bug#37456: 27.0.50; can't load .emacs file

[Katsumi Yamaoka]

Recipe:
・Create a new directory named "~/pseudo-home" .
・Make a file named "~/pseudo-home/.emacs" with some contents.
・Do:
$ export HOME=/home/$USER/pseudo-home
$ cd
$ emacs&

Then Emacs doesn't load the .emacs file, and if installing an elpa
package it is installed under the .config/emacs/elpa/ directory.
But if there is already the .emacs.d/ directory, Emacs loads
the .emacs file and an elpa package is installed in the .emacs.d/
directory.  Contrary, Emacs 26.3.50 loads the .emacs file even if
there is no .emacs.d/ directory and create the .emacs.d/ directory.

Thanks.

In GNU Emacs 27.0.50 (build 1, x86_64-pc-cygwin, GTK+ Version 3.22.28)
 of 2019-09-19 built on localhost
Windowing system distributor 'The Cygwin/X Project', version 11.0.12004000