Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-01-31

OF the mortgage OUTLOOK ~ .
general membership meeting
at Hotel Statler last night.
William F. Bergman, presi-
dent Of the Mortgage Bankers
Association OF Metropolitan
washington. said inquiries
from investors already reflects
an Improvement in the situa-
ton since 1857.
The improvement eventually |
win reduce current charges for
loan placement and thereby
make following more desirable.
he said. This should result IN
a considerable improvement in
the sale Of area houses. he
added.
Realtors should secure as
much cash as possible above
the bare minimum Of FHA's re-
uulred down payment In order
to make loan placement less ex-
pensive and more readily avail
able. he suggested.
Small Decreases Seen
Donald r. Roberts. financial
vice president Of Acacia Mu-
tual Life Insurance Co.. and
Frank A. Gunther. president Of
the District Bankers Associa-
ton and executive vice presi-
dent Of the Security Bank.
agreed that while interest costs
for home financing win ease in
1858, the change Is not likely to
amount to much.
Interest rates have declined
rather spectacularly in the last
few months, while there has
been little change in mortgage
rates" Mr.. Roberts pointed out.
"The probability is that mort
rage interest rates win be some
what easier this year than last.
but I don't look for any drastic
change"
He predicted that real estate
activity In this area win be
about the same In 1858 as In
1857 and that life Insurance
companies viii lend about the |
same amounts here as last
year.
Mr.. Gunther said his curb
stone opinion is that interest
rates in general. including rates
for mortgage money. should
ease of in 1858 from present
levels but not too materially.
Perhaps q general reduction OF
y Of / per cent or so down
hte line would be realistic"
Powerful forces are pushing
down on rates. but In banks
and savings and loan associa-
tons. the much higher cost Of
attracting savings and other
rising expenses are powerful
forces IN the other direction.
he said.
Expect Good Year
Joseph p. Burke. jr.. president
of the District Savings and
Loan League and vice president
Of Columbia Federal Savings
and Loan Association, said
member associations Of the
league look forward 70 another
eood year in real estate hous-
ing sales In this area and plan
aggressive steps TO attgact saw
ings funds required to meet
such demands.
Richmond H. Gibson. first
vice president Of the league
and president Of Northwestern
Federal Savings and Loan As
ISOLATION. agreed with Mr..
Burke that member associa-
tons plan Q busy year in hose
financing.
FLA Speedup Sought
Sam z. Neei. general coun-
sci for the Mortgage Bankers
Association Of America. re-
ported there was little chance
for any additional housing leg
islation getting through Con-
gress until summer.
He stressed the importance
Of improving FLA loan proc
essing time throughout the Ma
ton so that It will be possible
TO obtain an FILA commit
ment in a weeks time.
Fra ncis Little. immediate
past president Of the Mortgage
Bankers Association Of the area,
reported that from all iTdica-
tons there will be sufficient
funds during 1858 for good
loans on income producing
properties.
"Some lenders state they will
have the same amount Of funds
for 1858 as in 1857, but most
Of them indicate q larger supply
will be available. especially for
advance commitments running
from 10 to "a months" he said.
Most lenders accept the fact
that rates generally will be
about So per cent. although
some apparently hope to hold
them TO 534 per cent and 6 per
cent. he continued.
Martin r. West. chairman
Of the WREB Mortgage Com
mittee. was moderator.
Peoples Drug Directors
Vote Regular Quarterly