United States 1930s
During the Great Depression in the United States a number of mortgage modification programs were enacted by the states to limit foreclosure sales and subsequent homelessness and its economic impact. Because of the shrinkage of the economy, many borrowers lost their jobs and income and were unable to maintain their mortgage payments. In 1933, the Minnesota Mortgage Moratorium Act was challenged by a bank which argued before the United States Supreme Court that it was a violation of the contract clause of the Constitution. In Home Building & Loan Association v. Blaisdell, the court upheld the law imposing a mandatory mortgage modification.
Read more about this topic: Loan Modification In The United States
Famous quotes containing the words united states, united and/or states:
“I do not look upon these United States as a finished product. We are still in the making.”
—Franklin D. Roosevelt (1882–1954)
“Of all the nations in the world, the United States was built in nobody’s image. It was the land of the unexpected, of unbounded hope, of ideals, of quest for an unknown perfection. It is all the more unfitting that we should offer ourselves in images. And all the more fitting that the images which we make wittingly or unwittingly to sell America to the world should come back to haunt and curse us.”
—Daniel J. Boorstin (b. 1914)
“In it he proves that all things are true and states how the truths of all contradictions may be reconciled physically, such as for example that white is black and black is white; that one can be and not be at the same time; that there can be hills without valleys; that nothingness is something and that everything, which is, is not. But take note that he proves all these unheard-of paradoxes without any fallacious or sophistical reasoning.”
—Savinien Cyrano De Bergerac (1619–1655)