Word: holchairman
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...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...
...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...
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