CONTENTS Cumulative table of contents, parts 1, 2, and 3.. Title I, National Housing Act- Section 608 projects, excerpt from National Housing Act. Statement of— Page 2031 1316 1319 Bovard, Burton C., General Counsel, Federal Housing Administration. 1694 1788 1373 1792 Cole, Albert M., Administrator, Housing and Home Finance Agency. Frentz, Arthur J., Assistant Commissioner, Title I, Federal Housing 1355 1649 Greene, Walter L., Deputy Commissioner (retired), Federal Housing Held, Harry, vice president, Bowery Savings Bank, representing 1531 1319, 1629 Hughes, Richard G., president, National Association of Home Kane, Owen, legislative attorney, Office of the Comptroller General, 1463 1422 Mason, Norman P., Acting Commissioner, Federal Housing Administration___. 1809 Murphy, Howard M., former Associate General Counsel, Federal 1710 Neel, Samuel E., general counsel, Mortgage Bankers Association of 1491 Olney, Warren, Assistant Attorney General, Criminal Division, 1583 Perce, Le Grand W., Deputy Assistant Commissioner, Federal 1733 Powell, Clyde L., Assistant Commissioner, Multifamily Housing Reilly, John A., American Bankers Association_ 1353 1567 1572 Williamson, John C., secretary-counsel, Realtors Washington committee, National Association of Real Estate Boards.. 1554 Letters, statements, reports, etc., submitted for the record by American Federation of Labor, Harry C. Bates, chairman, housing committee: Statement. 1806 Atomic Energy Commission: Letter to committee re letters from CIO and AFL, Oak Ridge, Tenn., letters.-- 1787 Atomic Trades and Labor Council, AFL, Jesse L. Hamon, president: 1787 Bennett, Wallace F., a United States Senator from the State of Utah: 1659 1307 1783 Part 3 Letters, statements, reports, etc.-Continued Page Capehart, Homer E., a United States Senator from the State of Press release, April 18, 1954, on FHA hearings. 1306 1308 1316 1319 Excerpts, National Housing Act relating to section 608 projects - 1376 1503 Article, Washington Daily News, Builders Say Profits Were 1627 1780 Amendment to section 2, National Housing Act, November 25 1798 Colean, Miles L., Washington, D. C.: Review of Federal mortgage lending and insuring practices 1552 Cooperative League of the United States, Wallace J. Campbell, director, Washington office: Statement 1783 Federal Housing Administration. (See Housing and Home Finance Fort Tryon, N. Y., Tenants Group, Inc., Lillian C. Hausman, secretary: Telegram to chairman_. 1805 General Accounting Office: Letter to Commissioner enclosing sum- 1426 Tax data. 1577 Certificate of incorporation. 1754 Certificate amending, limiting, and otherwise changing above.. Letter to Comptroller, FHA, regarding dividend declaration. Hollyday, Guy T. Ô., Langley, Va.: Biographical sketch............. Housing and Home Finance Agency: 1758 1803 1369 Statement of Mr. Cole on investigation__. 1305 Excerpt from statement of Mr. Foley on Senate Resolution 26, 1326 Memorandum to President's Advisory Committee on steps taken Digest of FHA instructions pertaining to replacement cost esti- 1408 Collection efforts required of insured financial institution prior 1437 Title I, insurance fund, insuring and policing procedures, June 30, 1442 Volume of FHA-insured property improvement loans by State 1460 Transfers among builders of commitments_ 1480 Last projects completed and to be completed under section 608 1530 Permanent privately owned nonfarm multifamily dwelling units 1554 Gross case (Glen Oaks Village) tax data.. Facing 1577 List of items FHA has approved for financing 1597 Qualifications for title I contract of insurance, categories of lend ing agencies. 1603 Letter to Attorney General re Joseph B. Williams, et, case, 1619 Letter to Attorney General re Joseph B. Williams, etc., case, 1621 Mortgages and loans insured by FHA, and status of programs.. 1641 1646 FHA form, Contractor's Certificate of Actual Cost (sec. 908). 