S. 2958, S. 3503, S. 3508, and S. 3442

BILLS TO ESTABLISH NEW SECONDARY MORTGAGE CREDIT
FACILITIES AND TO INCREASE AVAILABILITY OF MORTGAGE

COMMITTEE ON BANKING AND CURRENCY

JOHN SPARKMAN, Alabama, Chairman

WILLIAM PROXMIRE, Wisconsin

HARRISON A. WILLIAMS, JR., New Jersey JOHN G. TOWER, Texas

EDMUND S. MUSKIE, Maine

THOMAS J. MCINTYRE, New Hampshire

WALTER F. MONDALE, Minnesota

WALLACE F. BENNETT, Utah

EDWARD W. BROOKE, Massachusetts

CHARLES H. PERCY, Illinois
CHARLES E. GOODELL, New York

ROBERT W. PACKWOOD, Oregon

ERNEST F. HOLLINGS, South Carolina
HAROLD E. HUGHES, Iowa

ALAN CRANSTON, California

DUDLEY L. O'NEAL, Jr., Staff Director and General Counsel
JOHN R. EVANS, Minority Staff Director

CARL A. S. COAN, Staff Director, Subcommittee on Housing and Urban Affairs

(II)

Housing and Urban Development Department__.

Treasury Department...

Veterans Administration_.

Section-by-section summary.

CHRONOLOGICAL LIST OF WITNESSES

MONDAY, MARCH 2

Preston Martin, Chairman, Federal Home Loan Bank Board, accompanied

by Carl O. Kamp, Jr., Board Member, and Dr. R. Bruce Ricks, Director,

Office of Economic Research___

Sherman J. Maisel, Member, Board of Governors of the Federal Reserve

System...

Allan Oakley Hunter, President, Federal National Mortgage Association,

accompanied by Dr. Harry Schwartz, Vice President and Economist____

TUESDAY, MARCH 3

George Romney, Secretary, Department of Housing and Urban Develop-

ment; accompanied by William B. Ross, Deputy Under Secretary, and

Sherman Unger, General Counsel__.

WEDNESDAY, MARCH 4

Philip N. Brownstein, counsel of the Council of Housing Producers

Charles P. Landt, chairman, Subcommittee on Mortgate Finance, Realtors'

Washington Committee of the National Association of Real Estate

Boards

Norman Strunk, executive vice president, United States Savings & Loan

League, accompanied by Stephen Slipher__-

67760

9

49

99, 161

171

185, 194

Oliver H. Jones, executive vice president, Mortgate Bankers Association of

America...

197, 209

212, 219

THURSDAY, MARCH 5

Louis R. Barba, president, National Association of Home Builders, ac-

companied by Nathaniel Rogg, executive vice president, Herbert S.

Colton, general counsel, and Joseph B. McGrath, legislative staff vice

president

Nathaniel S. Keith, president, National Housing Conference_

Nat S. Rogers, president, the American Bankers Association_

William G. Osborn, chairman, Legislative Subcommittee on a Secondary

Market for Conventional Loans, National League of Insured Savings

Associations, accompanied by William F. McKenna

FRIDAY, MARCH 6

Professor John C. Payne, Law School, University of Alabama..

James V. Rice, vice president, Committee on Mortgage Financing, Home

Manufacturers Association...

John E. Krout, senior vice president, chairman, Mortgage Investments

Committee, National Association of Mutual Savings Banks, accom-

panied by Dr. Saul B. Klaman, vice president__

Page

225

262

267

284

297

305

312

C. Franklin Daniels, president, Administration Foundation for Coopera-

tive Housing..

320

John E. Evans, director, Department of Urban Affairs, American Federa-

tion of Labor and Congress of Industrial Organizations..

327

ALPHABETICAL LIST OF WITNESSES

Barba, Louis R., president, National Association of Home Builders.

Brownstein, Philip N., counsel, Council of Housing Producers.

