Evening star. [volume] (Washington, D.C.) 1854-1972, 1938-11-26
H. 0. |. T.. Borrowers
Repay Half Billion
Loaned by Agency
Collections Reuch 94%
Of Billings for Month
Of October

0OiAOWCIo VI tIlc rome OWIlcTS
Loan Corp. have repaid more than 6
half billion dollars of the money
advanced to them by the Govern.
ment, Charles A. Jones, genera
manager of the corporation, an.
nounced today.
With collections reaching 94.4 pei
cent of billings for October, it car
be conservatively estimated that the
cumulative repayments up to De-
cember l will represent about 16.:
per cent of borrowers entire princi-
pal indebtedness, or more than $751;
600, 900, Mr.. Jones declared More
than 80 $50 accounts, amounting to
more than 100000 have been
paid in full.
At the same time, he announced
that borrowers have been saved at
least $l68,00000O in interest since
the H. o. L. c. took over their loans
the difference between the amount
they would have paid under their
old mortgages and the S per cent
H. O. L. G. interest rate.
~ cAouAO NC 4CIllCl1lOC1cu, SdlC
Mr.. Jones, that, although the H. o
L. c. ended its fifth year of opera
ton in June of this year, we have
not been collecting on our loans al
that time. The H. o. L. G. still was
lending money up to June IL, 1886
so only very small portion of our
borrowers have been paying back
their loans for five years. In fact
100000 took advantage of a mora
forum which made it unnecessary
for them to pay anything on &C
count of principal until June, 1896
Loaned Three Billions.
prom June, 1888, to June, 1886
we loaned nearly 100000 900 to
more than million men and women
who were without private credit and
who faced the loss of their homes
through foreclosure. Today we can
announce that more than 726,0OO of
those people have rehabilitated
themselves, are in excellent standing
with the H. o. L. c. and are clearly
on the way to debt-free home owner
ship. There are $4,000 others who
still are making adjusted payments
which have enabled them to main
tain their homes.
Even at the worst of the recent
recession. H. o. L. c. collections were
good. 1t has been proved to us time
and again that the average citizen
will make almost any sacrifice to
retain his home. Realizing that, and
being empowered by Congress to ex-
tend the utmost leniency. we have
co-operated to the fullest extent in
every case where our borrowers had
the slightest chance to rehabilitate
themselves"
Mr.. Jones stressed two other i'm
portant results from the operations
OF the H. O. l.. C.-the extension of
an amortized loan program through
which a borrower approaches nearer
to complete home ownership with
every monthly payment, and the ex-
penditure of millions for home i'm
provements.
With every month, under the
amortization plan, H. O. l.. C. bor-
rowers are paying back more in
principal. while their interest pay
ments are declining" said Mr.. Jones.
"As they draw nearer to uquidating
their debts. those interest payments
will become nominal.
$4,000. 900 for Repairs.
I'VE directed the expenditure of
more than SIC, DOC, 900 for repairs and
reconditioning as we granted our
original loans. We sought improve
ments both for better security and
for the protection of home owners
themselves. They have not been
the only ones to gain; their neigh
bors' property values have been en-
HANGED and in thousands of cases
those neighbors, seeing the effects of
the comparatively small sums ex-
pended for H. o. L. c. borrowers,
have improved their own properties.
Furthermore, we have followed a
consistent program of improving the
properties we have been forced to
acquire; those improvements, too,
have protected neighborhood values"
In referring to the 100000, 900
which H. o. L. C. borrowers have
saved in interest, Mr.. Jones declared
that an additional 100000 900 was
saved to H. o. L. C. borrowers at
the time their loans were granted,
when the H. o. L. c. induced mort
gage holders to scale down their
mortgages as a matter of fair play
during the depression.
Owns S6,343 Properties.
He reported that the H. o. L. C.
now owns 86,343 properties and has
sold 26,064. OF the homes available
to yield income, 1872 per cent are
rented and rent collections for Sep
TENDER were 1914 per cent of billings
approximately 1875 per cent of
HI