Evening star., 1937-10-16
FIJI. A. INSURANCE
AT $50 MILLIONS
Home Financing Business Is
Protected Under Mutual
Mortgage System.

More than 3U,0OU,OOU OF nome H.
nAncing business has been insured un-
der the Federal Housing Administra-
ton mutual mortgage system by the
savings, building and loan aSsocia-
tions. it was announced here today by
Federal Housing Administrator Stew
art Mcdonald.
Premium paying mortgages and firm
commitments held by these associa-
tions as of August 81 totaled 33,640,
amounting to $131, ,158,375. This rep
resents gain Of 80 per cent in the
volume OF insured mortgage business
transacted by the savings, building
and loan, associations during the last
year. The total of mortgages &C
eepted for insurance as of August 81,
1895, was 1900, amounting to $71,-
o52,396.
Broken down to Federal savings and
loan associations and te-chartered
building and. loan associations as of
August, 1887, the former accounted for
1883 mortgages, amounting to $72,-
BIZ, 100, while the latter accounted for
14,777, amounting to $58,246,275.
Twenty One Reach Million Each.
Twenty-one building and loan asso-
Citations have supplied more than a
million dollars each to home buyers
IN the program, as of June 30, 1887
They are:
West Side Federal, New York, N. Y,
&2,376,722; West End Building and
Loan, Newark, N. j., $2,070,67O; Citi-
zens' Federal, Dayton, Ohio, $685.
o60; Second Federal, Cleveland, Ohio
$l,921,760 First Federal, Rochester,
N. Y, $1,809,105; San Antonio Build
ing and Loan, San Antonio, Tex, ST.
1886; Eagle Savings and Loan, Gin
cinnati. Ohio, $l,593,24O; Serial Fed
eral, New York, N. Y, $l,588,3O5;
Coast Federal, Los Angeles, Calf, ST.
466, ,780; Citizens Federal, Cleveland.
Ohio, 81 ,348 440; Home Federal, Chi
cago, ILL.,, $1,265,050; First Federal,
New York, N. Y, $1,256,990; First
Federal, Jacksonville, Fla, s1,227, $50;
Quaker City Federal, PHILADELPHIA.
Pa. s1,222,6O0; Pennsylvania Avenue
Federal. Baltimore, Md, $l,21S.85O;
Ninth Federal, New York, N. Y, ST.
l42,450; First Federal, Nashville,
Tenn, sl,098.705; First Federal, Glen
dale, Calf, S1,O74.980; Railroad Mems
Federal, indianapolis, Ind, $1,05266
Bell Savings, Building and Loan, Chi
cago. Ill, S1,020, 400; West Baltimore
Building Association, Baltimore, Md.
$1,013,000.
440 More Approved.
II Is a significant fact that during
tne past year the Federal Housing
administration showed a gain of 44O
savings and loan associations in the
number OF approved mortgages. This
brought the total number of savings
and loan associations authorized to
make insured mortgages to 2.576. as
compared with 2,136 at the end of
August, 1886.
Ihe number of associations report
ing mortgages eligible for insurance at
the end of June. 1887, totaled 1924
as compared with $50 associations at
the end Of June, 1886, an increase of
~ per cent during the year in the
NUMBER OF building and loan associa-
tlons insuring mortgages under the
mutual mortgage insurance system
through August, 1887, the savings.
building and loan associations account
ed for 1873 per cent of the total amount
Of mortgages accepted by the Housing
Administration for insurance and 1856
per cent OF the total number of mort
cages accepted, Federal Housing Ad.
mlnlstration officials said.
Readily Identified In Plan.
Because OF their many years expert
ence with long-term loans" Admin
1strator Stewart Mcdonald said "the
savings and loan associations have
readily Identified themselves with the
F. H. A. program. AS a matter of
record the savings, building and loans
invented the long-term amortized
mortgage, and as one of our good
building and loan friends in New
Jersey has said, the Federal Housing
Administration insured mortgage plan
Is the new streamlined 1887 model of
IT, The many protective devices for
ooth borrower and lender in the
r. H. A. system. coupled with the nat
ural familiarity and experience of
nome mortgage lending demonstrated
oy the savings and loan associations.
provides an ideal partnership in the
neld OF home financing
The success which the savings and
loan associations have achieved under
the F. H. A. system is apparent. Their
figures show that the average insured
mortgage loan is approximately So, 900.
as compared with approximately s4100
1or all classes of lending institutions
IN the F. H. A. program. Almost
exactly one-half of the insured mort
gage business of these building and
loan associations covers newly con-
structed homes-homes built within
one year prior to date of insurance or
inspected by the Federal Housing Ad-
ministration during course of con-
Struction.'