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because by making that house available to them on very easy terms, which they will not be able to meet, we are making false promises to them: We are placing that house within their reach; we are setting them up in a standard of living, and when their income is not up to the par necessary to sustain that, they will be out looking for another home and will be bitter about the kind of thing perpetrated on them, and I think, embittered veterans will inevitably come under that formula.

Mr. COLE. That is one of the questions on the 95-percent loan on a $6,000 house. I am concerned with whether or not the purchaser of the house may have enough financial stability to be a sound home owner. He may be, but there is a point, of course, where that diminishes. If you give him a 100 percent loan, nearly every one says that he may not, or possibly would not, be a sound investor. But here for the first time, or almost for the first time, it seems to me, we are saying that we are going to permit a 95 percent loan on homes.

Are we doing that individual a favor? What we want to do is help him to be a good citizen and be a good home owner, and to build upon his home. I am wondering if we are doing that.

Mr. SHISHKIN. I think a veteran who is not fully in a position to become a home purchaser of this kind would do better to even subject himself to these conditions for a period of time than acquire a home, since it does involve his life savings and his financial obligations, which comprise his full family budget, and until he can do so on a sound basis with the assurance of income stability.

But banks, of course, have indicated that they are far more cautious in loaning money than any congressional intent might prescribe. That is one reason why veterans' loans have not been forthcoming from the banks.

Mr. GAMBLE. Are there further questions?

If not, thank you very much, Mr. Shishkin.

We will insert in the record at this point the documents to which Mr. Shishkin referred in his testimony.

(The information above referred to is as follows:)

TABLE I.-Change in number of dwelling units, 1940 and 1947: Nonfarm and farm dwelling units by regions; occupied dwelling units by color of occupants

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TABLE II.-State of repair and plumbing equipment: Total dwelling units, by region, 1940 and 1947

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TABLE III.—State of repair and plumbing equipment: Occupied nonfarm dwelling units by color of occupants, 1940 and 1947

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TABLE III.-State of repair and plumbing equipment: Occupied nonfarm dwelling units by color of occupants, 1940 and 1947—Continued

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TABLE IV.-Tenure: Nonfarm and farm dwelling units, 1890 to 1947

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In this table, except for 1947 urban farm families are included in the "farm" rather than the "nonfarm" classification.

Source: Bureau of the Census.

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TABLE V.-Tenure, 1940 and 1947: by region, nonfarm and farm dwelling units, by color of occupants

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1890..

1900.

1910.

1920.

1930.

1940.

1947.

TABLE VI.-Occupied dwelling units: Nonfarm and farm, 1890 to 1947

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1 In this table, except for 1947, urban farm families are included in the "farm" rather than the "nonfarm" classification.

Source: Bureau of the Census.

TABLE VII.-Contract monthly rent: Tenant-occupied nonfarm dwelling units, by color of occupants, 1940 and 1947

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TABLE VII.-Contract monthly rent: Tenant-occupied nonfarm dwelling units, by color of occupants, 1940 and 1947-Continued

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TABLE VIII.-Contract monthly rent: Tenant occupied nonfarm dwelling units,

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