Word: loan
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Dates: during 1960-1969
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Congress came to the aid of the loan-starved housing industry last week with a $4.76 billion package of federal mortgage money. Responding to Administration urging and the lobbying of 700 home builders who flew into Washington five weeks ago, the legislators approved a. bill to funnel the funds into FHA and VA home loans through the Federal National Mortgage Association, a partly private, partly Government-owned corporation that is best known by its nickname, Fannie Mae. If all the money is used as intended, it should finance construction of about 320,000 homes, or nearly one-third...
...party to such legerdemain, Fannie Mae's taciturn president, J. Stanley Baughman, explains simply: "We do what we have to do." Pittsburgh-born Baughman, an up-through-the-ranks federal careerist since 1933, made his mark among mortgage men by turning the depression-born Home Owners' Loan Corp. from a money loser into a profit maker. Taking over Fannie Mae in 1950, he tightened up loose operating procedures, chopped his staff while the work load doubled, won a reputation as an administrator who could say no without ruffling too many tempers. Today, at 68, Baughman waves aside talk...
...Sweden, the shortage of loan funds is such that high-priority apartment construction in Stockholm has been cut back 40%, and the average wait for an apartment is now ten years...
Style Without Spark. The Reids could not bankroll the losses indefinite ly, and in 1957 they asked Millionaire Diplomat-Sportsman John Hay Whitney for a loan. Anxious to support Republicanism's leading moderate voice, Whitney chipped in $1,200,000, took a stock option, finally decided to convert the loan to a controlling interest and see what he and his Wall Street troops could do. Naturally, they began with an economy drive; another layer of the Trib's staff was peeled off. Whitney did bring back Coach Woodward, but for editor he chose a small-town boy from...
...Contractors, loan sharks, insurance brokers, job seekers and a variety of multiple-purpose grifters contribute money in the manner of architects in the expectation that if their man is elected he will assist them in practicing their particular art, on behalf of and at the expense of, the people of Massachusetts," Galbraith wrote in the Boston Globe. The article, which ran as a banner story on page one of yesterday's morning edition, had been requested by the newspaper...