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FNMA nonfarm home-financing activity (by FHA and VA)

FHA

VA nonfarm

Sec. 203) Sec. 603 Sec. 608 Total

Sec. 501

Sec. 5058

9, 476 7, 271 6, 501 11, 926 18, 662 14, 860 21, 297 21, 523 16, 141 17, 159 11, 979 12, 479

14, 807 7, 414 14, 599 12, 256 11, 956 2,848 18, 075 16, 614 7, 228 6, 209 19, 695 18, 394 5, 573 7,670 22, 550 21, 332 6, 470 11, 357

30, 141 28, 271 4,384 26, 068 40, 633 38, 919 7,766 30, 139 64, 232 62, 746 8,723 47,155 116, 007 113, 676 3, 192

39, 524 106, 840 105, 157 3, 071 35, 798 97,091 94, 581 2, 199 7, 639 95, 144 93, 430 1, 954 20, 739 103, 320 101, 941 707 12, 026 79, 108

77, 723

2, 343 1, 461 1, 301 1, 217 1, 870 1, 714 1, 486 2, 331 1,684 2, 510 1, 714 1, 379 1, 385

4,776

1, 116

1, 477 28, 635 2, 656 30, 551 3, 206

20, 426 3, 148 18, 201 4, 913

22, 652 6, 610 18, 075 3, 751

19, 866 5, 965 17, 635 5, 191 12, 460 7, 769

8. 881 6, 496

7, 719 5, 990 5, 192 7, 026

3, 174

441 1, 544 1, 706

893 1, 994 1, 957 5, 506 2, 864 3, 730 2, 126 4, 338

520

3, 648 5, 926 8, 843 9, 803 16, 749 20, 537 24, 387 34, 556 32, 994 43, 027 47, 761 50, 561 61, 886

3, 168 5, 142 7, 766 8, 708 15, 403 19, 217 23, 151 33, 034 31, 745 41, 694 46, 670 49, 367 60, 705

481

784 1, 077 1, 094 1, 346 1, 320 1, 236 1, 522 1, 250 1, 334 1, 091 1, 194 1, 181

FNMA sales-during month

0

291 777

823 1, 541

158 522 248 71

0 107 647

0 12 121 147

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FNMA summary

5, 400 45, 690 0

0

(Thousands of dollars)

Year and month

FNMA nonfarm total

Total

FNMA new commitments to purchase-during month

1948-November

December 1949-January

February
March.
A pril.
Мау.
June
July.
August.
September
October
November

46, 296
40, 150
39, 633
47, 720
66, 630
85, 946
123, 434
193, 408
165, 698
153, 118
116, 961
138, 583
96, 617

31, 697 22, 075 19, 938 25, 170 36, 489 45, 313 59, 202 77, 401 58, 858 56, 027

21, 817 1 35, 263 17, 509

FNMA purchases-during month

1948-November.

December. 1949-January

February
March
April.
May.
June.
July
August
September
October..
November

34, 877
39, 574
34, 019
32, 858
45, 207
47, 215
49, 961
63, 662
53, 509
63, 407
64, 102
66, 081
72, 606

31, 228 33, 648 25, 176 23, 056 28, 458 26 679 25, 574 29, 106 20, 514 20, 380 16, 341 15, 520 10, 720

August September. October. November

449 1, 311 1, 299

449 1, 299 1,178 2, 259

2, 406

Item

Mortgage balance outstanding as of
June 30, 1948

51, 090 51, 090
Purchases, July 1, 1948-Nov. 30,
1949.

743, 198 | 380, 965 Repayments and other credits July 1, 1948-Nov. 30, 1949.

21, 822 17, 799 Sales, Aug. 1, 1949-Nov. 30, 1949. 5, 465 Mortgage balance outstanding as of

Nov. 30, 1949.
Commitments undisbursed as of

767,000 409, 070 Nov. 30, 1949.

791, 917 1351, 495 Available for commitment as of Nov. 30, 1949.

1940, 662

5, 185

0 65, 931 286, 299 28, 735 362, 233 347, 061 15, 172 2,657 15, 094

48
4,023

3,671 352 3, 432

999 754 280 50 230 65, 242 315, 895 27,933 357, 930 343, 340 | 14, 590 97, 489 6,690 247, 225 440, 422 433, 460 6, 962

1 Includes $91,000 under FHA section 207. 2 Amount available for commitment as of Nov. 30, 1949, allowing for $211,000 mortgage balance outstanding and $210,000 commitments undisbursed under VA section 502 farm mortgages.

Source: Reconstruction Finance Corporation; Federal National Mortgage Association,

Type of institution originating and holding all home mortgages: Number and face amount of secs. 203 and 603 mortgages originated for the year 1948 and held in portfolio as of Dec. 31, 1948

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Total..

1, 935 3,801 162, 005 1, 214, 424, 822 100.0

382, 266 2,327, 603, 732

100.0

Total

National bank.
State bank..
Mortgage company.
Insurance company.
Savings and loan association.
Savings bank
Federal agency-
All other

51, 465
40, 909
81, 816
66, 088
31, 272
8, 682

$370, 930, 957
286, 111, 600
574, 733, 210
468, 350, 822
221, 270, 400
63, 581, 200

17.8
13. 7
27.5
22.4
10.6
3.1

233, 960 $1,187,205,707
171, 857 881, 103, 211

28, 424 191, 635, 823
379, 903 2,077, 148, 409
88, 788 477, 166, 585
87, 915 483, 049, 379
16, 299 109, 736, 971
28, 285 157, 242, 608

21.3 15.8

3.5 37. 2 8.6 8.7 2.0 2. 9

13, 955

101, 666, 650

4. 9

Total.

