in question. Consequently he suggested that Mr. O'Brien contact a local building and loan association which no doubt would have the appropriate information.
Points to Consider
What was Thomas O'Brien asking Governor Emmerson to do?
Locate Champaign on a map.
Which political party was Mr. O'Brien affiliated with?
What does this document's paper size say about personal thrift during the Great Depression?