Word: mortgagees
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Dates: during 1930-1939
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The sorry plight of the mortgage companies arose from the fact that they had guaranteed 35% of all the mortgages in New York City and that by 1932 this $3,000,000,000 contingent liability had largely ceased to be contingent. Underlying mortgages defaulted, foreclosed property became practically unsaleable and...
Hastily Governor Lehman secured legislation creating a quasi-public protective committee to salvage something for the hundreds of thousands of investors who had bought mortgage bonds on the strength of the "guarantee." In August a flock of small solvent companies were permitted to reopen. The rest with 97% of the...
No sooner had this been done than a deafening hue & cry arose in nearly every court in the State. The constitutionality of the enabling legislation was challenged. Commissioner Van Schaick's rehabilitation plans were attacked at every step. "Protective committees" mushroomed on every side, tried to oust Commissioner Van...
Meanwhile it became apparent that not all of the big mortgage companies had failed with honor. In their books Commissioner Van Schaick found good and sufficient reasons to do some suing on his own account-against the old managements. But why, howled the Van Schaick critics, had not the Commissioner...
When these evil smelling questions were put to Commissioner Van Schaick on the witness stand he answered frankly that: 1) in some cases the laws were inadequate. 2) The insurance department was woefully understaffed. Twice he had been forced to borrow personally money to pay temporary examiners until State funds...