Word: moneys
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Dates: during 1960-1969
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...Nixon Administration's main plan for helping housing is to stop inflation. Unless that is done, construction, and especially land costs will continue to rise, and mortgage money will become still scarcer and costlier. The result could be a housing famine that no politically conceivable amount of public subsidy could alleviate...
...years. Paul McCracken, chairman of the President's Council of Economic Advisers, admits that they have a point. Because housing depends so greatly on credit, he concedes, the industry lies "at the end of the economic whipcracker." When the Government snapped that whip by severely tightening money in 1966, housing absorbed 70% of the resulting cutback in lending. Builders had not yet made up for their 1966 production losses before they were hit again...
...Nixon Administration has tried to cushion housing from the impact of tight money. The Federal Home Loan Bank Board has lent nearly $4 billion to savings and loan associations. The Federal National Mortgage Association, which is privately owned but Government-controlled, has become the principal source of funds for Federal Housing Administration and Veterans Administration loans. But money is so scarce that average private mortgage rates have risen from 6.4% two years ago to 8.1% now. Many borrowers must pay 81% or even 9%. Though the rates may fall a bit next year, they will probably stay high by historical...
Beyond the immediate problems caused by inflation and tight money, there are other, longer-term reasons for the trouble in housing. The home-building industry is like a sprawling Gulliver, pinned down by gremlins. The industry is snarled in a tangle of little, mostly local restraints that make houses and apartments cost more than they should. A modern Mr. Blandings who tries to build or buy his dream house often finds the experience turning into a bad trip. Among the difficulties that he faces...
After a 15-year effort, the Armenian American community has raised enough money to endow the new Armenian professorships at Harvard. a chair at U.C.L.A., and a full-time program at Columbia...