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TO EXPAND AND REORGANIZE THE FEDERAL

HOME LOAN MORTGAGE CORPORATION

HEARINGS

BEFORE THE

SUBCOMMITTEE ON HOUSING AND COMMUNITY DEVELOPMENT

OF THE

COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS

HOUSE OF REPRESENTATIVES

NINETY-SEVENTH CONGRESS

SECOND SESSION

ON

H.R. 4787

A BILL TO ESTABLISH A FEDERAL HOME LOAN MORTGAGE

CORPORATION CHARTER ACT

AND ON

H.R. 6442

A BILL TO EXPAND AND REORGANIZE THE FEDERAL HOME LOAN

MORTGAGE CORPORATION

APRIL 21 AND JUNE 3, 1982

Serial No. 97–64

Printed for the use of the
Committee on Banking, Finance and Urban Affairs

U.S. GOVERNMENT PRINTING OFFICE

96-197 O

WASHINGTON : 1982

K Far

B546

1982

HOUSE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS

FERNAND J. ST GERMAIN, Rhode Island, Chairman HENRY S. REUSS, Wisconsin

J. WILLIAM STANTON, Ohio HENRY B. GONZALEZ, Texas

CHALMERS P. WYLIE, Ohio JOSEPH G. MINISH, New Jersey

STEWART B. MCKINNEY, Connecticut FRANK ANNUNZIO, Illinois

GEORGE HANSEN, Idaho PARREN J. MITCHELL, Maryland

JIM LEACH, Iowa WALTER E. FAUNTROY, District of

THOMAS B. EVANS, JR., Delaware Columbia

RON PAUL, Texas STEPHEN L. NEAL, North Carolina

ED BETHUNE, Arkansas JERRY M. PATTERSON, California

NORMAN D. SHUMWAY, California JAMES J. BLANCHARD, Michigan

STAN PARRIS, Virginia CARROLL HUBBARD, JR., Kentucky

ED WEBER, Ohio JOHN J. LAFALCE, New York

BILL McCOLLUM, Florida DAVID W. EVANS, Indiana

GREGORY W. CARMAN, New York NORMAN E. D'AMOURS, New Hampshire GEORGE C. WORTLEY, New York STANLEY N. LUNDINE, New York

MARGE ROUKEMA, New Jersey MARY ROSE OAKAR, Ohio

BILL LOWERY, California JIM MATTOX, Texas

JAMES K. COYNE, Pennsylvania BRUCE F. VENTO, Minnesota

DOUGLAS K. BEREUTER, Nebraska DOUG BARNARD, JR., Georgia

DAVID DREIER, California
ROBERT GARCIA, New York
MIKE LOWRY, Washington
CHARLES E. SCHUMER, New York
BARNEY FRANK, Massachusetts
BILL PATMAN, Texas
WILLIAM J. COYNE, Pennsylvania
STENY H. HOYER, Maryland

SUBCOMMITTEE ON HOUSING AND COMMUNITY DEVELOPMENT

HENRY B. GONZALEZ, Texas, Chairman FERNAND J. ST GERMAIN, Rhode Island J. WILLIAM STANTON, Ohio WALTER E. FAUNTROY, District of

CHALMERS P. WYLIE, Ohio Columbia

STEWART B. MCKINNEY, Connecticut JERRY M. PATTERSON, California

THOMAS B. EVANS, JR., Delaware JOHN J. LAFALCE, New York

JIM LEACH, Iowa JAMES J. BLANCHARD, Michigan

ED BETHUNE, Arkansas DAVID W. EVANS, Indiana

MARGE ROUKEMA, New Jersey STANLEY N. LUNDINE, New York

JAMES K. COYNE, Pennsylvania MARY ROSE OAKAR, Ohio

GEORGE C. WORTLEY, New York BRUCE F. VENTO, Minnesota

GREGORY W. CARMAN, New York ROBERT GARCIA, New York

BILL McCOLLUM, Florida MIKE LOWRY, Washington

BILL LOWERY, California PARREN J. MITCHELL, Maryland

DOUGLAS K. BEREUTER, Nebraska CARROLL HUBBARD, JR., Kentucky

DAVID DREIER, California
NORMAN E. D'AMOURS, New Hampshire
CHARLES E. SCHUMER, New York
BARNEY FRANK, Massachusetts
WILLIAM J. COYNE, Pennsylvania
STENY H. HOYER, Maryland

(II)

25-6i 1582

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329
377

Brinkerhoff, Philip R., President, Federal Home Loan Mortgage Corporation ...
Cassidy, Dr. Henry J., Director, General Research Division, Office of Policy

and Economic Research, Federal Home Loan Bank Board
Law, Robert H., III, president, Timbers Corp., White Plains, N.Y.
Modigliani, Dr. Franco, institute professor, Sloane School of Management,

Massachusetts Institute of Technology,
Willcox, Roger, president, Community Cooperative Development Foundation,

South Norwalk, Conn........

319

356

American Bankers Association, letter dated April 20, 1982, from Gerald M.

Lowrie, executive director, Government relations

Brinkerhoff, Philip R.:

Analysis of the FNMA prepared by Dean Witter Reynolds, Inc

Graphs referred to in prepared statement.

H.R. 4787, revised version dated March 26, 1982.

Section-by-section analysis ......

Letter from Senior Vice President Peter J. Gilbert of Shearson/American

Express, Inc., dated April 19, 1982, submitted at the request of Con-

gressman Lundine

Letters in regard to the proposed legislation:

Dated April 12, 1982, from Treasury Assistant Secretary Roger W.

Mehle
Dated April 19, 1982, from Executive Vice President Theresa L.

Watson of the American Savings & Loan League....

Prepared statement on behalf of the Federal Home Loan Mortgage Corpo-

ration (The Mortgage Corporation)....

Response to additional questions of Chairman Gonzalez

"Summary Comparison of FNMA and FHLMC,” table
Cassidy, Dr. Henry J., prepared statement...
Comptroller of the Currency, letter dated May 11, 1982, from Jo Ann S.

Barefoot, Deputy Comptroller, Industry and Public Affairs....
Council of State Housing Agencies, letter dated April 27, 1982, from Thomas

W. White, executive vice president....
Gonzalez, Chairman Henry B.:

Opening statement, hearing of April 21, 1982.

Text of his bill, H.R. 4787 ..
Law, Robert H., III, prepared statement.
Lundine, Hon. Stan:

Articles submitted from various publications pertaining to inflation and

housing problems....
Letter dated September 3, 1982, to Chairman Gonzalez, re the subcommit-

tee's hearings and housing problems....

Statement regarding hearing....

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