Whereas President Hoover has called a conference on home building and home ownership and has recognized the need of assisting home owners in the refinancing of their homes; and Whereas conditions prevailing in some sections of the State have shown that real estate mortgages were a prime investment in the time of emergency; and Whereas in some sections of the State there is an abundance of money available for first mortgages and in other sections a dearth of capital available for this purpose: Be it therefore Resolved, That we commend the National Association of Real Estate Boards in giving consideration to the question of creating a central mortgage bank to meet the situation which confronts the country and that we give assurance of our hearty cooperation in the making of such study and in the attempt to solve this problem of great importance. RESOLUTION INDORSED BY ANNUAL CONVENTION CALIFORNIA REAL ESTATE ASSOCIATION, LONG BEACH, CALIF., OCTOBER 16, 1931 Whereas the land underlies all other forms of wealth and is consequently the most secure and stable in its capital values as history as repeatedly shown in this and other countries, and is therefore the best credit risk in existence; and Whereas the ownership of the land and of homes by increasing numbers of our citizens is the best guarantee that our institutions and our Government will endure; and Whereas past and present experience has shown that home financing is cumbersome, costly, and in times of stress exceedingly difficult, compared with the financing facilities available for other less fundamental and necessary commodities; and Whereas the President of the United States has repeatedly pointed out that financing of homes is the most backward of our whole credit system: Now, therefore be it Resolved, That we will support any effort along sound lines to mobilize more effectually on a nation-wide basis credit facilities necessary to home ownership. Resolved further, That we favor in principle the proposal for the creation of a national discount system for mortgages on homes as brought forward by the National Association of Real Estate Boards, and that we urge our Representatives and Senators in Congress to give this plan their careful consideration as soon as Congress convenes; and Resolved further, That we commend the National Association of Real Estate Boards and its president. Harry S. Kissell, of Springfield, Ohio, for having brought this matter, which is of such importance, to our citizens and to our business, to the attention of the Nation at this time. RESOLUTION APPROVED BY TWENTY-SECOND ANNUAL CONVENTION OF OHIO ASSOCIATION OF REAL ESTATE BOARDS IN SESSION AT TOLEDO, OHIO, OCTOBER 16, 1931 Whereas the Ohio Association of Real Estate Boards finds that in certain sections of this State there is the danger of home owners losing their homes through the inability to refinance first mortgages; and Whereas President Hoover has called a conference on home building and home ownership and has recognized the need of assisting home owners in the refinancing of their homes; and Whereas conditions prevailing in some sections of the State have shown that properly placed real estate mortgages were a prime investment in time of emergency; and Whereas in some sections of the State there is an abundance of money available for first mortgages and in other sections a dearth of capital available for this purpose: Be it therefore Resolved, That we commend the National Association of Real Estate Boards in giving consideration to the question of creating a central mortgage bank organized under Federal enabling legislation and possessing Federal supervision to meet the situation which confronts the country and that we give assurance of our hearty cooperation in the making of such study and in the attempt to solve his problem of great importance and further urge Congress to give early consideration to this matter. RESOLUTION ADOPTED BY TEXAS ASSOCIATION OF REAL ESTATE BOARDS AT ANNUAL CONVENTION, FORT WORTH, TEX., OCTOBER 20, 1931 Whereas the Texas Association of Real Estate Boards finds that in certain sections of this State there is the danger of working people losing their homes through the inability to refinance first mortgages; and Whereas President Hoover has called a conference on home building and home ownership and has recognized the need of assisting home owners in the refinancing of their homes; and Whereas conditions prevailing in some sections of the State have shown that real estate mortgages were a prime investment in the time of emergency; and Whereas in some sections of the State there is an abundance of money available for first mortgages and in other sections a dearth of capital available for this purpose: Therefore be it Resolved, That we commend the National Association of Real Estate Boards in giving consideration to the question of creating a central mortgage bank to meet the situation which confronts the country and that we give assurances of our hearty cooperation in the making of such study and in the attempt to solve his problem of great importance. RESOLUTION ADOPTED BY OKLAHOMA REAL ESTATE ASSOCIATION AT ANNUAL CONVENTION, STILLWATER, ÖKLA., OCTOBER, 1931 Be it resolved, That the Oklahoma Real Estate Association hereby commends the study being made by the National Association of Real Estate Boards of the proposal for a central mortgage banks of rediscounts of first mortgages on homes loaning institutions to rediscount their mortgages and thus make available much needed funds for home owners, particularly in times of distress. M. J. GLASS, Chairman, U. S. HART, H. F. BRADBURN, Committee on Resolutions. RESOLUTION OF THE