FEDERAL HOME LOAN BANK Washington, November 1943 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis * * * WORTH REPEATING HELICOPTER LAND^BOOM: ". mortgage should remain unpaid long WHAT THE POSTWAR SMALL Country land within a hundred-mile after its maturity pursuant to an order HOME WILL LOOK LIKE: Fact- radius of a big city, with its fresh air, under the Relief Act, the mortgagee Finders Associates' certified report. trees, birds and flowers, and a total would still be protected under the Factual guide to postwar planning con­ absence of crowding, will constitute insurance contract." taining detailed information as to the new suburban development area of Burton C. Bovard, FHA future builders' preferences in all General Counsel, Insured tomorrow; its value will skyrocket as Mortgage Porcfolio, Third phases of home building, equipment, thousands of helicopter owners seek Quarter 1943. and furnishings. Available at $5 per new home sites. SYSTEM: "We propose to maintain a copy from National Home-builders "The question of natural interest to dual system, because it provides our Bureau, Inc., 572 Madison Avenue, real estate investors will be this: the operations with a broader, safer base, New York 22, N. Y., or 2129 S Street area within a hundred-mile radius of with the insurance of checks and NW., Washington 8, D. C. any city is vast; which specific portions balances, and the unmeasured benefit of it will be in greatest demand on the of many interests and diverse expert THE OUTLOOK FOR DOMESTIC part of the home-buying public? minds converging on the same prob­ AIR TRANSPORT: 30-page pam­ Here are the factors which will de­ lems. There need be no loss of energy phlet (No. 21), September 1943, by termine this: scenic value—lakes, or of efficiency provided the excellent Ernest W. Williams, Jr. Available at rivers, trees, hills, meadows, etc.; the plan of organization is followed with 25 cents from National Planning availability of telephone connections, mutual forbearance and good leader­ Association, 800 Twenty-Jirst Street electricity, water, gas, sewage and ship." NW., Washington 6, D. C. garbage disposal; the condition of the James Twohy, before 42nd Annual Meeting of National BIBLIOGRAPHY ON POSTWAR land with respect to drainage and Association of Supervisors fertility for gardens; proximity to of State Banks. PLANNING: Compiled by the Con­ struction and Civic Development attractive towns and villages, and COMMUNITIES: "Better housing im­ nearness to public transportation. Department of the Chamber of Com­ plies not only better structures, but merce. (17 pp.) Available from the Concerning this last factor it might be better neighborhoods and communi­ noted that many railroad and bus Chamber of Commerce of the United ties ... It involves correlation of States, Washington 25, D. C. companies have already applied to the industrial employment with com­ Civil Aeronautics Board for permits munity planning, taking stock of pro­ to operate post-war helicopter bus LANHAM ACT AS AMENDED TO ductive capacity and the outlook for JULY 15, 1943: The basic national routes. Large-scale subdivision op­ reducing construction costs." erators may institute their own heli­ public war housing legislation. July Tomorrow's Town, October copter bus service to connect their 1943. 1943. (10 pp. and index.) Available community with the nearest main line from Office of the General Counsel, THE PEOPLE'S PLAN: "Most city air station. ." Federal Works Agency, Washington Harold S. Kahm, plans have borne but little fruit for 25, D. C. Barron's, October 18,1943. lack of public funds or at least for hick of public interest and support. PLANNING, 1943: Proceedings of INSURANCE PROTECTION CLARI­ But if it is the people's plan it will the annual meeting of the American FIED: "Some mortgagees have assumed have the public backing, receive the Society of Planning Officials, held in that the FHA insurance protection public funds, and will be assured of New York City, May 17-19, 1943. terminates with the maturity of the action." (175 pp.) Available at $2.00 from mortgage and, consequently, fear that Wilson W. Wyatt, The Mortgage Banker, October American Society of Planning Officials, unless the maturity were extended and 1943. 1313 East 60th Street, Chicago, 111. the National Housing Act amended to permit such extension they might be POST-WAR BOOKSHELF ACTION FOR CITIES: A Guide for left without insurance protection, Although inclusion of title does not Community Planning. (77 pp.) under the provisions of Section 700 of necessarily mean recommendation by the Available at $1.00 from Public Ad­ the (Soldiers and Sailors) Relief Act. Review, the following recent publications ministration Service, 1313 East 60th Such an assumption is clearly in error. will be of interest, Street, Chicago, 111. "While the obligation to pay mort­ WARTIME SAVINGS AND POST­ gage insurance premiums ceases upon WAR MARKETS: Article by S. PLANNING LEGISLATION, 1943: the maturity of the mortgage by reason Morris Livingston, Chief of National State Planning and Post-War Plan­ of the fact that such premium is Economics Unit, Bureau of Foreign ning, Public Works Reserves, Urban calculated upon the unpaid principal and Domestic Commerce, in the Redevelopment, Zoning, etc., August 'without taking into account delinquent September 1943 issue of Survey of Cur- 1943. 