OCR Text |
Show Details of Home Loan Relief Act Are Given Thf follow 1 1 1 1- Mnlrllli-llt i-, nuulc m oiuVl thai tho pul.lu' nmy haw u I'l-tlrr lill.U l :.iiulHK- 'l till" pill POM-tho POM-tho H.-iin- Uttlici'.i I oa n lu t, ap p.oww! I. tin- Pi,- ,u.ih uii Jinn- Pi, p'.;;. 1 ho now .i w i-.i air- tho II r Ow lief ' 1 o.Ui i ol pol tit ion un uri-iic) ot' i.li.l !.i uiMt.- m-.I lioiiit- oW lUM s. A mam o! .' no- o! tho I!. O. I,. C. i. 0- t.thli hot I in rat-h -.luto uiul tt nun hiaiu-h c'lui ih antu-ipau-,1 iicnK of tin t .tto i otpn i In oU-iilinj h..ii tho follovvuiL. ." nlit ioii ai tl liiuV-atioii an nn-to nn-to oil h' law : llu lii-n on the home mut huvr Ivni on ttvoiil Junr PI, P.'.'i;, or, if n 1- oii'.iiut fof dcril, lllll-l huo hr(ll i- rvutt-tl on or hrl'oio Juno 'At 'A'A. 1 n a Mil to tho iff u utility i mi 'i . a , hoiiu- ow ii,-rs may i rlrcni iir ivnri' liti-ir h'-nif. lo-t witlui two i'.ti prior to Juin- Pi. P:i;t, pi(i.loJ tho pio-ciit liohli-r will tuvt-pt tho I . no.-. K an nuolo in hoti.P hoar fi pot' ri-:.t jr.'i-vrst aril o.iimot t-xci-iil M por rt-nt of tfu upprai-ol alur, iioi rail it r,-tH-tl J PI .IHKUMI. Stu-h htt !k.N n a tv mnilo m oa h 1 , a i i -t' ot-nt n.tt-t -t n nl oa iniot ri oil -10 por I'ent of tho appiui'-o-l .ilno of 1 1 o homo. I.o.i! . n a.lo -.i'lr! t. pay tni--. vh,-io tlu-i-f i. no otht-r lirii, oaimot r.roi '.0 pt-r ot-i t of '). a( p!i -tl a!i.r. nr.il l ar ' j r rctr. ji.toio-t. 1 l.o lnini'A (-r mil -1 ni.al'h. in I ' .o ;i .i Ti ' r. -f tin cor (no a ; ion, to MVurv rt-hrf tK-w hi-r r. Tto loan n-'.jst lo ,-t'iir,-,l hy n Pi l In n on th.o hnw. Tl o oi: mo. t U oooupir.l h tin ow m r, ni.lo -s ahoiit only toin-l't..!i!. toin-l't..!i!. a' 'I !o for not moir than f"ur fa m. I :r. Uor;thl pro pi-r - I tio. :it.d hun.i--s Pi..fL tin not oom- 1 w.tl-jn t.ho pioVi :o!.n of t'r int. .iaTv. f-r ii'.nrir.-nai.i o -hall in m on o i:u -'.vi.io aih! ji nrn or nr.-pr- on. !.. P. ai. - w;!! t o :. an amt.rtiration plan f'-r a l-oi o" not fco,-,lin.' I -- ' ! In c.i e c.f un.iual .i:r--, the i.rr..-Acr may In- gran'.-.l a m..ra- torjum m payment of principal. i ir..M.l.d :iil in'.cri-.t. tax. a-c--; !'!'. a-d ir.surar.ee pan-n" :ne V.!-:1. u; ly him: and, provided trie: m..ia:orl..:ii -halt i.-t evc.-.-d three, yt-ir.. ! If your home i- within the pro-I -it foi-.h and ou are in .ia-.i-er of lo-ing it. seure the r.-re-:ny l:i!.V. s from the offire m'-tiia m'-tiia : or d.-!rirt. . l';ll in the iiiplicaIiou carefully. with the assistance, if nece--ary. of ur har.'-.cr. a"."rnrv, or other ciualifivl person, and forward it to our ih -1 rict office. From time to time the district manager may require such addi- tinnul inf. il lll.lt loll Id III. iy liat l.i-iu 1 1 in on llu- loitn. linn. j.;uln-i uu i-oiicri ui-.l in tli-miikinj. tli-miikinj. of loun. Kir si, llie pru- u-il owiu-r should wiiuiic llu- l.-IMI.H III' llll- .lUll-MK-Ilt Willi tllC Sn'llaKc holdi-i, and llii-M, olds', tun I In nil pol at loll H in-ci-d. S lii-n llu- holder of llm nniriai-, , Inn agreed In U i ept Im.IiiIs, llie ap-pln.ition ap-pln.ition h.is Im-imi hj.iovi-.( the plo-.eity plo-.eity appiui i-d, und llie title rlii-ck-d liy the attorney and found hati.--tltctoiy, liomU will lie delivei eil nild llie mortgage assjiH-d to the cor-iM.iation, cor-iM.iation, after ta-s, if any, have ' been rlettie.1. Attention is called to the fact tliut jour j jile owe. twent-oiie billion j d"llttls on honve mill leagt's. Jt is ' therefore, evident thai only a small j purl of this debt can lie relieved j through the II. (). I- ('. i KiirtheriHorc, no lai'i'i' solutue of j in-'it y a i- is cull he liiindutl in cu.h, ! fn t, Usiiu'f mo t hoiiii-s are mort-' mort-' vaeed for nivte than 40 jer cent of the value; M-cond, hei-uu--e sufficient I ca .Ii i . not avuilable. l'or t hi capital of the col Hjl utiutl. 'congr.-H appropi iated J 'JOtl.000,000. and autlion.'il il to issue U.iuN ag- gi e. at ing ;'',IKKI,(iOll,(K0. 'Ilie-f bnlidt will Ih- the direct i . 1 . 1 i ). n 1 1 iti of ll.e lloiiu' Owners' Ixan ' i ortsualion, will he Hiyalde in nol ! c.-.ediMg i-i( ht---ri years, und will be I hll.-l.ej I.V the entire le -iUICr of the j i-oi -ot ati .n. un hiding itsi capital of 1 JJpn.iiiioOlK), and all the securities and proierty which il ina ac.uire in it . opei at ions. Tho botl, will carry an inlere.t rate of I i-r Cel t, which interest i un. oi. I : t K.tui 1 1 Kiiaranteed by the l'nit.sl h"tate government; and the lxi.il" ai.d their iiliTi-.l will be eevi;i'. from all lata'.ion federal, state, an.l local (except .'urtaxe-, e tate. etc. I Ta'..ii;.' in' account the tax ex- nipt ion tealuren d the bonds they may lo regarded as practically f. lT rent guaranteed interest liond-". Kurtherir.re, the law provdes that these U.nds may he u-ed at their full face value plu accruj-l interest in payment of hune owner-.' ohliga-tio? ohliga-tio? s to the corH. ration. The fe.leral treasury ha- announced an-nounced that the lmds have been made acceptable, at jar, a-; security for the iieiosit nf public money. The Federal Reserve board has authorired tlie federal reserve bank-; to accept these UunU as collateral scurity for advances nuide to member mem-ber hanks under the provisions of of Sis-tion 10-1! of the federal res.ve act. as amended by the Art of March !i, rX'.'-'. The Reconstruction Finance corporation cor-poration has agreed to accept the bonds as collateral for loans up to s0 j h' r cent of their face value. |