CONTENTS Hon. Charles Kramer, Member of Congress_. Hon. Jesse H. Jones, Secretary of Commerce, and Administrator, Fed- Abner H. Ferguson, Administrator, Federal Housing Administration_ 81, 160 Stewart McDonald, Deputy Federal Loan Administrator__ Hon. Richard M. Kleberg, Member of Congress-- Howard J. Edgerton, president, California Federal Savings and Loan III DEFENSE HOUSING INSURANCE MONDAY, FEBRUARY 17, 1941 HOUSE OF REPRESENTATIVES, COMMITTEE ON BANKING AND CURRENCY, The committee met at 10:30 a. m., Hon. Henry B. Steagall (chairman) presiding. The CHAIRMAN. I do not like to call the committee on Monday, since it is inconvenient to some members of the committee to meet on Monday. But in conference on Friday afternoon with the gentlemen who are responsible for this housing program, I was impressed that there ought not to be further delay in taking up this bill. For that reason, I have called the committee today. I am not going to take the time to explain the bill; it is short and simple, and the older members of the committee who are familiar with the Federal Housing Act will understand it. This is a proposal to promote construction of residential houses in areas where the need has been accentuated on account of the defense program and to bring about that construction through the insurance of loans along the line of the plan established in the Federal Housing Act. The Federal Housing Act has functioned beyond our expectations in its success, and I think it is one of the agencies of the Government doing a great work and meets some exceptional approbation. (The bill referred to is as follows:) [H. R. 3162, 77th Cong., 1st sess.] A BILL To amend the National Housing Act, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the National Housing Act, as amended, is amended by the addition of the following title at the end thereof: "TITLE VI-DEFENSE HOUSING INSURANCE "SEC. 601. As used in this title "(a) The term 'mortgage 'means a first mortgage on real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable; or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was excuted; and the term 'first mortgage' means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State, district, or Territory in which the real estate is located, together with the credit instruments, if any, secured thereby. "(b) The term 'mortgagee' includes the original lender under a mortgage, and his successors and assigns approved by the Administrator; and the term 'mortgagor' includes the original borrower under a mortgage and his successors and assigns. "(c) The term 'maturity date' means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage. 1 |