The Western news. [volume] (Libby, Mont.) 1933-current, 1933-07-20

as a result of inability to continue
on their farms or homes III
towns and cities. They have strug- |
rled worked and saved to apply the
sums so accumulated on a nome OF
farm that they can call their own. LII
the last three years. thousands upon
of them have seen these
savings swept away. the homes OF
farms taken by the holders OF mort
cages.
It has taken an extraordinarily long
time. observers here are agreed, iof
mortgage holders to learn the lesson
that they gain very little by the shy.
lock practice of exacting the pouhu VI
flesh In the shape of foreclosure OIL
tha mortgage. A good many mort
gage holders, such as lie Insurance.
companies. began more than Two
wears ago to Ego easy" In foreclos-
Ing on property, hut unfortunately the
number who pursued that policy were
entirely TOO few for the good OF the
country or the good OF the mortgages
holders as class, according 10 lhe
concensus | gather around the VA
| tional Capital. -,
The result Of the failure, or reIusai'
| Of mortgage holders to reailze Tue
| conditions confronting them speak
| Of them as class-is such iesisia'ion
as the home loan act. one OF 'heSe
laws was passed at the request u
| president Hoover. but that was r.
vamped and new set-up made ut 1he
raouest Of President Roosevelt. II
tha present law works, as 1T appears
II NAV. without too much OF an eA-
nense upon the federal government
landers of money ON farm mortgages
and an homes In towns and cities VIII
find themselves paying something Oh .
penalty In the end. 9.
r. anv ANALYSIS OF the mortgage SIT
nation one cannot overlook the uan-
oars inherent In any governmen1aily
managed institution that functions IL
!. : halfway private fashion. Inc nome
. Loan act and Its purposes are suDlee.
- entirely the same influences anu
! face the same possibilities as inc ,ln
Iran act that WIS Initiated ~ny-'''e
lata president Wilson. That enact
went has cost the government tWhicn
means the taxpayers) many 'ni'iio'''
~ dollars. yet 1t has done some eoou
y ~ that there lis no doubt but y
= never does any good TO denyssHe
U nasses The results will be reveaies
~ eventually. and they will be disciose'
- :, rho home loan act just as me,
= have been shown In the Iarm ioa
~ law. ,5orot,o
~ Is that extraordinary measures !,
nu boon and are necessary. one u ~
g. .h,noa that must be accomplished
he revival OF confidence II IS agree
ou anono students of the situation LII
~ !, tho home loan act ana tue
'hu aarad farm loan structure deveis
49, any appreciable amount OF ne" -
'aA adence or restore old commences
an' u,l, have been worth the price. u
~ oroh,ned help extended by those .
Ing ,ar,s can enable individual owners
ien ronarty to have feeling OF 80
lux ro,tance a feeling of security ana
~ dependence. they will nave zone NY
~. 70 lead the country out onto ~
'MA ground OF economic prosperity aga
! or 4,a "a
nore The home loan aull' ,sta not,
that ceedingly slow 10 se1l,ns that !,
d OF hulhi''Ane
E~o,,r IN always is requires
ian. Eor.cJo.ure. the Development . !,
that Is predicated on a new 10"
70 doas annear that the home loan DC
.,sa has been guilty of too mucn ue
n NAV be said to the boards cr'
So however. that 1t Is trying TO enc
''A' aoo holders of mortgages TO postl
mortgage foreclosures and 10 a
tho time when the new structure
! an4 haan completely formed. me Q
ment being used Is to the e1ec'
onees n mortgage holders forego
'mDia r,ohts as denominated In their !
'rlcan gaces for short while, they
nous : chance to emerge from the
i the .,on with new bonds on when
9 pot 1ion guarantees the int
government Buainhes
s~o~u payments. ,-ua
every Let us examine that privilege
year see how mortgage owners as W.
ent u home owners may benefit. rms
W '"- necessarily be considered 10 COZ
comes tton with what the law oners
lomoia home owner, and which will Leaf
70 utilize its privileges.
sister The mortgage holder may 3
igorat- der his existing mortgage TO the
for owners loan corporation, the
1t was nama az the agency which Will
a rail- dla the funds under the super
part - .ha home loan board. He W
applied - exchange new bonds, bearing
cont interest. The payment
eral Of interest ia guaranteed by the 8
Panama ment but the principal OF those
and by remains In the same category
BILE sale the principal of the existing
brought yave The bonds are exempt II
20 hats torat,on and think II Is &c
% their agreed they will constitute
J came class investment
enerally II II 70 be remembered that
Of that Units the amount of the m
,rnrurod - tco,ad oCQtnGt an