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

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

CREDIT

MARCH 2, 3, 4, 5, AND 6, 1970

Printed for the use of the
Committee on Banking and Currency

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1970

42-120 O

COMMITTEE ON BANKING AND CURRENCY

JOHN SPARKMAN, Alabama, Chairman WILLIAM PROXMIRE, Wisconsin

WALLACE F. BENNETT, Utah HARRISON A. WILLIAMS, JR., New Jersey JOHN G. TOWER, Texas EDMỤND S. MUSKIE, Maine

EDWARD W. BROOKE, Massachusetts THOMAS J. MCINTYRE, New Hampshire .. CHARLES H. PERCY, Illinois WALTER F. MONDALE, Minnesota

CHARLES E. GOODELL, New York ERNEST F. HOLLINGS, South Carolina ROBERT W. PACKWOOD, Oregon 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)

CONTENTS

Page

3

6

6
9

CHRONOLOGICAL LIST OF WITNESSES

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

Page

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

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

president.

225

Nathaniel S. Keith, president, National Housing Conference-

262

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

267

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

Market for Conventional Loans, National League of Insured Savings

Associations, accompanied by William F. McKenna-

284

FRIDAY, MARCH 6

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

297

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

Manufacturers Association...

305

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-

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.. 225

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

171

Colton, Herbert S., general counsel, National Asociation of Home Builders. 225

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

tive Housing---

320

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

tion of Labor and Congress of Industrial Organizations.-

327

Hunter, Allan Oakley, President, Federal National Mortgage Association.. 82

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

of America

212, 219

Kamp, Carl O., Jr., Board Member, Federal Home Loan Bank Board.. 55

Keith, Nathaniel S., president, National Housing Conference -

262

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

Banks...

312

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

Committee, National Association of Mutual Savings Banks.

312

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.

55
McGrath, Joseph B., staff vice president for governmental relations and
legislative counsel, National Association of Home Builders...

225

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

Associations ..

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

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QUALITY CONTROL MARK

V

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

337

American Land Title Association, letter from Thomas J. Holstein, president- 347

Council of Housing Producers, statement of Philip N. Brownstein, counsel. 171

Federal Home Loan Bank Board:

Preston Martin, Chairman:

Answers to questions of Senator Proxmire..

62

Prepared statement.

55, 64

Federal National Mortgage Association, statement of Allan Oakley Hunter,

president...

82

Federal Reserve System:

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

Letters regarding:

S. 3503..

14

S. 3508..

37

S. 3442

50

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

the committee.

68

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

garding S. 2958..

6

Home Manufacturers Association, statement of James V. Rice.

305

Housing and Urban Development, Department of:

Romney, George, Secretary:

Answers to questions of:

Senator Brooke..

130

Senator Cranston.

150

Senator Percy.

153

Senator Proxmire

159

Prepared statement..

99, 161

Views on:

S. 2958...

7

S. 3503.

15

S. 3508.

38

S. 3442

51

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...

225

Statement of policy, reprint of..

245

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