Word: discountable
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Dates: during 1930-1939
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...conference's major purpose, President Hoover said, was "to stimulate industrial action," not "to set up government in the building of homes." To promote home owning the President urged a better system of home financing, thus keying his program in with his proposed Home Loan Discount system (TIME...
...Mortgage Discount. "I recommend the establishment of a system of home-loan discount banks as the necessary companion of the Federal Reserve Banks and our Federal Land Banks." (TIME...
...increase of credit in a quiescent period is not accompanied by a proportion ate rise of prices. Credit and trade seem to advance hand in hand while prices do not go up noticeably until a speculative boom has set in. They point out further that the lowering of the discount rate has had apparently no stimulating effect on business, although it offers a very powerful incentive to borrow. Still, the banks are begging to lend, but nobody wants to borrow. From these facts the economists draw the justifiable conclusion that commercial activity creates credit and not credit, business activity...
Main purpose of the corporation would be to create second mortgages rather than to maintain their liquidity, which will be the function, for prime first mortgages. of the President's Home Loan Discount Bank system. Homes costing $15,000 or less would be favored. If the corporation gets started, a prospective builder of a $15,000 house would not have to have the $4,000 or more of cash usually required above his first mortgage to start building. He could get a second mortgage from the corporation for this amount, build a home without putting up any real money...
...President proposed that Congress set up another Federal agency operating at first on Federal funds. In each of the twelve Federal Reserve Bank districts would be established a Home Loan Discount Bank, supervised by a Federal Home Loan Board in Washington. Each Home Loan Discount Bank would have an initial capital of from $5,000,000 to $30,000,000, with the total capital of all twelve limited to $150,000,000. Building & loan associations, savings and deposit banks, farm loan banks and the like would subscribe to H. L. D. B. capital stock. What they failed to contribute...