1683 1685 1685 Outstanding delinquent loans, March 31, 1954– 1731 Certificate of incorporation Glen Oaks Village No. 11, Inc. (Gross case) - - 1754 Certificate amending, limiting and otherwise changing above.... 1758 Total section 608 projects 1766 Section 608 projects: Owned by Commissioner.. Mortgage notes assigned to the Commissioner_ Letter on Mosheim, Tenn., letter Colonial Trust Co., Pittsburgh, Pa., area of operations.. Title I regulations, revised to December 13, 1953, containing 1768 1773 1777 1782 1782 1815 Answers by FHA to 73 questions regarding property-improve- 1879 List of dealers subject to provisions of regulation VIII, section 2, Authority of Rental Housing Division and Underwriting Division 1986 Internal Revenue Service: Letter to chairman transmitting income-tax returns.. 1315 1485 Justice Department: Letter to FHA re Joseph B. Williams, etc., case 1620 Complaint on Canterbury Gardens No. 1, Inc., St. Louis, Mo., case 1622 Knowland, William F., a United States Senator from the State of 1731 Kuchel, Thomas H., a United States Senator from the State of California: Letter to chairman on S. 3282_ National Association of Mutual Savings Banks, Harry Held: Letter to chairman.. 1552 National Association of Real Estate Boards, Realtors' Washington committee, John C. Williamson, secretary-counsel: Executive order on inspection of income-tax returns by com- 1339 Advisory Committee on Housing: Report of subcommittee on Federal housing activities in the Federal Government_-Remodeling Contractors Association, Los Angeles, Calif.: Telegram to chairman....... 1521 1305 Staff memorandums: Title I, National Housing Act.. 1316 Excerpts, National Housing Act, relating to section 608 pro gram 1319 Summary and key changes in S. 2938, of sections that might be 1376 1503 United Gas, Coke and Chemical Workers of America, Emerson M. 1786 HOUSING ACT OF 1954 FHA Insurance Provisions MONDAY, APRIL 19, 1954 UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, Washington, D. C. The committee met, pursuant to call, in room 318, Senate Office Building, at 10:05 a. m., Senator Homer E. Capehart (chairman) presiding. Present: Senators Capehart, Bricker, Bennett, Bush, Payne, Maybank, Frear, Douglas, and Lehman. The CHAIRMAN. The committee will please come to order. The first order of business will be a vote on the part of the committee to subpena Mr. Powell. Mr. Powell telephoned me at 25 minutes of 10 this morning and said that he would prefer not to appear without a subpena. That was the first time the chairman knew that he required a subpena or wanted a subpena. He is now waiting over in the Sergeant at Arms' office, and I wish someone would make a motion that we subpena him. Senator MAYBANK. I so move, Mr. Chairman. Senator BUSH. I second it. The CHAIRMAN. It has been moved and seconded that we subpena Mr. Powell. All in favor say "aye"; contrary, "no." The ayes have it. I ask that the assistant clerk of this committee issue such a subpena and take it to the Sergeant at Arms' office and serve it on Mr. Powell, and ask him to immediately come to this room. Until such time as Mr. Powell does appear, I think we should do nothing here, because he was to be our first witness. I much prefer that he listen to what I have to say in my opening statement before we proceed. I will say this while Mr. Powell is on his way, that this hearing today and tomorrow and the next couple of days is primarily a continuation of our hearing on the proposed legislation that we have been working on here now for many, many weeks. The committee will be in recess for a couple of minutes, until such time as Mr. Powell arrives. Had we known that Mr. Powell required a subpena, we would have had it served on him before, but it was our understanding that he was voluntarily going to appear, and we did not know otherwise until 25 minutes of 10 this morning. This was the first opportunity that the chairman has had to get the full committe together to authorize a subpena. While we are waiting on Mr. Powell, it might be well for the committee to give the |