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CONVENTIONAL MORTGAGES

1 - NOV 11
Copy 1963

BEFORE A

CARD DIVISION

HEARINGS
J.S. Congresz. Senate.

SUBCOMMITTEE OF THE
COMMITTEE ON BANKING AND CURRENCY,

UNITED STATES SENATE

EIGHTY-EIGHTH CONGRESS

FIRST SESSION

ON

S. 810, S. 811, and S. 2130

BILLS RELATING TO THE ESTABLISHMENT OF NEW FACILITIES

FOR A SECONDARY CONVENTIONAL MORTGAGE MARKET

SEPTEMBER 17, 18, AND 19, 1963

Printed for the use of the Committee on Banking and Currency

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U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1963

24-156 O

COMMITTEE ON BANKING AND CURRENCY

A. WILLIS ROBERTSON, Virginia, Chairman JOHN SPARKMAN, Alabama

WALLACE F. BENNETT, Utah PAUL H. DOUGLAS, Illinois

JOHN G. TOWER, Texas JOSEPH S. CLARK JR, Pennsylvania

JACOB K. JAVITS, New York
WILLIAM PROXMIRE, Wisconsin

MILWARD L. SIMPSON, Wyoming
HARRISON A. WILLIAMS, JR., New Jersey PETER H. DOMINICK, Colorado
EDMUND S. MUSKIE, Maine
EDWARD V. LONG, Missouri
MAURINE B. NEUBERGER, Oregon
THOMAS J. MCINTYRE, New Hampshire

MATTHEW HALE, Chief of Staff

SUBCOMMITTEE ON HOUSING

JOHN SPARKMAN, Alabama, Chairman PAUL H. DOUGLAS, Illinois

JOHN G. TOWER, Texas
JOSEPH S. CLARK JR., Pennsylvania

WALLACE F. BENNETT, Utah
HARRISON A. WILLIAMS, JR., New Jersey JACOB K. JAVITS, New York
EDMUND S. MUSKIE, Maine
EDWARD V. LONG, Missouri

II

63-065414

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148

ALPHABETICAL LIST OF WITNESSES

Baker, Rex, vice chairman, Legislation Committee, National League of

Insured Savings Associations.

Buchanan, W. Evans, president, National Association of Home Builders;

accompanied by Thomas P. Coogan, past president and chairman,

Conventional Financing Committee; William Blackfield, first vice

president and chairman of governmental affairs program; and Joseph

McGrath, staff director, Government affairs program -

Carr, Dr. Hobart C., chairman of Banking and Finance Department,

School of Commerce, New York University --

Farrer, Richard C., chairman, Washington Realtors' Committee, National

Association of Real Estate Boards ..
Kimbrel, M. Monroe, president, American Bankers Association; accom-

panied by Dr. Kurt Flexner, deputy manager and director, Mortgage

Finance Committee..
Krooth, David, member, board of directors, National Housing Conference-
Mason, Norman P., housing consultant; formerly FHA Commissioner,

Administrator, HÁFA, and Chairman of the Board of FNMA.
McMurray, Joseph P., chairman, Federal Home Loan Bank Board; accom-

panied by Kenneth Scott, General Counsel; and Harry Schwartz, ad-

viser to the Board and Director of Research.--
Nathan, Robert, president, Robert Nathan Associates.
Neel, Samuel, general counsel, Mortgage Bankers Association; accom-

panied by Graham T. Northup, director of Government relations..

Ring, Daniel S., general counsel, National Paint, Varnish & Lacquer

Association.

Semer, Milton P., General Counsel, Housing and Home Finance Agency;

J. Stanley Baughman, president, Federal National Mortgage Association;
and Philip J. Maloney, Deputy Commissioner, Federal Housing Ad-

ministration.
Warman, W. C., staff vice president, U.S. Savings & Loan League; accom-

panied by Stephen Slipher, legislative director; and T. Bert King,
counsel..

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159

170

88

163

Page

83

97

188

Douglas, Paul H., a U.S. Senator from the State of Illinois: Letter to

Joseph P. McMurray, Chairman, Federal Home Loan Bank Board.---

Federal Deposit Insurance Corporation: Reports on-

S. 810.

S. 811.

S. 2130.--

Federal Home Loan Bank Board:

Letter from Joseph P. McMurray, Chairman, to Senator Douglas,

with enclosures on mortgage interest charges.

Reports on-

S. 810.-

S. 811.

S. 2130.

Federal Reserve System: Reports on S. 810, S. 811, and S. 2130.

Housing and Home Finance Agency:

Comparison of the FHA section 221(d)(3) and New York State Hous-

ing Finance Agency programs--

Investors interested in special assistance holdings of FNMA as indi-

cated by commitment refund transactions.-

Mortgage Bankers Association of America:

"Detailed study of American Bankers Association's resale market

proposal,” article by Oliver H. Jones, director of research, from

Savings Bank Journal, April 1963---

Letter to members from Samuel E. Neel on S. 3541 and H.R. 12216,

to provide additional financial facilities in the Federal National
Mortgage Association, to provide for the incorporation of Federal
mortgage investment companies, enclosing remarks by Senator

Sparkman from the Congressional Record of May 12, 1960..

Proposal for the creation of a secondary market for home mortgage

loans insured or guaranteed by the Federal Government---

Summary of the more important provisions of a proposed bill to

amend the Federal National Mortgage Association charter act and

to provide for the incorporation of Federal mortgage investment

companies.

National Association of Home Builders:

Letter from W. Evans Buchanan, president, to Senator Javits with

an enclosure on metropolitan housing statistics..

Letter from Joseph B. McGrath, director of governmental affairs,

supplementing his statement, with enclosures..

Special Report 1: New housing starts projections, 1960-70,

United States.

Special Report 2: Growth trends in major housing market

regions.

Special Report 3: Housing starts for States, 1959–62-

Special Report 6: The rental housing boom of the 1960's-

Special Report 7: Mortgage foreclosures---

Special Report 8: Housing replacement demand in 1960's---

Special Report 10: Upkeep and improvements in residential and

nonresidential construction..

Excerpts from savings and loan fact book for 1963.

National Housing Conference:

Legislative proposals for 1963
Letter from Nathaniel S. Keith supplementing the comments by

David L. Krooth..
National Lumber & Building Material Dealers Association: Letter from

T. T. Sheddon, executive vice president---

Securities and Exchange Commission: Reports on-

S. 810..

S. 811.

S. 2130.

Treasury Department: Reports on-

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156

224

S. 810 and 811..

S. 2130..

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