| Show SCORE PROPOSED CUT IN 11 II 0 L C RATES HATES entert A in recent i for foi congressional action tu to reduce in terest rates lutes and ext nd the alif period ot of amortization of owners loan loans has been consi considerable dorable what would lie tins the effect of these proposals 0 daw pho board of dirt liua haa guno gone on record that no reduction induction of alic prose tit five fio per lent cent rate Is jus titled reached in the statement of charles A jones joins manager are tho suggested aug would have little or no effect on future the proposed changes would result in heavy losses which tho the tax payers would ultimately have to pay there Is 19 no real desire or demand on the part of borrow ers era for such changes collections aro are continually improving and its rate of fore closures has passed the peak the must ie be permitted to build up reserves to meet losses A lowering of interest rates would seriously influence the general homo home mortgage market the savings of millions of plo in lending institutions would be adversely affect affected Od proponents of modification of terms have asked that interest rates rated bo be reduced to toa a range as low jow as yh per cent and that tho the present amortization period be extended floru the present fifteen years to periods ranging ripi ging up to twenty years la Is this the catch in his statement mr jones says that borrowers are not tor for the most part asking tor changes changeat ch angea I 1 but I 1 that the movement comes from a small group who believe that they can reap a financial advantage by organizing for congressional action tho the statement says that little benefit would accrue to borrowers by tho the proposed change A lowering of rates the statement says saya would seriously upset the home mortgage market and thus have baye its price effects on those owning homes and those who have their savings in mortgage lending institutions |
