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be on public agency loans

probably ought to be written into the basic Reconstruction Finance Corporation Act. I subscribe fully to that view.

The CHAIRMAN. How about the limitation of $125,000,000? Is that satisfactory?

Mr. GOODLOE. Yes, sir; if that is written into the provisions of this bill with respect to the limitation of the $1,500,000,000, so that it is effective, prospective, from July 1, 1947, when we started operating under what, for convenience, I refer to as the new Reconstruction Finance Corporation Act, that would be adequate as a present limitation.

The CHAIRMAN. Is there anything else which you would like to call to our attention at this time?

Mr. GOODLOE. Only one other thing. I am not sure whether I mentioned this the other day or not. In the provision in the Senate bill with reference to maturities, there is a specific exception with respect to securities the Corporation may get as a claimant in bankruptcy, or in an equitable reorganization. After that was considered by the Senate committee, there was passed by the Congress the so-called Mahaffie Act, which is an amendment to section 20 (b) of the Interstate Commerce Act. It provides for a method of railroad reorganization that is neither bankruptcy nor, strictly speaking, equity receivership, and in order to make it abundantly clear that that type of situation would likewise be embraced, we would like to suggest the addition of the following language: "or as a creditor, under section 20 of the Interstate Commerce Act, as amended.” We would like to see that done in the interest of clarity. I believe that is all I have to suggest, Mr. Chairman.

The CHAIRMAN. Are there further questions?

Mr. KILBURN. Did I read somewhere, Mr. Goodloe, that you might resign from the Reconstruction Finance Corporation? Mr. GOODLOE. Yes, sir; I suspect you did.

I The CHAIRMAN. It is a deep secret, Mr. Kilburn, which is known only to 140,000,000 people.

Mr. KILBURN. Is that imminent?
Mr. GOODLOE. Yes, sir.
Mr. KILBURN. I am sorry to hear it.
The CHAIRMAN. Are there further questions of Mr. Goodloe?
(No response.)

The CHAIRMAN. Without objection, the statistical data referred to by Mr. Goodloe will be made a part of this record. (The document is as follows:)

RESEARCH AND STATISTICS DIVISION,
OFFICE OF THE CONTROLLER,

April 19, 1948.

MEMORANDUM
To: Mr. James L. Dougherty.
From: Mr. John H. Chase.

Attached herewith is the information you requested in connection with FNMA mortgages.

JOHN H. CHASE, Acting Chief, Research and Statistics Division.

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1 Includes 3 authorizations for $2,693,800 which were actually approved in February but not reported by agency until March; does not include 4 authorizations for $304,500 approved in March but.not yet reported by agencies.

Contracts purchased

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FNMA mortgage purchases-Applications and dispositions, by months, 1947 and

1948

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40

1948
January
February
March.

363 1, 648 4, 505

1, 775 4,083

40 146 177

Total...-----

1 622

21
23

6,516

i Revised due to adjustment. NOTE.-Information as to applications filed, declined, and pending is unavailable prior to February 1948

FNM A mortgage purchases-Applications and dispositions, March 1948

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1 Cut down.
2 Ineludes 3 loans reconsidered.
3 Revised due to adjustment.
4 Withdrawn.

FEDERAL NATIONAL MORTGAGE ASSOCIATION, FINANCIAL STATEMENT, JUNE 30, 1947

This statement and the attached data were prepared from the general books of the Federal National Mortgage Association and give effect to all reported transactions and accruals of income and expense through June 30, 1947.

Assets
Cash on deposit with RFC.
FHA-insured mortgages.-
Mutual mortgage insurance fund debentures.
Certificates of claim issued by FHA.

Less : Reserve for determined losses.

$8, 785, 533. 60 4, 961, 981. 05

4, 650.00

$50, 750. 67
33, 833. 78

16, 916. 89

Real estate acquired by foreclosure or by deed in lieu of foreclo

sure--
Accrued interest receivable_--
Miscellaneous accounts receivable_
Advances for care and preservation of security.
Service charges prepaid..
Reimbursable expense_-

6, 701, 14 27, 367. 40

106. 50 545. 81 166. 71

1. 31

Total

13, 803, 970. 41

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Income and expense from Feb. 1938 through June 30, 1947

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Expense:

Interest expense
Service-charge expense..
Administrative expense
Nonadministrative expense.
Premium expense
Depreciation on furniture and fixtures.
Determined losses in connection with certificates of

claim.
Foreclosure expense, not reimbursable
Losses, uncollectible balance after foreclosure.
Loss on disposition of furniture and fixtures..
Loss on sale of real estate acquired....

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127, 681. 72

95, 00 383. 89

90.05 778. 82

(44,996.92)

0 0

82, 684. 80

95.00 383.88

28, 723, 600, 26

Net income before reserves. Valuation reserves.

23, 113, 737, 34

0

90. 05 778. 82

256, 978. 75

28, 980, 579. 01

28, 820. 61
33, 833. 78

23, 142, 557, 95

33, 833. 78

Net income.

23, 113, 737. 34

(5, 013. 17)

23, 108, 724. 17

ANALYSIS OF EARNED SURPLUS

$23, 108, 724. 17

2, 310, 584. 10

Income less expense since organization.
Less:

Transferred to reserve required by FHA regulation..
Transferred to earned surplus.-
Dividends paid...

Balance of earned surplus.

20, 798, 140.07 20, 500,000.00

299, 140.07 Insured under sec. 203:

Authorizations, cancellations, disbursements, and repayments, Feb. 10, 1938, through June 30, 1947

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18

2, 682

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1

12

Total, sec. 207

6,384,000.00

1

1,100,000.00

11

5, 284, C00.00

0

ON

304, 000.00 286, 008. 73

1 6

62,500.00 214, 091.27

5

14

Total, sec. 210.

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Purchase contracts.
Commitment contracts.
The RFC Mortgage Company.

39, 394 $156, 059, 680.00
19, 647 81,618,300.00
10, 592 40, 509, 731. 18

1 17

535 2, 147

1 693

69, 633

Total, sec. 203

278, 187,711.18

Insured under sec. 207:

Loans
Purchases

11
1

5, 284,000.00
1,100,000.00

Insured under sec. 210:

Loans..
Purchases.

3
11

366, 500.00
500, 100.00

Grand total

1 693

69, 659

285, 438, 311. 18

1 Includes The RFC Mortgage Company as one institution.

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