Word: va
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Dates: during 1950-1959
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...size of the drop depends on what happens to the Veterans' housing program, which currently accounts for a full quarter of all U.S. homebuilding starts. The program is rapidly being choked off, a victim of the tight-money policy which has made mortgage money unavailable for VA houses at the low (4½% maximum) rate permitted. The volume of appraisal requests to the VA is 57% below two years ago-even though the demand is still huge. In its twelve years of mortgage operation, the VA has guaranteed building loans for more than 5,000,000 veterans of World...
...quickest remedy would be for Congress to increase the VA interest rate to 5%, thus making it more competitive on the open market. The American Legion backs the increase, but many veterans and veterans' groups such as the Amvets, the Disabled American Veterans, bitterly oppose the move because it would mean higher mortgage costs. With an ear to such complaining veterans back home, Congress has blocked all moves to approve the increase...
What many veterans do not know is that they are already paying at least the equivalent of 5% interest. Most moneylenders who accept VA loans do so only at considerable discount in order to offset the 4½% rate. Builders pass on this hidden charge to veterans by inflating the cost of the house. And by preventing the veteran from building earlier, the VA's low rate has actually cost him extra money. Industry sources, for example, expect house prices to average about 3% higher this spring than last...
Pragmatist. In Louisville, when the bank refused payment on his G.I. insurance dividend check made out for $72,000,000,000, Harold Fleischer pondered officials' advice to "frame it or take it up with the Veterans Administration," decided to ask the VA...
...WILLIAMS JR. Brookneal, Va...