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REFINANCING PAST DUE OBLIGATIONS ON FARMS

AND HOMES

SATURDAY, JANUARY 14, 1933

UNITED STATES SENATE,
SUBCOMMITTEE OF THE COMMITTEE ON

BANKING AND CURRENCY,

Washington, D. C. The subcommittee met, pursuant to call, at 10.30 o'clock a. m., in the Senate Office Building; Senator Frederick Steiwer presiding.

Present: Senators Steiwer (chairman of the subcommittee), Carey, Barkley, and Hull.

Present also: Senator Harrison of Mississippi.

Senator STEIWER. The subcommittee will come to order. This meeting has been called for the purpose of giving a hearing on a bill introduced by Senator Harrison, S. 4995, which bill will be made a part of the record at this point.

(The bill under consideration, S. 4995, is printed here as a part of the record.)

A BILL Authorizing the Reconstruction Finance Corporation to make loans to certain home owners and

farmers for the payment of taxes

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Reconstruction Finance Corporation is authorized and empowered to make loans as hereinafter provided to any individual whose home or farm property is covered by a mortgage and who, at the time of making application for a loan under this act, is unable to obtain funds with which to pay the taxes on the property so mortgaged. The total amounts which may be loaned under this act to any such individual shall not exceed in the aggregate an amount sufficient to pay the taxes on his home or farm property for a period of two years. The proceeds of any such loan shall be used by the individual receiving the same exclusively for the payment of taxes on the mortgaged property. Such loans shall be made upon such terms and conditions as the Reconstruction Finance Corporation shall prescribe but no such loan shall be made unless and until the mortgagee agrees (1) not to foreclose his mortgage for a period of two years from the date of making the loan and (2) that in the event of foreclosure, the amount of the principal and interest of the loan by the Reconstruction Finance Corporation then remaining unpaid shall constitute a paramount lien on the mortgaged property.

SEC. 2. The Reconstruction Finance Corporation is authorized to make such rules and regulations as may be necessary to carry out the purposes of this act.

SEC. 3. Any person who shall knowingly make any material false representation for the purpose of obtaining a loan under this act, or in assisting in obtaining any such loan, shall, upon conviction thereof, be fined not more than $1,000 or imprisoned not more than six months, or both.

Senator STEIWER. I now hand to the committee reporter a letter from the Reconstruction Finance Corporation to Senator Norbeck,

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