Salt Lake Telegram | 1932-09-06 | Page 13 | Board to Form Clearing Houses

BOARD TO FORM CLEARING HOUSES WASHINGTON Sept 6 Chair W-Chair- hair hair- man Franklin Frankln W. W Fort said sId today the home loan bank ban board had been assured that tat regional clearing cearing houses would be organized to help home owners owners own own- ers era refinance themselves Th The movement which was put un der way by the board bard at the United States state Building and Loan league at atts its ts convention in I French Lick Ind md last ast lat week has been approved formally formal- formal ly y in three states and informally by a number nuber of other state organizations Fort said sid The clearing cearing houses houes will wi receive applications by home owners already alread filed fed with wih the board in order that building and loan associations may refinance them Fort expressed doubt that the te board would woud be able to sell sel all al the 00 capital stock of the 12 regional banks within the day 30 period provided provided pro pro- pro vided in the law He added however the he board planned to open the banks banksy bank by y October 15 with federal money if U building and loan organizations fail tai to o subscribe the full fuU amount 4 I ful a