Evening star., 1933-02-10
SENATORS REQUEST
URBAN HOME AID.
Inclusion in Hul's Mortgage
Foreclosure Measure
Is Sought.
Ry the Associated Press.

xaS UhS ASeoCldteu fIeSS-
A move to include urban homes as
we'll as farm lands in the Hull mort
gage foreclosure moratorium bill de-
veloped today in the Senate Banking
Subcommittee.
Previously the subcommittee had
agreed to report the bill to the full COM
mittee as an emergency farm mortgage
relief measure.
The inclusion of city homes of small
value was suggested by Senators Wal
colt (Republican) of Connecticut and
Steiwer (Republican) Of Oregon.
A decision went over until tonor-
row.
Senator Hull, Democrat. of Tennes-
see, advanced the idea that to include
urban homes might jeopardize the bill
as farm relief measure.
Walcott to Seek Figures.
Stiewer and Walcott said they did
not want to do anything that would
interfere with prompt action, but they
felt that the city dweller who is faced
with foreclosure should be given the
game assistance as the farmer.
Senator Walcott planned to obtain
from the Federal Home Lean Board
figures showing how much of an outlay
would be required to extend the relief
to city homes.
Is problematical as 1t has yet to pass
both Houses and March 4 is drawing
near, It represents the spearhead of the
movement for farm mortgage relief at
the present session.
Little Opposition Expected.
Republicans as we'll as Democrats on
the subcommittee studying the problem
have approved the Hull bill and little
opposition is expected in the full COM
mittee
The bill provides for loans by the Re-
construction Finance Corporation at
not more than 31a per cent to holders
of farm mortgages other than Federal
land banks.
Up to $780, 900 900 may be loaned
these mortgage holders in an amount
sufficient to pay the mortgagor's in
terest and inStallments in default more
than six months and his taxes in ar
rears more than IL months.
Although the Hull bill originally pro-,
vtded that the holder to receive loan
must agree not to foreclose for two
years, the measure as revised and re-
ported to the full committee specified
only that the mortgage shall agree
% satisfaction of (Reconstruction)
Corporation to limit his right to pro-
ceed against mortgagor for default"
Would Aid Land Banks.
The mortgage would give a prior
hen on the property covered by the
mortgage as security for the Recon-
struction Corporation loan. Another
provision is for loans of $150,000,0 600
to joint stock land banks to enable
mortgages held by them to per cent
for a two-year period
Disposing of the $1o4. 600, 900 Agri-
culture Department supply Dill In a
single day, the Senate yesterday dupli-
Gated the feat it performed with the
Interior Department bill and made a
big hole in the legislative pile-up which
has jeopardized the prospects Of much
important legislation, including farm
relief
About the only change made in the
agriculture bill on the Senate moor
was to add $4,0o0,000 for part payment
Board cotton turned over to the Red
Gross and other relief organizations for
relief purposes.
Goes Back to House.
The bill is only about one-third as
big as that for last year, because OF
abandonment of much of the highway
building program. 1t now goes back
to the House for action on the Senate
amendments.
These included the addition Of $89,-
OBS for agricultural exhibits at fairs,
$24, ,468 for experiments in areas aban-
doned because OF corn borer tnfesta-
ton, and $53,287 for development of
corn borer control machinery
Senator Oddie, Republican, of Me-
vada, failed in an effort to amend the
bill to provide $3.50 900 900 for Federal
aid highway construction during the
next two years.