CONSTRUCTION OF NEW HOMES Mortgage interest charges and related characteristics, conventional first mortgage loan originations on single-family homes for United States and selected metropolitan areas, August 1963 CONSTRUCTION OF NEW HOMES-Continued Mortgage interest charges and related characteristics, conventional first mortgage loan originations on single-family homes for United States and selected metropolitan areas, August 1963-Continued Mortgage interest charges and related characteristics, conventional first mortgage loan originations on single-family homes for United States and selected metropolitan areas, August 1963 PURCHASE OF NEWLY BUILT HOMES-Continued Mortgage interest charges and related characteristics, conventional first mortgage loan originations on single-family homes for United States and selected metropolitan areas, August 1963-Continued PURCHASE OF PREVIOUSLY OCCUPIED HOMES Mortgage interest charges and related characteristics, conventional first mortgage loan originations on single-family homes for United States and selected metropolitan areas, August 1963 PURCHASE OF PREVIOUSLY OCCUPIED HOMES-Continued Mortgage interest charges and related characteristics, conventional first mortgage loan originations on single-family homes for United States and selected metropolitan areas, August 1963-Continued Senator SPARKMAN. The next witness is Mr. Milton Semer, General Counsel of the Housing and Home Finance Agency. It looks like somebody "stacked" the committee, sending in our former assistants; certainly in the first two witnesses. Mr. Semer, we are glad to have you with us. Oh, yes; and accompanied by Mr. Baughman and Mr. Maloney. Very glad to have you. Mr. Semer, if you will proceed; and, for better identification for the record, introduce the two gentlemen who are with you. STATEMENT OF MILTON P. SEMER, GENERAL COUNSEL, HOUSING AND HOME FINANCE AGENCY; ACCOMPANIED BY J. STANLEY BAUGHMAN, PRESIDENT, FEDERAL NATIONAL MORTGAGE ASSOCIATION; AND PHILIP J. MALONEY, DEPUTY COMMISSIONER, FEDERAL HOUSING ADMINISTRATION Mr. SEMER. Mr. Chairman, Senator Douglas, on my left, of course, is Stan Baughman, president of the Federal National Mortgage Association. And on my right is Mr. Philip J. Maloney, who is Phil Brownstein's Deputy in FHA. With your permission, Mr. Chairman, in view of the fact that the preceding witness had an exhaustive and learned analysis of the bill, I could very well just file my statement and give you a very quick review of it. Senator SPARKMAN. We would be very glad to do that. Of course, as you know, it is our custom to have the statement printed in full in the record. You proceed as you see fit. Mr. SEMER. The three bills before the committee, of course, have been detailed at some length as to what they include, and so on. There are two themes running through all these bills, Mr. Chairman. The first is to see if some sore of secondary market facility could be |