The Home Owners Refinancing Act provided two billion dollars to refinance home mortgages facing foreclosure. The Federal Housing Administration (FHA) was created to help new home buyers secure low interestmortgages. The FHA encouraged bankers to lower their interest rates by guaranteeing repayment of home mortgage loans. The Securities Act of 1933 required stockbrokers to provide investors with full information about new stock issues. The Emergency Railroad Transportation Act enabled bankrupt railroads to reorganize.
Roosevelt's approach to solving the nation's economic problems produced modest results. The number of unemployed fell from 13 million in 1933 to 11.4 million the following year. Farm income rose about 50% although it remained well below its 1929 level. Industrial production and wages in manufacturing slowly moved upward. But despite these indications of progress, the nation remained caught in the grip of the worst economic depression in its history.