Extension of FNMA Purchase Contracts, Hearing Before a Subcommittee of ..., 84-1 on S. 1575 .. S.1645 ..., April 20, 1955
1955 - 42 lappuses
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$24 million 84th Congress additional Administration advance contracts agencies amended amount application approval authority average backlogs bill Chairman closing COLE COLTON commitment committee complete Congress construction contracts to purchase correct delays delivered desire Directors enactment example experienced expired extension Federal National Mortgage figure financing FNMA FNMA advance contracts FNMA's furnish give going GOODYEAR Government guaranty hardship holders Home Builders inspections instances involved issued John June legislation lender lender-mortgagees letter limited loans MCGRATH mean months names National Mortgage Association obtain offices one-for-one organizations outstanding percent period present president processing proposed purchase contracts purchase receipts question reasonable received record REID requests result Seattle sell Senator CAPEHART Senator PAYNE Senator SPARKMAN separate private arrangements situation specific Spokane statement submitted term testimony understand United views Wash Washington
1. lappuse - Installations, and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That...
7. lappuse - Directors, and notwithstanding the provisions of subparagraph (G)) issue a purchase contract (which shall not be assignable or transferable except with the consent of the Association) in an amount not exceeding the amount of the sale of mortgages purchased from the Association, entitling the holder thereof to sell to the Association mortgages in the amount of the contract, upon such terms and conditions as the Association may prescribe...
6. lappuse - ... a discount. In repealing section 504 by section 813 of the Housing Act of 1954 (Public Law 560, 83d Cong., approved August 2, 1954), it appears to have been the view of the Congress that such repeal would leave the charges against builders to be determined by competitive forces and that the Veterans' Administration would confine itself to regulating the fees and charges which may be imposed by lenders against veteran borrowers.
34. lappuse - ... Mortgage delinquencies are gratifyingly low and show no tendency to rise. The present situation calls for congratulations rather than apprehension. In words attributed to Federal Reserve Chairman William McC. Martin in an interview with US News World Report, "Don't be afraid of prosperity." EXHIBIT 2 NATIONAL ASSOCIATION OF HOME BUILDERS OF THE UNITED STATES WASHINGTON 6, DC 1955 POLICY STATEMENT The home-building industry once more has demonstrated its vigor by producing 1,215,600 homes in 1954....