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DEFAULTS ON FHA-INSURED MORTGAGES

(PART 3)

4 - JAN-9
Crny 1973

HEARINGS

BEFORE A

SUBCOMMITTEE OF THE

COMMITTEE ON
GOVERNMENT OPERATIONS
HOUSE OF REPRESENTATIVES

NINETY-SECOND CONGRESS

SECOND SESSION

MAY 16, 1972

Printed for the use of the Committee on Government Operations

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1972

71-962

For sale by the Superintendent of Documents, U.S. Government Printing Omce

Washington, D.C., 20402 - Price 60 cents

sh

COMMITTE ON GOVERNMENT OPERATIONS

CHET HOLIFIELD, California, Chairman
JACK BROOKS, Texas

FLORENCE P. DWYER, New Jersey
L. H. FOUNTAIN, North Carolina

FRANK HORTON, New York
ROBERT E, JONES, Alabama

JOHN N. ERLENBORN, Illinois
EDWARD A. GARMATZ, Maryland

JOHN W. WYDLER, New York
JOHN E. MOSS, California

CLARENCE J. BROWN, Ohio
DANTE B. FASCELL, Florida

GUY VANDER JAGT, Michigan
HENRY S. REUSS, Wisconsin

GILBERT GUDE, Maryland
JOHN S. MONAGAN, Connecticut

PAUL N. MCCLOSKEY, JR., California
TORBERT H. MACDONALD, Massachusetts JOHN H. BUCHANAN, JR., Alabama
WILLIAM S. MOORHEAD, Pennsylvania SAM STEIGER, Arizona
CORNELIUS E. GALLAGHER, New Jersey GARRY BROWN, Michigan
WM. P. RANDALL, Missouri

BARRY M. GOLDWATER, JR., California
BENJAMIN S. ROSENTHAL, New York CHARLES THONE, Nebraska
JIM WRIGHT, Texas

H, JOHN HEINZ III, Pennsylvania
FERNAND J. ST GERMAIN, Rhode Island RICHARD W. MALLARY, Vermont
JOHN C. CULVER, Iowa
FLOYD V. HICKS, Washington
GEORGE W. COLLINS, Illinois
DON FUQUA, Florida
JOHN CONYERS, JR., Michigan
BILL ALEXANDER, Arkansas
BELLA S. ABZUG, New York

S

HERBERT ROBACK, Staf Director
CHRISTINE RAY DAVIS, Staf Administrator

JAMES A. LANIGAN, General Counsel
MILES Q. ROMNEY, A88ociate General Counsel

J. P. CARLSON, Minority Counsel
WILLIAM H. COPENHAVER, Minority Professional staff

LEGAL AND MONETARY AFFAIRS SUBCOMMITTEE

JOHN S. MONAGAN, Connecticut, Chairman
DANTE B. FASCELL, Florida

SAM STEIGER, Arizona
CORNELIUS E. GALLAGHER, New Jersey GARRY BROWN, Michigan
FERNAND J. ST GERMAIN, Rhode Island CHARLES THONE, Nebraska
GEORGE W. COLLINS, Illinois

RICHARD W. MALLARY, Vermont
WM, J. RANDALL, Missouri

EX OFFICIO
CHET HOLIFIELD, California

FLORENCE P. DWYER, New Jersey
RICHARD L, STILL, Staff Director

CHARLES A. INTRIAGO, Counsel
JEREMIAH S. BUCKLEY, Counsel

FRANCES M. TURK, Clerk
HELENA GRADY, Assistant Clerk

(II)

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Page

Part 1.

1-138

Part 2

139-435

Part 3

437-530

Hearings held on May 16, 1972..

437

Statement of —

Gulledge, Eugene, Assistant Secretary for Housing Production and

Mortgage Credit and FHA Commissioner, Department of Housing

and Urban Development; accompanied by Norman V. Watson,

Assistant Secretary for Housing Management; and Harry T.

Morley, Jr., Assistant Secretary for Administration...

488

Haynes, Charles G., Inspector General, Department of Housing and

Urban Development; accompanied by David O. Maxwell, General

Counsel..

438

Letters, statements, etc., submitted for the record hy-

Gulledge, Eugene, Assistant Secretary for Housing Production and

Mortgage Credit and FHA Commissioner, Department of Housing

and Urban Development: Analysis of recertification of families re-

ceiving section 235 benefits, October-December 1971, table----

500

Haynes, Charles G., Inspector General, Department of Housing and

Urban Development:

Biographical sketch.

438

Employees indicted since July 1, 1969, and case disposition

summary--

479-480

Sundry excerpts from the Federal Register..

452-477

Maxwell, David O., General Counsel, Department of Housing and

Urban Development:

Biographical sketch..

438

Coordination efforts between HUD and LEAA with respect to

criminal justice, and appendix C, joint letter from Attorney

General and Secretary of Housing and Urban Development on

cooperative action between the LEAA program and the model

cities program (Aug. 1, 1969)----

.-483-485

Summary of administrative actions and remedies.

-447-451
Morley, Harry T., Jr., Assistant Secretary for Administration, De-
partment of Housing and Urban Development:
Area office director-GS-340-15 (standard job description)

524
Selective qualification factors, table --

-516-522
St Germain, Hon. Fernand J., a Representative in Congress from the

State of Rhode Island: Article by Henry B. Schechter, senior
specialist in housing, entitled "Federally Subsidized Housing Pro-
gram Benefits”

301-506
Watson, Norman V., Assistant Secretary for Housing Management,
Department of Housing and Urban Development:
Acquisitions of section 221(d)(3) projects as of August 1972,
table-

497
Acquisitions of section 235 homeownership assistance properties
and mortgages, table.

496

Data on fiscal year 1971 loss on the sale of acquired section

221(d)(2) housing---

489

Estimated acquisition and losses for fiscal year 1973, table-

490

Information regarding estimated losses for all FHIA insurance

funds in fiscal year 1973.----

495

Loss on acquired security and collateral, and estimated loss on

495 m

disposition of acquired securities-fiscal year 1972, tables

Modification agreements as of December 31, 1971, table.

498

Reasons for insured projects defaults on February 29, 1972,

table...

494

Status of section 221(d)(3) program as of February 9, 1972, table- 498

(III)

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