LOUISIANA REAL ESTATE ASSOCIATION INDORSING THE PRINCIPLE OF CREATING A CENTRAL MORTGAGE BANK OR OTHER AGENCY FOR THE REDISCOUNTING OF MORTGAGES ON HOMES ON A SAFE AND SOUND BASIS, ADOPTED AT ANNUAL CONVENTION, OCTOBER, 1931 Whereas real-estate credits in Louisiana and the country as a whole are to a large extent frozen, which condition results in the loss to many families of their homes through inability to refinance, causes stagnation and inactivity in real estate and construction, contributes to unemployment and distress, and to grave difficulties which many financial and saving institutions are experiencing; and Whereas it seems wrong and absurd that credits and securities based on real estate which is the foundation of our wealth, and which in the past have proven to be the safest of all securities would be so lacking in liquidity as to create a problem of major importance; and Whereas we believe that this condition is due to a gap in the financial structure of our economic organization, which requires Federal legislation for its correction: Be it Resolved, That the Louisiana Real Estate Board commends the study being made by the National Association of Real Estate Boards of the proposal for a central mortgage bank of rediscount for first mortgages on homes, thus enabling loaning institutions to discount good mortgages and make available much needed funds for home ownership. RESOLUTION ADOPTED BY PENNSYLVANIA REAL ESTATE ASSOCIATION AT ANNUAL CONVENTION, SKYTOP LODGE, OCTOBER 22, 1931 OREDITS Whereas real-estate credits in Pennsylvania and the country are, to a large extent, frozen, which condition results in the loss to many families of their homes through inability to refinance, causes stagnation and inactivity in real estate and construction, contributes to unemployment and distress and to the grave difficulties which many financial and savings institutions are experiencing; and Whereas it seems to us wrong and absurd that credits and securities based on real property, which is the foundation of our wealth and which in the past haved proved to be the safest of all securities, should be so lacking in liquidity as to create a problem of major importance; and Whereas we believe this condition to be due to a gap in the financial structure of our economic organization, which require Federal legislation for its correction: Now, therefore, be it Resolved, That we respectfully invite and urge our Senators and Representatives in Congress to give constructive thought and study to this major problem and to endeavor to accomplish its early solution. We indorse the principle of creating a central mortgage bank or some other agency for the rediscounting of mortgages on homes on a safe and sound basis, as proposed by President Harry S. Kissell, of the National Association of Real Estate Boards, and commend to the consideration of Congress the suggestion made by Senator Arthur H. Vandenberg for emergency rediscounting of real-estate mortgages on homes by the Federal reserve bank. RESOLUTION ADOPTED BY PACIFIC NORTHWEST REAL ESTATE ASSOCIATION AT ANNUAL CONVENTION, SPOKANE, WASH., JUNE 30, 1931 We commend the action of the National Association of Real Estate Boards in urging the United States Congress to enact legislation as soon as possible providing for the organization of loaning agencies for city home owners enabling them to secure mortgage money at a lower rate of interest than that which now prevails. DEAR PRESIDENT KISSELL: The Indiana Real Estate Association at their Eighteenth Annual Convention in Indianapolis, Ind., October 9, 1931, congratulated you on the splendid progress you have been accomplishing on the central mortgage-bank proposal. Your efforts are very much appreciated by all realtors of Indiana. RESOLUTION ADOPTED BY MICHIGAN REAL ESTATE ASSOCIATION AT ANNUAL CONVENTION, OCTOBER, 1931, GRAND RAPIDS, MICH. CREDITS Whereas real-estate credits in Michigan and the country are to a large extent frozen, which condition results in the loss to many families of their homes through inability to refinance; causes stagnation and inactivity in real estate and construction; contributes to unemployment and distress, and to the grave difficulties which many financial and savings institutions are experiencing; and Whereas it seems to us wrong and absurd that credits and securities based on real property, which is the foundation of our wealth, and which in the past have proved to be the safest of all securities, should be so lacking in liquidity as to create a problem of major importance; and Whereas we believe this condition to be due to a gap in the financial structure of our economic organization, which requires Federal legislation for its correction: Now, therefore, be it Resolved, That we respectfully invite and urge our Senators and Representatives in Congress to give constructive thought and study to this major problem, and to endeavor to accomplish its early solution. We indorse the principle of creating a central mortgage bank or some other agency for the rediscounting of mortgages on homes on a safe and sound basis, as proposed by President Harry S. Kissell, of the National Association of Real Estate Boards, and commend to the consideration of Congress the suggestion made by Senator Arthur H. Vandenburg for emergency rediscounting of real-estate mortgages on homes by the Federal reserve bank. RESOLUTION ADOPTED BY WISCONSIN ASSOCIATION OF REAL ESTATE BROKERS AT ANNUAL CONVENTION, MILWAUKEE, WIS., OCTOBER, 1931 Whereas the organization of the Federal Residential Mortgage Bank is now under consideration at a special conference called by President Hoover, at Washington, D. C., preparatory to