Word: profits
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Dates: during 1950-1959
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...summer long the eyes of Texas have been upon Governor Allan Shivers and his campaign for an unprecedented third term. His opponent in the Democratic primary. Attorney Ralph Yarborough of Austin, uncovered the embarrassing fact that Shivers had turned a $425,000 profit on a $25,000 investment in a strange Rio Grande Valley land deal eight years ago. Yarborough, who lost to Shivers in 1952 by a margin of almost 2 to 1, also kept reminding Texas Democrats that Shivers had swung Democratic Texas behind Dwight Eisenhower in the 1952 presidential election...
...architect's fee of 5% and a builder's fee of 5%, the customary amounts. Since he was able to get an architect for only 1% and was his own builder (thus got the builder's fee), he already had a big chunk of his profit. When he applied for his FHA-insured mortgage, Gross got a surprise: he was told that his estimate on building costs was too low and, at FHA's suggestion, raised them, thus increasing the size of his mortgage. The reason for this, he explained, was that FHA wanted...
Republican Senator Homer Capehart promptly called the transaction another example of a "windfall" profit, i.e., one gained by inflating the value of the mortgage on the houses beyond their actual cost of construction and pocketing the difference. Builder Levitt insisted that his profit was no such thing. He defined a windfall profit as one made by a builder when he pocketed the difference between the mortgage and the building cost and still retained title to the property, thus giving him the right to additional profits from sales or rentals. In his case, said Levitt, the $5,000,000 was simply...
Levitt built under Section 603, which based the size of the mortgage on what the actual appraised "value" would be after the houses were built. Levitt said that he had made $1,200 gross profit on a house that was mortgaged for $7,500, that later sold for $7,200 and is now selling for $8,600. Levitt, who is probably the most efficient builder in the U.S., said that profits on houses that he built later without the help of Section 603 (but with Government-guaranteed mortgages) were "substantially more" than...
...Windfall. Levitt was followed to the stand by Builder Alfred Gross, who made no bones about the fact that he had reaped a windfall profit of $6,000,000, the largest uncovered by the Senate committee so far, on the $25-million Glen Oaks Village apartment houses in Queens, New York City. He explained how he-and other builders-had made such profits...