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SUBCOMMITTEE ON HOUSING AND URBAN AFFAIRS
JOHN SPARKMAN, Alabama, Chairman

WILLIAM PROXMIRE, Wisconsin
HARRISON A. WILLIAMS, JR., New Jersey
EDMUND S. MUSKIE, Maine
EDWARD V. LONG, Missouri

THOMAS J. MCINTYRE, New Hampshire
WALTER F. MONDALE, Minnesota

CARL A. S. COAN, Staff Director

II

JOHN G. TOWER, Texas
WALLACE F. BENNETT, Utah
BOURKE B. HICKENLOOPER, Iowa
CHARLES H. PERCY, Illinois

DUDLEY L. O'NEAL, Jr., Chief Counsel

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Robert C. Weaver, Secretary, Department of Housing and Urban
Development, accompanied by Philip N. Brownstein, Assistant
Secretary for Mortgage Credit, and Federal Housing Commis-

sioner.

William B. Ross, Deputy Under Secretary for Policy Analysis and
Program Evaluation..

Henry B. Schechter, Director, Office of Economic and Market Analy-
sis.
John M. Dervan, Director, Loan Guaranty Service, Veterans' Admin-
istration, accompanied by Edward A. Echols, Deputy Director,
Loan Guarantee Service; and R. P. Bland, Assistant General
Counsel

Howard Bertsch, Administrator, Farmers Home Administration____
Panel A-1:

Joseph W. Barr, Under Secretary, Department of the Treasury.
Sherman J. Maisel, member, Board of Governors of the Federal
Reserve System----

Harry S. Schwartz, adviser to the Board, Federal Home Loan Bank
Board...

Panel B:

MONDAY, JUNE 26

John de Laittre, executive vice president, Mortgage Bankers Association, accompanied by Dr. Oliver H. Jones, director of research, Mortgage Bankers Association__

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Richard W. Baker, Jr., vice president in charge of mortgage loans, New
York Life Insurance Co..

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Prof. Jack M. Guttentag, Wharton School of Finance, University of
Pennsylvania.

72

Julian H. Zimmerman, Lumbermen's Investment Corp..
Raymond T. O'Keefe, vice president, Chase Manhattan Bank..
John J. Grinch, vice president, Chase Manhattan Bank..

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Charles E. McCarthy, vice president, Real Estate Loan Department,
Bank of America..

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Panel C:

TUESDAY, JUNE 27

C. R. Mitchell, legislative committee, chairman, United States Savings & Loan League, accompanied by Stephen Slipher, legislative director

102

William J. Hallahan, financial consultant, National League of Insured
Savings Associations, accompanied by Everett C. Sherbourne, vice
president and William Kerwin, executive vice president..
Edward E. Edwards, Indiana University.

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H. Robert Bartell, Jr., Northwestern University..

Eugene F. Brigham, University of California, Los Angeles.
Robinson Newcomb, Washington, D.C.........

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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.

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153

Dr. Walter Polner, director, research and economics, International
Association of Credit Unions-

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Marvin Friedman, assistant director of research, AFL-CIO..
Frank P. Flynn, Jr., chairman, Mortgage Credit Committee, Home
Manufacturers Association...

Panel E:

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Leon N. Weiner, president, National Association of Home Builders, accompanied by Dr. Nathaniel H. Rogg, vice president; and Joseph McGrath, legislative counsel _ _

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Clarence Liller, Jr., American Bankers Association.......

Dr. Grover W. Ensley, National Association of Mutual Savings
Banks, accompanied by Dr. Saul B. Klaman...

Philip C. Jackson, Jr., National Association of Real Estate Boards_
Arthur W. Viner, president, Investors Central Management Corp--
John G. Heimann, vice president, Warburg & Co., New York..

ALPHABETICAL LIST OF WITNESSES

Baker, Richard W., Jr., vice president in charge of mortgage loans, New
York Life Insurance Co...

Barr, Joseph W., Under Secretary, Department of the Treasury....
Bartell, H. Robert, Jr., Northwestern University.

Bertsch, Howard, Administrator, Farmers Home Administration.
Bland, R. P., Assistant General Counsel, Veterans' Administration_
Brigham, Eugene F., University of California, Los Angeles –
Brownstein, Philip N., Assistant Secretary for Mortgage Credit, and
Federal Housing Commissioner

Carstenson, Blue, assistant legislative director, National Farmers Union.
de Laittre, John, executive vice president, Mortgage Bankers Association_
Dervan, John M., Director, Loan Guarantee Service, Veterans' Adminis-

tration

Echols, Edward A., Deputy Director, Loan Guarantee Service, Veterans'
Administration__

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.

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Flynn, Frank P., Jr., chairman, Mortgage Credit Committee, Home Manufacturers Association___

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Friedman, Marvin, assistant director of research, American Federation of
Labor and Congress of Industrial Organizations

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Grinch, John J., vice president, Chase Manhattan Bank.

Guttentag, Prof. Jack M., Wharton School of Finance, University of
Pennsylvania.

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Hallahan, William J., National League of Insured Savings Associations__
Heimann, John G., vice president, Warburg & Co., New York.
Jackson, Philip C., Jr., National Association of Real Estate Boards..

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Jones, Dr. Oliver H., director of research, Mortgage Bankers Association__
Keith, Nathaniel S., president, National Housing Conference.......

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147

Kerwin, William, executive vice president, National League of Insured
Savings Associations_

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Klaman, Dr. Saul B., National Association of Mutual Savings Banks.
Liller, Clarence, Jr., American Bankers Association _ _.

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169

Maisel, Sherman J., member, Board of Governors of the Federal Reserve
System___

50

McCarthy, Charles E., vice president, Real Estate Loan Department,
Bank of America

McDonald, Angus, director of research, National Farmers Union__

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142

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