20 pp. mimeo. (Gen-39). payments or prepayments' and there­ rent Business. Reprints available from (Available on request at 50£ each from fore is reduced to zero at maturity, the Bureau of Foreign and Domestic American Society of Planning Officials, insurance continues until the mortgage Commerce, United States Department 1313 East 60th Street, Chicago, is paid in full. Consequently, if the of Commerce, Washington 25, D. C. Illinois.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL NOVEMBER - J943 HOME Page LOAN HOME-PURCHASE LOANS SWELL THE 1943 VOLUME OF MORTGAGE LENDING 31 SAVINGS AND LOAN REHABILITATION IN NEW JERSEY 33 WAR CLEARS UP THE OVERHANG 36 BANK PROSPECTS FOR POST-WAR SIMPLIFICATION OF BUILDING MATERIALS- _ 38 REVIEW * * * The Third War Loan Honor Roll 30 NATIONAL HOUSING Directory Changes of Member, Federal, and Insured Institutions 32 AGENCY Amendment to Rules and Regulations 43 John B, Blandford Jr., Administrator Monthly Survey 45 FEDERAL HOME LOAN BANK ADMINISTRATION * * * John H Fahey. Commissioner TABLES: FEDERAL HOME LOAN New family dwelling units 50-51 BANK SYSTEM Building costs 51-52 FEDERAL SAVINGS AND LOAN Savings and loan lending 52-53 ASSOCIATIONS Mortgage recordings . 53-54 FEDERAL SAVINGS AND LOAN Total nonfarm foreclosures 54 INSURANCE CORPORATION FHA activity 54 HOME OWNERS' LOAN Federal Home Loan Banks 54 CORPORATION Sales of U. S. war-savings bonds 55 UNITED STATES HOUSING Savings in selected financial institutions 55 CORPORATION Insured savings and loan associations 55 Vol. 10 No. 2 SUBSCRIPTION PRICE OF REVIEW: The REVIEW is the Federal Heme Loan Bank Administration's medium of communication with member institution of the Federal Home Loan Bank System and is the only official organ or periodical publication of the Administration. The REVIEW will be sent to all member insti­ tutions without charge. To others the annual subscription price, which covers the cost of paper and printing, is $1. Single copies will be sold at 10 cents. Outside of the United States, Canada, Mexico, and the insular possessions, subscription price is $1.60; single copies, 15 cents. Subscriptions should be sent to and copies ordered from Superintendent of Documents, Government Printing Office, Washington 25, D. C. APPROVED BY THE BUREAU OF THE BUDGET November 1943 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis row TT /T\ m\ ¥ •^•BBM ION FHA insurance undertaking will be consistent with a one of the citizens' association, with program extended sound program for the locality and resort to an independent appraiser if The FHA mortgage-insurance pro­ could be put under construction the former fail to agree on a "fair gram has received a new lease on life promptly—at least within 2 years of market value." The Corporation will by recent legislation providing an the availability of funds and materials. receive credit on the purchase price for expansion of funds and an extension of It was emphasized that it is not the any savings effected during its term of time limitations on Titles I, II, and VI. intention of the FPHA to encourage management and will take a 45-year An additional $400 million had been the undertaking of architectural work amortized mortgage. After a tenant authorized for Title VI insurance— or site acquisitions at this time, but has completed payments for the amor­ sufficient to provide protection for rather to hold the work as a reservoir tization on his home, the only expense financing approximately 100,000 of useful employment and material will be his share of the costs of manage­ family-dwelling units already allocated demands for future needs. ment, operation, and taxes. He may to private builders under the NHA at any time sell his equity to the Cor­ war-housing program. From funds ft ft ft ft ft poration or to an individual acceptable previously allocated, more than 270,000 Plastic pipe, developed by manu­ to that body. If he moves from the dwelling units so financed had been facturers in cooperation with the project he cannot retain his member­ completed or were under construction technical division of the Federal ship in the tenants' association nor by the end of September. At the same Public Housing Authority, has been control of his house. time that the top limit for this approved for use in public housing ft ft ft ft ft insurance was raised to $1,600 million, projects. Both hot and cold water the FHA's authority to provide this can be piped through this tubing.