Show president signs bills washington WASHINGTO 21 juno june 28 president roosevelt today signed into law tin the h housing ausing I 1 bill intended to aid in reviving industry by increasing home construction st and repair the legislation is calculated to make available several everal hundred million for new homes aua and modernization through government goern ment insurance of private loans for this purpose the president prepared to set up immediately the machinery to put the housing program into operation lie ile is counting upon this step to aid employment as viell nell as to improve living livin conditions when everything Is ready the plan will work about like this A man mail las has a home lie he is good credit and a bank holds ati an mortgage mort age against that home because of uncertain conditions condition however the bank balik is not sure that the 80 00 mortgage is a per cent asset it asks the federal housing administrator to insure the mortgage after proper investigation and the payment of a fee of not less than one half fit it one per cent the administrator rally insure the mortgage lie ile may even accept it himself and pay the cash to the bank no individual mortgage insure may mai be ton for lo 10 longer liger than 20 years tears bear more than six per cent interest or by be I 1 or more than SO 80 per cent of the appraised at value of the property the day the his mortgage d is executed nor may on insured home mort mortgage age exceed sir such mortgages also may be in f hired on new homes another chase of the bill allows the federal housing ho using administrator to insure up to 20 per lier cent of the total loans made by a bank for tion and repair these loans may be simple personal person al notes and for the smaller sums officials say they probably will be no loan in this category could exceed 2000 yo to help the home owner find a market for his mortgage the bill auchoi a it I 1 izes the creation of national mortgage associations which are empowered to ic te discount the paper they must have it a capital and may have stock outstanding to a total of 5 31 0 to encourage depositing in building and loan associations the bill sets up an insurance system for them thein after passing ir e ca examinations as to soundness and paying payin r a minimum of une cue fourth of one per cent of their total deposits these associations may tell any depositor that he is insured against a loss on any deposit up ill to furthermore the capital of the home owners ioan iaan corporation Is increased croas ed from to the new money to ro he used tor for re financing T existing es and 0 of the increase inci ease is ig ear ar marked for modernization and repaid loans doali through gh the building and loan associations |