Panel D: WEDNESDAY, JUNE 28 Angus McDonald, director of research, National Farmers Union, accompanied by Blue Carstenson, assistant legislative director.. Nathaniel S. Keith, president, National Housing Conference _ _ _ Frederic A. Fay, president, National Association of Housing & Redevelopment Officials. Dr. Walter Polner, director, research and economics, International Page 142 147 153 155 155 Marvin Friedman, assistant director of research, AFL-CIO. Panel E: Leon N. Weiner, president, National Association of Home Builders, accompanied by Dr. Nathaniel H. Rogg, vice president; and Joseph McGrath, legislative counsel.. Clarence Liller, Jr., American Bankers Association Dr. Grover W. Ensley, National Association of Mutual Savings Philip C. Jackson, Jr., National Association of Real Estate Boards.. ALPHABETICAL LIST OF WITNESSES Baker, Richard W., Jr., vice president in charge of mortgage loans, New Barr, Joseph W., Under Secretary, Department of the Treasury. Bertsch, Howard, Administrator, Farmers Home Administration_ Carstenson, Blue, assistant legislative director, National Farmers Union.. tration_ Echols, Edward A., Deputy Director, Loan Guarantee Service, Veterans' Edwards, Edward E., Indiana University. Ensley, Dr. Grover W., National Association of Mutual Savings Banks.. Fay, Frederic A., president, National Association of Housing & Redevelopment Officials. 172 153 Flynn, Frank P., Jr., chairman, Mortgage Credit Committee, Home Manufacturers Association_ 158 Friedman, Marvin, assistant director of research, American Federation of 155 72 Guttentag, Prof. Jack M., Wharton School of Finance, University of 72 Hallahan, William J., National League of Insured Savings Associations._ 105 179 175 72 147 Kerwin, William, executive vice president, National League of Insured 105 Klaman, Dr. Saul B., National Association of Mutual Savings Banks.. 172 169 Maisel, Sherman J., member, Board of Governors of the Federal Reserve 50 McCarthy, Charles E., vice president, Real Estate Loan Department, McDonald, Angus, director of research, National Farmers Union 72 142 McGrath, Joseph, legislative counsel, National Association of Home Mitchell, C. R., United States Savings & Loan League_ Newcomb, Robinson, Washington, D.C... O'Keefe, Raymond T., vice president, Chase Manhattan Bank.. Page 167 102 118 72 155 Rogg, Dr. Nathaniel H., vice president, National Association of Home 167 2 2 Ross, William B., Deputy Under Secretary for Policy Analysis and Program Schwartz, Harry S., adviser to the Board, Federal Home Loan Bank Sherbourne, Everett C., vice president, National League of Insured Sav- Slipher, Stephen, legislative director, United States Savings & Loan League_ Weiner, Leon N., president, National Association of Home Builders-- LETTERS, STATEMENTS, AND MISCELLANEOUS DATA Agency Communications Agriculture.. Farmers Home Administration_ Federal Home Loan Bank Board_ Federal Reserve System Housing and Urban Development. Treasury Veterans' Administration... American Bankers Association, statement of Clarence Liller, Jr.. CIO), statement of Marvin Friedman, assistant director of research_ Ensley, Dr. Grover W., National Association of Mutual Savings Banks: Prepared statement.. Excerpts entitled "Primitive Shacks Abound Among the Mansions" and 27 10 52 50 211 41 48 6 169 155 116 28 236 204 172 Federal Housing Administration, letter to committee from P. N. Brownstein, Assistant Secretary Commissioner.. Federal Reserve Board, paper prepared by Robert Fisher, Senior Economist, "Recommendations or Suggestions of Contributors to Study of Mortgage Credit". Frank, Anthony N., statement submitted for the record Heimann, John, vice president, Warburg & Co., prepared statement. Home Manufacturers Association, statement of Frank P. Flynn, chairman, mortgage credit committee.. Indiana University, statement of Edward E. Edwards_ International Association of Credit Unions, statement of Dr. Walter Investors Central Management Corp., statement of Arthur W. Viner, president Mortgage Bankers Association, statement of John de Laittre.. Labor Review, excerpts from.. Maisel, Sherman J., member, board of governors, Federal Reserve System, letter to Mr. Art Weimer.. Minneapolis Tribune, letter from Andrew R. Carr, president, board of directors, Coahoma Opportunities, Inc. National Association of Real Estate Boards, statement of Philip C. National Association of Mutual Savings Banks, statement of Dr. Grover National Association of Housing and Redevelopment Officials, statement of 153 172 175 Letter to Senator Sparkman. Statement of Angus McDonald, director or research. National Farmers Union: National Housing Conference, statement of Nathaniel S. Keith, president_ 228 142 134 105 Newcomb, Robinson, prepared statement. 118 111 102 179 Additions and removals, April 1950 to December 1959. 259 At the current rate even the backlog of housing need could not be eliminated in this generation_. 233 Average unit size___. 263 Comparison of loan equity-. Composition of the population in 1964 and 1970_-. Direct aid for low- and moderate-income households provided by present legislation probably leaves most such households in substandard housing in 1969. Distribution by property valuation of home mortgages insured by FHA under section 203, 1963–1966. Distribution by total monthly family income of home mortgages__Excessive reliance on monetary policy to combat inflation in 1966 brought Page 35 266 232 23 215 Financial structure of mutual savings banks, 1966 and 1956_. Growth in the number of accounts at savings banks was the largest since Income and value data for FHA-insured home mortgages, 1963–66–– Mortgage flows fell sharply and corporate and U.S. Government security issues rose substantially 217 Mortgage flows and construction volume__ 248 Mortgage yield advantage declined sharply in early 1967 after widening rapidly in 1966--- 220 Net flow of credit and equity funds, 1965 and 1966. 217 Net charges in total deposits in mutual savings banks, by States, 1965–66 and 1958-59__. 222 Net removals from the housing stock_-_. 258 Net uses and sources of savings bank funds, 1957–66--- 222 23 Percentage distribution by total monthly family income of home mortgages Propensity to form households: 20 to 24 year olds___ Relationship of mortgage holdings and earnings to personal loan holdings in Massachusetts mutual savings banks, 1965--- 210 Relationship of mortgage holdings and earnings to personal loan holdings in New Hampshire mutual savings banks, 1966-- 209 Savings account growth recovered in late 1966 as direct investment by consumers declined___. 219 Savings bank conventional mortgage rates leveled off before those of other lenders while fees remained low in 1966_. 224 Savings bank deposit growth slackened in 1966 as withdrawals rose more rapidly than new savings____. 220 Savings bank deposit interest rates rose sharply from the end of 1965 to the end of 1966_. 226 Savings bank local conventional mortgage flows remained high in 1966 while FHA and VA out-of-state lending declined sharply- Savings bank mortgage flows declined in early 1966 but recovered after Savings flows at deposit-type institutions rose sharply in early 1967_. Upturn in deposit gains at New York City savings banks after mid-1966 was followed by recovery in other areas in late 1966 and early 1967_. Vacancy rates have scarcely changed in 15 years.... Volume and value of a hypothetical 4-year housing program to eliminate substandard housing among low- to moderate-income families---- While the number and proportion of poor households and households 232 246 |