Show HOME LOAN ACT I VOTED BY HOUSE Roosevelt Expected to Recommend Recommend Rec- Rec Mortgage Associations W WASHINGTON April 18 J- J V President Ro Roosevelt gevelt was expected In congressional quarters today soon to recommend establishment or of the federal fed fed- oral eral mortgage assocIations to lend to indIviduals wanting to construct or modernIze their homes Coincident with house approval of the agreement with the senate on federal fed fed- eral guarantee of of home loan bonds Representative Smith D. D Wash told reporters details details de- de tails of the latest administration plan for Cor stimulating employment through the market for building materials The senate has yet to act before the home loan bond guarantee goes to the White Howe House As reported by b Smith the new plan would allow construction loans up to 80 per cent of the value or of the mortgaged ed property prop and run for 20 years at 5 per cent Home modernization loans would bear the same interest be lImited to toa a minimum and 2000 maximum for Cor repa repayment ment over 10 years on n a monthly or quarterly basis The plan embraces a federal mu mul mortgage insurance corporation corpora corpora- tion to insure mortgages covering coverings the property on which loans would Ibe made by the federal associations I |