Evening star., 1934-07-26
Speeding Up of Home Loans
Observed With Satisfaction

Discussion of the housing efforts of
the Government reveals rather gen.
eral satisfaction at the progress now
being made. In addition to the pros
poets which are held evident under
the national housing act, 1t is OBJ
served that the Home owners Loan
Corp, in celebrating its first anni-
versary, has gained commendable
speed in handling the applications for
loans. On the general situation, the
Los Angeles Times voices the judg-
ment that ''the 'unfreezing' of funds
outside of Government control may
be set down as an infallible sign
that the long g-looked-for turn in the
road has been reached"
''Factual evidence is at hand Of
speeding up, following administrative
changes" declares the Philadelphia
Evening Bulletin. while the San An
tonic Express says of the record Of
the H. o. L. c.: During its first year
the organization lent more than a
billion dollars to BAL 900 distressed
homeowners-an average Of about
$4,000 each. 1t received one and one
half million applications for loans ag-
gregating four and one-half billion
dollars; perhaps the greater number
still are pending. AS the H. o. L. G..
has only about two billion dollars left
for distribution, somewhat more than
half the requests must be rejected.
However. at least that proportion nee
eSsarily would be turned down under
"a nf ho or in
The Appleton Post-Crescent remarks
that the corporation appears to be
settling down to the grind of its great
and complicated labor"
THE national housing act" accord
ing to the Louisville Herald-Post,
has been described as the most con-
Structive piece of legislation to pro-
mote economic recovery that has been
enacted during the depression, but in
order to make it effective. it is i'm
portant that every prospective home
builder, as well as the homeowners,
should become well informed of it's
possibilities. Contractors, building
material dealers and others directly
concerned with home building are the
ones who must do the most and in
form themselves best on how to reap
the greatest benefit out of the cam
paign."
Agreeing that "the program has
aroused high expectations in the way
OF employment and national recoy-
cry, the Wichita Eagle quotes Leon
ard P Ayres, the Cleveland authority.
on the obstacles ahead. "Col. Ayres
thinks" says the Eagle, "the housing
act, with its elaborate machinery of
short-term loans for repairs and long,
term loans to finance new homes, will
stimulate construction in the one
family dwelling classification But he
Is convinced that a real building re-
vival will encounter too much of a
handicap-in the high cost of construc-
ton, the f1nanial straits Of munich
palities and the reluctance OF corpo-
rations to undertake programs of
expansion until they can see better
prospects of profits"
The recently approved recommen-
dations of the code authority" states
the st. Paul Pioneer Press, that there
be reduction in the price of lumber
going to the housing program is the
first step in the removal Of a very
real obstacle to its success
The task Of the Federal Housing Ad-
ministration is to persuade the build
ing material manufacturers that the
increased volume Of orders viii make
up for the cut In prices and to satisfy
labor that steady work at lower
wage rate is better than occasional
work at a high wage rate. The lun-
ber industry leads the way with its