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Authorizations, cancellations, disbursements, and repayments, Feb. 10, 1938, through June 30, 1947—Continued
Class A-Mortgages which provide for a service charge to be paid by the mortgagor.
Class B-Mortgages which do not provide for a service charge to be paid by the mortgagor and which are not insured under sec. 203 (b) (2) (B) of the National Housing Act, as amended. Class C-Mortgages which do not provide for a service charge to be paid by the mortgagor and which are insured under sec. 203 (b) (2) (B) of the National Housing Act, as amended.
Total, sec. 210..
WAYNE COUNTY COUNCIL,
VETERANS OF FOREIGN WARS OF THE UNITED STATES,
Detroit 26, Mich., April 23, 1948. Subject: Senate bill 2271, Federal National Mortgage Association-"Fannie May." HOUSE BANKING AND CURRENCY COMMITTEE,
House Office Building, Washington, D. C.
(Attention: Congressman Jesse Wolcott, chairman.)
GENTLEMEN: It comes to our attention that the above subject legislation which proposes to abolish the Federal National Mortgage Association was passed by the Senate and is now before your committee and that you are holding public hearings comencing today.
We wish to enter in the record our opposition to this legislation in the strongest terms at our command.
In checking with financial institutions-lending agencies who handle the bulk of loans on veterans' housing, and with builders as well, we are advised that the abolishment of "Fannie May" at this time when there is no other channel for a secondary market, would mean practically a complete stoppage of housing for veterans. To shut off this last vestige of relief which we have in trying to solve the veterans' housing problem would be most disgraceful.
In spite of the infamous action and attitude in the Senate, we feel that we can continue to count on the sane and sober judgment of you gentlemen, and we implore you to turn this bill S. 2271 back with a resounding "No," at least until some other means of a secondary market has been established.
MICHIGAN VETERANS HOUSING COMMITTEE,
The CHAIRMAN. If there is nothing further, we will close the public hearings on S. 2287 and related bills, and if agreeable to the members of the committee, we will go into executive session promptly at 10 o'clock tomorrow morning.
(Whereupon the public hearings in the above-entitled matters were closed.)