Word: fahey
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Dates: during 1930-1939
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...joyride Judge Benjamin P. Epstein last week held the entire panel in contempt of court. Five jurors who drank & danced were sentenced to serve five days in jail. Six who drank but did not dance received three-day sentences. A 37-year-old telephone mechanic named Leo Fahey, who merely watched, was fined...
...first New Deal agencies was Home Owners' Loan Corp., formed to furnish urban mortgage relief by issuing its bonds in exchange for distress mortgages. Under John H. Fahey, a New England publisher, banker and shipbuilder, HOLC has lifted almost one-fifth of the U. S. home-mortgage burden, has brought relief to 862,000 small homeowners. Last November, with $2,000,000,000 of its $3,000,000,000 capitalization already dispersed and 400,000 cases pending to use up the rest, HOLC suspended all applications for loans. By March, 30% of HOLC's debtors were...
...date HOLC has taken mortgages on some 800,000 homes. Last week HOLChairman John H. Fahey reported that 30% were a few weeks behind in payment, 16% were 90 days behind. Fortnight ago he declared that out of 400,000 loans studied, only eleven were likely to show a loss to the Government. Cried Ohio's Representative Sweeney: "If the Government loses on only eleven out of 400,000 loans, then Mr. Fahey is a wizard...
Already a Chevalier of the Legion of Honor, Commander of the Order of the Crown of Italy, Officer of the Order of the Golden Sheaf of China, Chairman Fahey holds down the uneasy title of world's biggest mortgagee with notable efficiency. HOLC has dismissed 236 lawyers for incompetence. Chairman Fahey's ideal of a business interview is reported to be 4½ min. for business, 30 sec. for greetings and farewells. People lucky enough to get inside his crowded office in the Post Office Building find a distinguished old gentleman with a snowy Vandyke beard, twinkling eyes...
HOLChairman Fahey still has $1,200,000,000 to loan but the 400,000 cases now pending will use that up. When the last application has been passed HOLC will have refinanced about one-fifth of the total U.S. home-mortgage debt. So last week, its job well done, HOLC announced that no more applications for loans would be accepted. Mortgages were no longer a Relief problem but a Recovery problem, to be handled by the Federal Housing Administration in its drive to rehabilitate the building industry...