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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.

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.

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

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NOTE. Information as to applications filed, declined, and pending is unavailable prior to February 1948

FNMA mortgage purchases-Applications and dispositions, March 1948

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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.

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

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

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21.600.00

Feb. 10, 1938 through June 30, 1947

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

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