Show US U.S. Home Owners Loans Loans' Given More Than 7 Utah Families in 1934 Over Paid in inState State to Save Houses Under Threat of Immediate Foi Foreclosure Freeing more than Utah fam- fam from rom the haunting fear of or losing losing losing los los- ing their homes was the outstanding accomplishment of or the Home Horne Owners Loan corporation in this state during 1934 From the closing of or the first loan oan October 18 1933 until the beginning of ot 1934 fewer than loans were made and their total value was only slightly more than Since then m millions of dollars have been poured into the state to aid hard hard- pressed homeowners facing loss of or their homes because they were Unable unable un Un- able to pay of off their moll mortgages a es Total value of or the Utah loans has risen to more than during the past year ear and the number of closed loans approximates Homes Are Saved Sa These cold figures tell on only I part of ot the stOl story according to J. J Fr Francis Fowles lles state manager of or the H 0 O L L. C and his assistant C C. C Clarence Mere Merc statistics statistics' only b begin gin to tell I the story of what the corporation has meant to Utah during 1934 13 said Mr N We Vc must not nol forget that as the result re re- re suit sult of oC each loan a homeowner was assured his residence would continue to be bc his and this assurance gave him new hope for the future and a determination determination deter deter- to carry carrion on with coura courage e On such citizens do does s the future of our country depend Cities and rind counties have benefited materially from H II 0 O L C operations Corporation rules required that all delinquent taxes be paid when a it loan was closed As a n result more than was paid during the year in general and special improvement taxes Business Stimulated Various branches branch's of or pr private prate ate husi usi ness also were stimulated by H 0 O L C CiLl iLl funds n ds Utah abstractors have been paId pale for preparing papers required for approval of loan applications The construction industry has but bu tasted lasted of oC the benefits it is expected to receive from the I II H 0 O L C home repair repair repair re re- re- re pair More than has already been allocated H 0 O J. J L 1 C borrowers to fi finance fi fi- nance mince home repairs and applications application for Cor another mother are arc in the process of ot closing The ban bm imposed November 14 on the acceptance of new applications for mortgage loans docs does not forbid those who alread already have loans from now applying appling for home repair funds Repair Funds Available A Officials at the H 0 O L C office here herc estimate this will result in applications applications for more than during the next few months as the approach of spring turns thoughts of householders householders house house- holders toward improving their homes Most of or this monc money will go into the pockets of or construction workers and material men Approximately half of or the loans throughout the state have been made to home owners in Salt Lake City am and vicinity when the ban was placed on new loan applications At that time the total number of Utah applications was and the tile total fund sought sough was Several hundred o othe of the applications however had been rejected or withdrawn before belore the deadline was announced Since then instructions have been received to concentrate on closing loan lom applications which have already reached the legal department This meant discontinuance of work on more than 2300 pending applications at the local office Man Many Unclosed Loans Loan In defense of ot this thi action H 0 O L C officials at Washington D. D C C. C pointed out that loans already granted ranted to home home- owners O had used med up two two- thirds of at th the allotted j I the corporation for relief relIe to 0 mortgage- mortgage ridden householders More than 1 unclosed loans already alread on file with the legal department would ex ex- haust the balance of the money it JJ was decided It was felt t too tao o. o that most of the 1 cases o of actual distress had b been en cared 1 for and the crisis in home ome iome refinancing refinancing re re- re- re reI I financing was past explained Mr Fowles j Because of the increased d s i and more stable condition of or private i lending institutions institutions- it is certain that I in a large number of cases where application ap ape was made to the corporation under the adverse ad conditions of 1933 adjustments can now be made to the satisfaction o of the thc original lender Refinancing Refinancing Refinancing Re- Re financing can be undertaken in many many other instances through private te h home me I financing institutions j Payments are Expected Those who ho have received H PI 0 O L C C. loans must show good faith in mal making ing repayment too Those who deliberately deliberately I become delinquent will be prosecuted fj What congress ma may or may not do j during the next few months holds the the key to the future of the H 0 O L C C. C corporation corporation corporation cor cor- cori i i officials admit Already 23 i have been released in Utah since November 15 15 reducing the number number num num- ber employed in the Salt Lake City Ogden and Provo offices to approximate approximately approximately mate 75 If Il the ban on new applications is not lifted it is expected the pending applications can be disposed of in inless in less than three months What will happen then is still a matter of con jecture |