Colton, Herbert S., general counsel, National Asociation of Home Builders

Daniels, C. Franklin, president, Administration Foundation for Coopera-

tive Housing-

Evans, John E., director, Department of Urban Affairs, American Federa-

tion of Labor and Congress of Industrial Organizations--

Hunter, Allan Oakley, President, Federal National Mortgage Association__

Jones, Oliver H., executive vice president, Mortgage Bankers Associ: tion

of America__

225

171

225

320

327

82

212, 219

55

262

312

312

Kamp, Carl O., Jr., Board Member, Federal Home Loan Bank Board....

Keith, Nathaniel S., president, National Housing Conference__

Klaman, Saul B., vice president, National Association of Mutual Savings

Banks---

Krout, John E., senior vice president, chairman, Mortgage Investments

Committee, National Association of Mutual Savings Banks..

Landt, Charles P., chairman, Subcommittee on Mortgage Finance, Real-

tors' Washington Committee of the National Association of Real Estate

Boards..

18, 194

Maisel, Sherman J., Member, Board of Governors of the Federal Reserve

System.

68

Martin, Preston, Chairman, Federal Home Loan Bank Board.

McGrath, Joseph B., staff vice president for governmental relations and

legislative counsel, National Association of Home Builders_

McKenna, William F., general counsel, National League of Insured Savings

Associations

55

225

284

Osborn, William C., chairman, Legislative Subcommittee on a Secondary

Market for Conventional Loans, National League of Insured Savings

Associations_

284

Payne, Prof. John C., Law School, University of Alabama.

297

Rice, James V., vice president, Committee on Mortgage Financing, Home

Manufacturers Association...

305

Ricks, Dr. R. Bruce, Director, Office of Economic Research, Federal Home

Loan Bank Board_

55

Rogers, Nat S., president, American Bankers Association.

267, 277

Rogg, Nathaniel H., executive vice president, National Association of
Home Builders__

225

Romney, George, Secretary, Department of Housing and Urban De-

velopment.

Ross, William B., Deputy Under Secretary, Department of Housing and

Urban Development.

Slipher, Stephen, United States Savings & Loan League.

Strunk, Norman, executive vice president, United States Savings &

Loan League.

Page

99, 161

99

197

197, 209

Schwartz, Dr. Harry, Vice President and Economist, Federal National

Mortgage Association.

82

Unger, Sherman, General Counsel, Department of Housing and Urban

Development..

99

Williamson, John C., Secretary-Counsel, National Association of Real

Estate Boards...

185

MISCELLANEOUS STATEMENTS AND DATA

Administration Foundation for Cooperative Housing, statement of C.

Franklin Daniels, president..

320

American Bankers Association:

Analysis of net cost to Government of direct lending and the amount

of privately financed housing such cost would support_

272

Rogers, Nat S., president, prepared statement..

267

American Federation of Labor and Congress of Industrial Organizations:

Evans, John E., director, Department of Urban Affairs:

Prepared statement..

327

Reprint of article by-

334

Goldfinger, Nathaniel, reprint of article by

American Land Title Association, letter from Thomas J. Holstein, president_

Council of Housing Producers, statement of Philip N. Brownstein, counsel.

Federal Home Loan Bank Board:

Federal National Mortgage Association, statement of Allan Oakley Hunter,

president..

Federal Reserve System:

Burns, Arthur F., Chairman, Board of Governors:

Maisel, Sherman J., Member, Board of Governors, statement before

the committee...

55, 64

Martin, Wm. McC., Jr., Chairman, Board of Governors, letter re-

garding S. 2958..

6

Home Manufacturers Association, statement of James V. Rice_

Housing and Urban Development, Department of:

Mortgage Bankers Association of America, Oliver H. Jones, executive

vice president:

Letter to Senator Proxmire..

223

Prepared statement.

219

National Association of Home Builders:

Barba, Louis R., president, statement before the committee_.

Statement of policy, reprint of..

225

245