To Provide for the Establishment of a Federal Mortgage Bank, Hearing Before a Subcommittee of ..., 74-2 on S. 2914 ..., January 18, 1936 |
From inside the book
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... BILL TO PROVIDE FOR THE ESTABLISHMENT OF A CORPORATION , VA KNOWN AS THE " FEDERAL MORTGAGE BANK " , CREATING A PERMANENT DISCOUNT AND PURCHASE SYSTEM FOR MORTGAGES ON URBAN REAL ESTATE , DESIGNED BY COMPREHENSIVE YET CONSERVATIVE ...
... BILL TO PROVIDE FOR THE ESTABLISHMENT OF A CORPORATION , VA KNOWN AS THE " FEDERAL MORTGAGE BANK " , CREATING A PERMANENT DISCOUNT AND PURCHASE SYSTEM FOR MORTGAGES ON URBAN REAL ESTATE , DESIGNED BY COMPREHENSIVE YET CONSERVATIVE ...
Page 1
... bill is as follows : [ S. 2914 , 74th Cong . , 1st sess . ] A BILL To provide for the establishment of a corporation , known as the " Federal Mortgage Bank " , creating a permanent discount and purchase system for mortgages on urban ...
... bill is as follows : [ S. 2914 , 74th Cong . , 1st sess . ] A BILL To provide for the establishment of a corporation , known as the " Federal Mortgage Bank " , creating a permanent discount and purchase system for mortgages on urban ...
Page 6
... bill , which I will not take the time to read because we want to hurry on with the hear- ing , but will ask the committee reporter to make it a part of the record at this point . ( The matter referred to follows :) FEDERAL MORTGAGE BANK ...
... bill , which I will not take the time to read because we want to hurry on with the hear- ing , but will ask the committee reporter to make it a part of the record at this point . ( The matter referred to follows :) FEDERAL MORTGAGE BANK ...
Page 9
... Bill , S. 2914 Doubtful , noncom- Yes No mital , no answer Industrial corporations ... 1 0 Real - estate companies and boards .. 31 4 Savings banks and trust companies . 9 3 National banks ...... . 1 3 Mortgage broker , agents , and ...
... Bill , S. 2914 Doubtful , noncom- Yes No mital , no answer Industrial corporations ... 1 0 Real - estate companies and boards .. 31 4 Savings banks and trust companies . 9 3 National banks ...... . 1 3 Mortgage broker , agents , and ...
Page 10
... bill would permit stockholders to sell mortgages to the bank without recourse , and the bank would then have to evolve a very expensive system of servicing the mortgages , which would be weakened by the fact that those concerned with ...
... bill would permit stockholders to sell mortgages to the bank without recourse , and the bank would then have to evolve a very expensive system of servicing the mortgages , which would be weakened by the fact that those concerned with ...
Common terms and phrases
60 per centum agency ALBEN W amortization amount appraisers ASSOCIATION OF REAL authorized bank may lend BARKER believe board of directors bonds capital and surplus capital stock cash certificates CHAIRMAN Credit Foncier debentures defaults dividends earnings eligible fair worth Federal Housing Administration Federal mortgage bank Federal Reserve feel Fletcher bill frozen funds gage Government holders Housing institutions insurance companies interest rates investor issued JAMES COUZENS judgment lines liquidity loan MACDOUGALL mort mortgage finance mortgage investments mortgage loans mortgage structure mortgagor obligations officers paid payments periods of stress PETER NORBECK President principal proposed purchase or lend Real Estate Boards real-estate and mortgage Reconstruction Finance Corporation regulation repurchase agreement reserve system savings banks SCHMIDT Secretary Section sell Senator COUZENS Senator RADCLIFFE Senator WAGNER sound mortgage statement stockholders supervision taxes thereof tion United United States Senate WALSTRUM York
Popular passages
Page 5 - ... income shall be exempt from all taxation now or hereafter imposed by the United States, by any Territory, dependency or possession thereof, or by any State, county, municipality or local taxing authority ; except that any real property of the corporation shall be subject to State, Territorial, county, municipal or local taxation to the same extent, according to its value, as other real property is taxed.
Page 6 - ... makes any statement knowing it to be false, or whoever willfully overvalues any security, for the purpose of obtaining for himself or...
Page 5 - Any and all notes, debentures, bonds, or other such obligations issued by the corporation shall be exempt both as to principal and interest from all taxation ; (except surtaxes, estate, inheritance, and gift taxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, ;or by any State, county, municipality, or local taxing authority...
Page 4 - States, and such guaranty shall be expressed on the face thereof, and such bonds shall be lawful investments, and may be accepted as security for all fiduciary, trust, and public funds, the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof.
Page 3 - The board of directors shall perform the duties usually appertaining to the office of directors of banking associations and all such duties as are prescribed by law.
Page 6 - Issued or purporting to have been issued by the corporation, or (4) passes, utters or publishes, or attempts to pass, utter or publish, as true any falsely altered or spurious...
Page 7 - Corporation, or, without being duly authorized, draws any order or issues, puts forth, or assigns any note, debenture, bond, or other obligation, or draft, bill of exchange, mortgage, judgment, or decree thereof...
Page 3 - Act, without regard to the provisions of other laws applicable to the employment and compensation of officers and employees of the United States...
Page 4 - In order to enable the Secretary of the Treasury to make such payments when called, the Reconstruction Finance Corporation is authorized and directed to allocate and make available to the Secretary of the Treasury the sum of $200,000,000, or so much thereof as may be necessary, and for such purpose the amount of the notes, bonds, debentures, or other such obligations which the Reconstruction Finance Corporation is authorized and...
Page 6 - Every Federal land bank shall semiannually carry to reserve account a sum not less than 50 per centum of its net earnings until said reserve account shall show a credit balance equal to the outstanding capital stock of said land bank. After said reserve is equal to the outstanding capital stock 10 per centum of the net earnings shall be added thereto semiannually.