Salt Lake Telegram | 1933-06-08 | Page 6 | Senate, House Conferees Agree on Administration Home Mortgage Bill

Senate House Bouse Conferees Agree o e on on 1 Administration Home Borne Mortgage B Bill i mr fly AU i si 1 W WASHINGTON June Senate 8 M and house conferees today agreed on the administrations administration's home mortgage relief bill one of the parts of President Roosevelt's recovery ery cry program As revised by the conferees the maximum value of a home on which a mortgage could be handled was placed at as compared with voted by the senate and 15 approved by br the house The refinancing limit would be or 80 per cent whichever was ithe the lower figure Early action on the conference agreement ement will be sought in the house howe and senate The conferees limited to 40 per cent of the value of the property involved amo its ts that could be loaned as 83 direct cash advances es to home owners and I retained a senate provision limiting Interest io to 6 per tent cent Provisions setting up a system of n national ti nal and local conciliation boards to adjust mortgage debts between debtors and creditors were along with a provision that state administrators should be appointed ap ape pointed by the president and confirmed confirmed con con- firmed by the senate The conferees restored a house provision provision pro pro- vision that repeals th the section of the existing home loan banking law per peri 1 f mUting dire direct t loans loaM to home own fl The bill sets is up a ho loan corporation to exchange iu it bonds for lor mortgages with authority to Issue up up to in bone bond 4 It a also o provides for a federal v ings and loan association system to 1 1 cooperate with individuals about the country In investing funds for ing home purchases 1 t