294, 187 2,086, 644, 839 100.0 1, 035, 431 5, 564, 288, 693

100.0

1 Total originations for the year do not agree with insurance written for the year shown elsewhere, due to lag in tabulation.

Less than face amount in force, due to lag in tabulation. 3 Based on amount of mortgage.

Includes industrial banks, finance companies, endowed institutions, private and State benefit funds, etc. • Excludes mortgages insured under sec. 603 pursuant to sec. 610 and those insured under sec. 609.

Type of institution purchasing and selling all home mortgages: Number and face amount of home mortgages transferred (including resales) under secs. 203 and 603, for the year 1948

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National bank
State bank.
Mortgage company -
Insurance company
Sayings and loan association
Savings bank
Federal agency
All other 2

9,069 16, 925

3, 641 72, 678

543 12, 909 14,888 3, 271

$54, 642, 184 102, 769, 028 23, 648, 750 486, 867, 828 3,348, 600 89, 649, 340 104, 263, 700 21, 384,100

6. 2 11.6

2.6 54.9

.4 10.1 11.7 2.5

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$90, 444, 727 162, 329, 161 458, 354, 492 60, 473, 850 48,476, 050 2,847, 150 1, 460, 800 62, 187, 300 886, 573, 530

398

3 .1 7.1

420 9,346

Total.

133, 924 886, 573, 530

100.0

133, 924

100.0

1 Based on amount of mortgage. ? Includes industrial banks, finance companies, endowed institutions, private and State benefit funds, etc. 3 Excludes mortgages insured under sec. 603 pursuant to sec. 610 and under sec. 609.

Type of institution originating and holding all rental-project mortgages: Number and face amount of secs. 207 and 608 mortgages financed through 1948 and held in portfolios as of Dec. 31, 1948

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National bank.
State bank.
Mortgage company.
Life insurance company-
Other insurance company
Savings bank.
Savings and loan association.
Federal agency.
All other

652
784

526
1, 244

12

$172, 618, 775
381, 323, 645
117, 542, 289
443, 323, 698

2, 251, 300
97, 694, 486
26, 570, 044
18, 949, 500
41, 399, 979

13. 3
29.3

9.0
34. 1

2 7.5 2.0 1.4 3. 2

466
533

108
1,697

23 354 85

$130, 223, 389
279, 794, 567

36, 957, 700
511, 396, 417

3, 379, 300 159, 165, 607 14, 795, 102

11. 2 24. 1

3. 2 44.0

.3 13.7 1.3

197

148

5 87

481, 700 24, 767, 254

.1 2.1

25 142

Total

3,730 1,301, 673, 716

100.0

3,358 1,160, 961, 036

100.0

1 Based on amount of mortgages.

Type of institution holding mortgages at date of termination or as of Dec. 31, 1948. 3 Excludes mortgages financed and held under sec. 608 pursuant to séc. 610.

Senator SPARKMAN. Senator Douglas.

Senator Douglas. Mr. Foley, you submitted this morning a very interesting table on comparative cost figures for cooperatives as compared with section 608. Will you return to that mimeographed sheet? I think it is a very crucial set of figures.

Mr. FOLEY. Yes, sir.

Senator DoUGLAS. I would like to ask some questions, if I may, about the estimates, how they were arrived at.

As I understand it, this is made up of about five estimated lower forms of cost under the cooperative form; a lower vacancy rate, lower operating costs, a lower interest rate, a longer amortization rate, and then a smaller balance left after costs were met.

I won't ask questions about differences in the interest rate, because I think we at least touched on that this morning, but I would like to take up the other items. I first come to the vacancy allowance which I understand you fix at 3 percent for the cooperative units and at 7 percent under section 608; so that the saving is around $4 a month.

The question I would like to ask is this: In practice, at the present time, do you have a 7 percent vacancy rate in units constructed under section 608? Are you not using a ratio in normal times, whatever those may be, or the 1930 vacancy ratio, but not the 1949 vacancy ratio? It is my observation that in the largest cities of the country, at least, vacancies are almost nonexistent. I don't want to give any ammunition to the opposition, but it will be hard to argue that there are no vacancies, and therefore rent control should be continued, and then in the next breath to argue that there are 7 percent vacancies. I think we have to base these policies on facts.

I want to know where you get this 7 percent vacancy figure.
Mr. FOLEY. Of course, Senator-
Senator MAYBANK. We have no rent control.

Senator Douglas. I don't want to get rent control mixed up in this. I can say, as far as Chicago is concerned, I know there is not a 7-percent vacancy rate. I doubt if it is 2 precent. Perhaps not i percent.

I am interested in having the same set of facts apply across the board. I would like to find out where the 7-percent vacancy rate comes in.

Mr. FOLEY. Of course, Senator, we would not contend that there is a 7-percent vacancy ratio at this time on an average in rental housing projects, either FHA insured or otherwise. You will recall that we are discussing a long-range set-up which has to be set up at the beginning with an evaluation of the risk as far as we can over a long term and an attempt to appraise what allowances have to be made so that the project will not fail.

Senator DOUGLAS. Then this is an estimate of the future?

Mr. FOLEY. That is an estimate of the future, based upon experience of the past.

Senator Douglas. What experience have you used on this, please?

Mr. Foley. In many quarters, in the past, a vacancy ratio of 10 is calculated, before we ran into critical housing situations. In this situation we have attempted to get a figure that would probably be realistic, as against a development of a more normal housing supply, and a greater freedom of choice.

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