expected action by the incoming Congress, and Whereas the President and other members of the National Association of Real Estate Boards are members of the various committees of said conference; Therefore be it Resolved, That the Wisconsin Association of Real-Estate Brokers commend President Kissell and the National Association of Real Estate Boards for their earnest endeavor to find a solution to these problems by the establishment of a central mortgage bank, or by such other methods as may be found helpful, and we recommend that further study be made of this perplexing problem to the end that the interests of the home owners of this country may be better served and that we give assurance of our hearty cooperation in the making of such further study. RESOLUTION ADOPTED BY MASSACHUSETTS ASSOCIATION OF REAL ESTATE BOARDS AT ANNUAL CONVENTION, SEPTEMBER 29, 1931, SALEM, MASS. Resolved, That the Massachusetts Association of Real Estate Boards commends the study being made by the National Association of Real Estate Boards of the proposal for a central mortgage bank of rediscount for first mortgages on homes. This would enable loaning institutions to rediscount good mortgages and thus make available such needed funds for home owners particularly in times of distress. RESOLUTION ADOPTED BY THE NORTH CAROLINA ASSOCIATION OF REAL ESTATE BOARDS AT ANNUAL CONVENTION, OCTOBER, 1931, DURHAM, N. C. Resolved, That the North Carolina Association of Real Estate Boards, in convention assembled at Durham, N. C., indorse the position taken by the National Association of Real Estate Boards in promoting the study of the real estate mortgage situation and the establishment of a mortgage rediscount bank. RESOLUTION ADOPTED BY VIRGINIA REAL ESTATE ASSOCIATION AT ANNUAL CONVENTION, OCTOBER, 1931, NEWPORT NEWS, VA. Whereas the Virginia Real Estate Association finds that in certain sections of the State a good many of the citizens are losing their homes through the inability to refinance mortgages; and Whereas President Hoover has called a conference on home building and home ownership and has recognized the need of assisting home owners in the refinancing of their homes; and Whereas conditions prevailing in some sections of the State have shown that real estate mortgages are a prime investment in the time of emergency; and Whereas in some sections of the State there is an abundance of money avail able for first mortgages and in other sections a dearth of capital available for this purpose; therefore be it Resolved, That we commend the National Association of Real Estate Boards in giving consideration to the question of creating a central mortgage bank or some other agency to meet the situation which confronts the country and that we give assurance of our hearty cooperation in making such study in the attempt to solve this problem of great importance. NOVEMBER 7, 1931. The board of directors of the National Association of Real Estate Boards at their quarterly meeting being held in Chicago. Ill., on November 7, 1931, and representing 567 boards located in 34 States, and over 16,000 active realtors, reaffirms the position taken at the annual convention held in Baltimore in May of this year relative to long-time or mortgage credit. The board feels that emergent measures are demanded to correct first, the evils resulting from the unprecedented number of foreclosures on homes which recently have occurred, especially on those in the medium and lower-priced groups, and second, to correct the frozen condition of many of the savings institutions of this country, which condition is not only working untold hardship upon the people of many sections of the country, but is also retarding the stabilization of our financial structures and therefore the return of normal business conditions. We know that President Hoover is fully cognizant of these conditions, and that he is giving much serious thought and study to the finding of a solution to the problem which will relieve, not only the present emergency, but also prevent the return of similar conditions. Our officers and committees being thoroughly conversant with the problems involved and also recognizing that nothing but the soundest economic and financial remedies should be made use of, have given most serious study to the subject and feel that the financial structure of this country should inIclude a Federal mortgage bank to serve the needs of the institutions dealing in long-time paper such as the Federal reserve bank assists the institutions dealing in short-time paper. We therefore urge the President of the United States of America to include in his message to the forthcoming Congress a recommendation for the establishment of such a bank and we pledge our organization to the support of this measure. We also wish to express our appreciation to President Hoover and Secretary Lamont for their patient and careful consideration of this problem as presented by our officers. STATE ASSOCIATIONS FAVORING THE PLAN Pennsylvania passed resolution favoring the plan. Georgia sent a letter to each Georgia Senator and Congressman and will follow up with telegrams when they go to Washington. Also sent a wire to President Hoover. Tennessee, "All of our bankers have sent President Hoover a message supporting this program." Connecticut wired approval and support of plan to President Hoover. Also passed resolution favoring plan. Virginia wired approval to President Hoover and passed resolution favoring plan. Passed resolutions favoring plan: Michigan, New York, California, North Carolina, Texas, Oklahoma, Louisiana, Wisconsin, Indiana, Massachusetts, Pacific Northwest, Illinois, Ohio, and Iowa. |