May 3, 1932
The National Farmers’ Holiday Association (FHA) is founded by Milo Reno, former president of the Iowa Farmers’ Union. The FHA fought foreclosures, sometimes by blocking the roads and physically preventing a sheriff from selling a farmer’s home and land. Other times, they held penny auctions, where everyone refused to bid more than a few pennies for the farm. The farm would then be given back to its original owner with no debt and the bank would only be a few cents richer.